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Shelby County/Germantown/38139

38139

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

62Below average

095130300
BRFMR
Eff. Rent
0 BR$1,640$1,800
1 BR$1,780$1,590
2 BR$1,950$1,940
3 BR$2,570$2,000
4 BR$2,970$2,270
5 BR$3,415Not available
6 BR$3,928Not available
7 BR$4,517Not available
8 BR$5,195Not available

Purchase Price Calculator

Maximum purchase price
$226,367

Cost breakdown

+Likely effective rent$1,940
HUD FMR$1,950
Market rentUsed$1,940
Est. payment standard (100%)$1,940
-Principal and interest-$1,145
Loan amount$181,093
Down payment$45,273
Rate6.50%
Term30 years
-Operating costs-$595
Property taxes-$226
Insurance-$175
Utilities$0
HOA$0
Management-$194
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,094(68.7% ROI)
Projected value
$243,772
Return breakdown
Property appreciation+$17,405
Loan principal paid down+$6,488
Rental cash flow+$7,200
5-year hold
+$53,317(117.8% ROI)
Projected value
$256,113
Return breakdown
Property appreciation+$29,746
Loan principal paid down+$11,570
Rental cash flow+$12,000
10-year hold
+$114,971(253.9% ROI)
Projected value
$289,769
Return breakdown
Property appreciation+$63,402
Loan principal paid down+$27,569
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.57
1 BR
1.12
2 BR
1.01
3 BR
1.28
4 BR
1.31
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38139 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38139 (Germantown, TN) is $1,950 a month. That is up 2.1% from $1,910 in FY 2026. Germantown 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, 38139 has the highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38139 is 86% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38139
BedroomsFY 2027Change90–110% range
Studio$1,640+3.1%$1,476–$1,804
1BR$1,780+2.9%$1,602–$1,958
2BR$1,950+2.1%$1,755–$2,145
3BR$2,570+2.0%$2,313–$2,827
4BR$2,970+1.0%$2,673–$3,267

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38139
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,640$1,780$1,950$2,570$2,970
FY 2026$1,590$1,730$1,910$2,520$2,940
FY 2025$1,650$1,810$2,030$2,670$3,130
FY 2024$1,550$1,720$1,950$2,570$3,000
FY 2023$1,200$1,360$1,550$2,050$2,380

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38139
38127$1,180−39.5%
38128$1,350−30.8%
38130$1,300−33.3%
38131$1,300−33.3%
38132$1,180−39.5%
38133$1,590−18.5%
38134$1,270−34.9%
38135$1,830−6.2%
38137$1,300−33.3%
38138$1,870−4.1%
38139Current$1,950—
38141$1,570−19.5%

Questions about ZIP 38139 rents

How much will Section 8 pay for a two-bedroom in ZIP 38139?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,950, that basic range is $1,755 to $2,145 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 38139 in?

ZIP 38139 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 38139 for FY 2027?

The two-bedroom FMR rose 2.1%, from $1,910 in FY 2026 to $1,950 in FY 2027. Since FY 2023 it has risen 25.8%.

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