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Shelby County/Memphis/38111

38111

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

107Above average

095130300
BRFMR
Eff. Rent
0 BR$1,040$940
1 BR$1,130$960
2 BR$1,240$1,060
3 BR$1,640$1,290
4 BR$1,890$1,570
5 BR$2,174Not available
6 BR$2,500Not available
7 BR$2,874Not available
8 BR$3,306Not available

Purchase Price Calculator

Maximum purchase price
$95,599

Cost breakdown

+Likely effective rent$1,060
HUD FMR$1,240
Market rentUsed$1,060
Est. payment standard (91%)$1,120
-Principal and interest-$483
Loan amount$76,479
Down payment$19,120
Rate6.50%
Term30 years
-Operating costs-$377
Property taxes-$96
Insurance-$175
Utilities$0
HOA$0
Management-$106
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,291(90.4% ROI)
Projected value
$102,950
Return breakdown
Property appreciation+$7,351
Loan principal paid down+$2,740
Rental cash flow+$7,200
5-year hold
+$29,449(154.0% ROI)
Projected value
$108,162
Return breakdown
Property appreciation+$12,563
Loan principal paid down+$4,886
Rental cash flow+$12,000
10-year hold
+$62,419(326.5% ROI)
Projected value
$122,375
Return breakdown
Property appreciation+$26,776
Loan principal paid down+$11,643
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.11
1 BR
1.18
2 BR
1.17
3 BR
1.27
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 38111 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38111 (Memphis, TN) is $1,240 a month. That is unchanged from FY 2026. Memphis 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 65 ZIP codes in Shelby County, 38111 is tied for the 52nd-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38111 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38111
BedroomsFY 2027Change90–110% range
Studio$1,040+1.0%$936–$1,144
1BR$1,130+0.9%$1,017–$1,243
2BR$1,2400.0%$1,116–$1,364
3BR$1,6400.0%$1,476–$1,804
4BR$1,890−1.0%$1,701–$2,079

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38111
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,040$1,130$1,240$1,640$1,890
FY 2026$1,030$1,120$1,240$1,640$1,910
FY 2025$1,040$1,140$1,280$1,680$1,970
FY 2024$960$1,070$1,210$1,600$1,860
FY 2023$760$860$980$1,300$1,500

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38111
38105$1,090−12.1%
38106$1,080−12.9%
38107$1,120−9.7%
38108$1,010−18.5%
38109$1,080−12.9%
38111Current$1,240—
38112$1,050−15.3%
38113$1,300+4.8%
38114$1,070−13.7%
38115$1,360+9.7%
38116$1,250+0.8%
38117$1,510+21.8%

Questions about ZIP 38111 rents

How much will Section 8 pay for a two-bedroom in ZIP 38111?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,240, that basic range is $1,116 to $1,364 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 38111 in?

ZIP 38111 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 38111 for FY 2027?

The two-bedroom FMR was unchanged at $1,240 in FY 2027. Since FY 2023 it has risen 26.5%.

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