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Fayette County/Oakland/38060

38060

ZIPSAFMR
Fayette County, TN
Zillow

ZIP Investment Score

85Below average

095130300
BRFMR
Eff. Rent
0 BR$1,510$1,660
1 BR$1,640$1,800
2 BR$1,790$1,670
3 BR$2,360$1,770
4 BR$2,720$2,270
5 BR$3,128Not available
6 BR$3,597Not available
7 BR$4,137Not available
8 BR$4,757Not available

Purchase Price Calculator

Maximum purchase price
$186,245

Cost breakdown

+Likely effective rent$1,670
HUD FMR$1,790
Market rentUsed$1,670
Est. payment standard (96%)$1,710
-Principal and interest-$942
Loan amount$148,996
Down payment$37,249
Rate6.50%
Term30 years
-Operating costs-$528
Property taxes-$186
Insurance-$175
Utilities$0
HOA$0
Management-$167
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,859(72.1% ROI)
Projected value
$200,565
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,338
Rental cash flow+$7,200
5-year hold
+$45,993(123.5% ROI)
Projected value
$210,719
Return breakdown
Property appreciation+$24,474
Loan principal paid down+$9,519
Rental cash flow+$12,000
10-year hold
+$98,847(265.4% ROI)
Projected value
$238,409
Return breakdown
Property appreciation+$52,164
Loan principal paid down+$22,683
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.80
1 BR
0.85
2 BR
1.07
3 BR
1.33
4 BR
1.20
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38060 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38060 (Oakland, TN) is $1,790 a month. That is up 18.5% from $1,510 in FY 2026. Oakland is in the Memphis, TN-MS-AR HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 16 ZIP codes in Fayette County, 38060 has the 2nd-highest two-bedroom rent (county range $1,000–$1,860). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38060 is 71% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38060
BedroomsFY 2027Change90–110% range
Studio$1,510+25.8%$1,359–$1,661
1BR$1,640+23.3%$1,476–$1,804
2BR$1,790+18.5%$1,611–$1,969
3BR$2,360+19.2%$2,124–$2,596
4BR$2,720+17.7%$2,448–$2,992

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38060
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,510$1,640$1,790$2,360$2,720
FY 2026$1,200$1,330$1,510$1,980$2,310
FY 2025$1,330$1,470$1,670$2,200$2,560
FY 2024$1,470$1,630$1,850$2,440$2,840
FY 2023$1,150$1,290$1,480$1,960$2,270

Two-bedroom rent in nearby Fayette County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38060
38039$1,000−44.1%
38042$1,270−29.1%
38046$1,000−44.1%
38048$1,050−41.3%
38049$1,140−36.3%
38057$1,000−44.1%
38060Current$1,790—
38066$1,000−44.1%
38068$1,000−44.1%
38069$1,170−34.6%
38075$1,080−39.7%
38076$1,130−36.9%

Questions about ZIP 38060 rents

How much will Section 8 pay for a two-bedroom in ZIP 38060?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,790, that basic range is $1,611 to $1,969 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 38060 in?

ZIP 38060 is in the Memphis, TN-MS-AR HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 38060 for FY 2027?

The two-bedroom FMR rose 18.5%, from $1,510 in FY 2026 to $1,790 in FY 2027. Since FY 2023 it has risen 20.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentOakland, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources