Skip to main content
Loading page
Shelby County/Memphis/38134

38134

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

104Above average

095130300
BRFMR
Eff. Rent
0 BR$1,070$1,180
1 BR$1,160$1,100
2 BR$1,270$1,250
3 BR$1,680$1,630
4 BR$1,930$1,750
5 BR$2,220Not available
6 BR$2,552Not available
7 BR$2,935Not available
8 BR$3,376Not available

Purchase Price Calculator

Maximum purchase price
$123,833

Cost breakdown

+Likely effective rent$1,250
HUD FMR$1,270
Market rentUsed$1,250
Est. payment standard (99%)$1,260
-Principal and interest-$626
Loan amount$99,066
Down payment$24,767
Rate6.50%
Term30 years
-Operating costs-$424
Property taxes-$124
Insurance-$175
Utilities$0
HOA$0
Management-$125
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,271(81.8% ROI)
Projected value
$133,355
Return breakdown
Property appreciation+$9,522
Loan principal paid down+$3,549
Rental cash flow+$7,200
5-year hold
+$34,602(139.7% ROI)
Projected value
$140,106
Return breakdown
Property appreciation+$16,273
Loan principal paid down+$6,329
Rental cash flow+$12,000
10-year hold
+$73,765(297.8% ROI)
Projected value
$158,517
Return breakdown
Property appreciation+$34,684
Loan principal paid down+$15,082
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.79
1 BR
1.05
2 BR
1.02
3 BR
1.03
4 BR
1.10
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38134 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38134 (Memphis, TN) is $1,270 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, 38134 has the 47th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38134 is 21% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38134
BedroomsFY 2027Change90–110% range
Studio$1,070+0.9%$963–$1,177
1BR$1,160+0.9%$1,044–$1,276
2BR$1,2700.0%$1,143–$1,397
3BR$1,6800.0%$1,512–$1,848
4BR$1,930−1.0%$1,737–$2,123

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38134
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,070$1,160$1,270$1,680$1,930
FY 2026$1,060$1,150$1,270$1,680$1,950
FY 2025$1,120$1,220$1,370$1,800$2,110
FY 2024$1,050$1,170$1,320$1,740$2,030
FY 2023$880$1,000$1,140$1,510$1,750

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38134
38127$1,180−7.1%
38128$1,350+6.3%
38130$1,300+2.4%
38131$1,300+2.4%
38132$1,180−7.1%
38133$1,590+25.2%
38134Current$1,270—
38135$1,830+44.1%
38137$1,300+2.4%
38138$1,870+47.2%
38139$1,950+53.5%
38141$1,570+23.6%

Questions about ZIP 38134 rents

How much will Section 8 pay for a two-bedroom in ZIP 38134?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,270, that basic range is $1,143 to $1,397 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 38134 in?

ZIP 38134 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 38134 for FY 2027?

The two-bedroom FMR was unchanged at $1,270 in FY 2027. Since FY 2023 it has risen 11.4%.

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