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Shelby County/Memphis/38115

38115

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

114Above average

095130300
BRFMR
Eff. Rent
0 BR$1,140$930
1 BR$1,240$1,040
2 BR$1,360$1,140
3 BR$1,800$1,390
4 BR$2,070$1,590
5 BR$2,381Not available
6 BR$2,738Not available
7 BR$3,148Not available
8 BR$3,620Not available

Purchase Price Calculator

Maximum purchase price
$107,487

Cost breakdown

+Likely effective rent$1,140
HUD FMR$1,360
Market rentUsed$1,140
Est. payment standard (90%)$1,220
-Principal and interest-$544
Loan amount$85,990
Down payment$21,497
Rate6.50%
Term30 years
-Operating costs-$396
Property taxes-$107
Insurance-$175
Utilities$0
HOA$0
Management-$114
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,546(86.3% ROI)
Projected value
$115,752
Return breakdown
Property appreciation+$8,265
Loan principal paid down+$3,081
Rental cash flow+$7,200
5-year hold
+$31,619(147.1% ROI)
Projected value
$121,612
Return breakdown
Property appreciation+$14,125
Loan principal paid down+$5,494
Rental cash flow+$12,000
10-year hold
+$67,196(312.6% ROI)
Projected value
$137,592
Return breakdown
Property appreciation+$30,105
Loan principal paid down+$13,091
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.23
1 BR
1.19
2 BR
1.19
3 BR
1.29
4 BR
1.30
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38115 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38115 (Memphis, TN) is $1,360 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, 38115 has the 19th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38115 is 30% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38115
BedroomsFY 2027Change90–110% range
Studio$1,140+0.9%$1,026–$1,254
1BR$1,240+0.8%$1,116–$1,364
2BR$1,3600.0%$1,224–$1,496
3BR$1,8000.0%$1,620–$1,980
4BR$2,070−1.0%$1,863–$2,277

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38115
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,140$1,240$1,360$1,800$2,070
FY 2026$1,130$1,230$1,360$1,800$2,090
FY 2025$1,140$1,250$1,400$1,840$2,160
FY 2024$1,060$1,170$1,330$1,750$2,040
FY 2023$830$940$1,070$1,410$1,640

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38115
38108$1,010−25.7%
38109$1,080−20.6%
38111$1,240−8.8%
38112$1,050−22.8%
38113$1,300−4.4%
38114$1,070−21.3%
38115Current$1,360—
38116$1,250−8.1%
38117$1,510+11.0%
38118$1,250−8.1%
38119$1,460+7.4%
38120$1,680+23.5%

Questions about ZIP 38115 rents

How much will Section 8 pay for a two-bedroom in ZIP 38115?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,360, that basic range is $1,224 to $1,496 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 38115 in?

ZIP 38115 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 38115 for FY 2027?

The two-bedroom FMR was unchanged at $1,360 in FY 2027. Since FY 2023 it has risen 27.1%.

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