FY2027 Small Area FMR · Covington, TN
ZIP 38019 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 38019 (Covington, TN) is $1,020 a month, down 3.8% from FY2026. That is 22% below the Memphis, TN-MS-AR area-wide FMR of $1,301.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 38019 sits in the Memphis, TN-MS-AR area
Of the 105 ZIP codes HUD lists for the area, 38019 has the 85th highest two-bedroom Small Area FMR. Memphis, TN-MS-AR is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $918 and $1,122 for two bedrooms.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $860 | $774 – $946 | $1,095 | $840 |
| 1 bedroom | $930 | $837 – $1,023 | $1,191 | $940 |
| 2 bedrooms | $1,020 | $918 – $1,122 | $1,301 | $1,060 |
| 3 bedrooms | $1,350 | $1,215 – $1,485 | $1,717 | $1,390 |
| 4 bedrooms | $1,550 | $1,395 – $1,705 | $1,981 | $1,620 |
A household renting a two-bedroom home at the Small Area FMR of $1,020 needs about $40,800 a year to keep housing costs at 30% of income. The area median family income is $92,700 and the 80% low-income limit for four people is $74,150. ZIP code 38019 lies mainly in Tipton County. See the Memphis, TN-MS-AR metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 38019?
HUD's FY2027 Small Area Fair Market Rents for 38019 are $860 (studio), $930 (1 BR), $1,020 (2 BR), $1,350 (3 BR) and $1,550 (4 BR) a month.
What is the Section 8 payment standard in 38019?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 38019 that range is $918 to $1,122 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 38019?
The FY2026 income limits of the Memphis, TN-MS-AR area apply: median family income $92,700, low-income (80%) limit $74,150 for a family of four.