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Shelby County/Memphis/38117

38117

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

90Below average

095130300
BRFMR
Eff. Rent
0 BR$1,270$1,400
1 BR$1,380$1,380
2 BR$1,510$1,350
3 BR$1,990$1,620
4 BR$2,300$1,980
5 BR$2,645Not available
6 BR$3,042Not available
7 BR$3,498Not available
8 BR$4,023Not available

Purchase Price Calculator

Maximum purchase price
$138,693

Cost breakdown

+Likely effective rent$1,350
HUD FMR$1,510
Market rentUsed$1,350
Est. payment standard (93%)$1,410
-Principal and interest-$701
Loan amount$110,954
Down payment$27,739
Rate6.50%
Term30 years
-Operating costs-$449
Property taxes-$139
Insurance-$175
Utilities$0
HOA$0
Management-$135
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,839(78.7% ROI)
Projected value
$149,357
Return breakdown
Property appreciation+$10,664
Loan principal paid down+$3,975
Rental cash flow+$7,200
5-year hold
+$37,314(134.5% ROI)
Projected value
$156,918
Return breakdown
Property appreciation+$18,225
Loan principal paid down+$7,089
Rental cash flow+$12,000
10-year hold
+$79,737(287.5% ROI)
Projected value
$177,539
Return breakdown
Property appreciation+$38,846
Loan principal paid down+$16,892
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.83
1 BR
1.00
2 BR
1.12
3 BR
1.23
4 BR
1.16
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38117 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38117 (Memphis, TN) is $1,510 a month. That is up 2.7% from $1,470 in 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, 38117 has the 14th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38117 is 44% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38117
BedroomsFY 2027Change90–110% range
Studio$1,270+4.1%$1,143–$1,397
1BR$1,380+3.8%$1,242–$1,518
2BR$1,510+2.7%$1,359–$1,661
3BR$1,990+2.6%$1,791–$2,189
4BR$2,300+1.8%$2,070–$2,530

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38117
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,270$1,380$1,510$1,990$2,300
FY 2026$1,220$1,330$1,470$1,940$2,260
FY 2025$1,260$1,380$1,550$2,040$2,390
FY 2024$1,200$1,330$1,510$1,990$2,320
FY 2023$950$1,070$1,220$1,610$1,870

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38117
38111$1,240−17.9%
38112$1,050−30.5%
38113$1,300−13.9%
38114$1,070−29.1%
38115$1,360−9.9%
38116$1,250−17.2%
38117Current$1,510—
38118$1,250−17.2%
38119$1,460−3.3%
38120$1,680+11.3%
38122$1,240−17.9%
38124$1,300−13.9%

Questions about ZIP 38117 rents

How much will Section 8 pay for a two-bedroom in ZIP 38117?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,510, that basic range is $1,359 to $1,661 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 38117 in?

ZIP 38117 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 38117 for FY 2027?

The two-bedroom FMR rose 2.7%, from $1,470 in FY 2026 to $1,510 in FY 2027. Since FY 2023 it has risen 23.8%.

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