FY2027 Small Area FMR · Memphis, TN

ZIP 38105 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 38105 (Memphis, TN) is $1,090 a month, up 2.8% from FY2026. That is 16% below the Memphis, TN-MS-AR area-wide FMR of $1,301.

2-bedroom SAFMR$1,090per month ▲ 2.8%

Area-wide 2 BR FMR$1,301Memphis, TN-MS-AR

Rank in the area78thof 105 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$981

2 BR Small Area FMR$1,090

110% of SAFMR$1,199

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$920▲ 4.5%

1 BR$1,000▲ 4.2%

2 BR$1,090▲ 2.8%

3 BR$1,440▲ 2.9%

4 BR$1,660▲ 1.8%

FY2027 FY2026

Where 38105 sits in the Memphis, TN-MS-AR area

Of the 105 ZIP codes HUD lists for the area, 38105 has the 78th 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 $981 and $1,199 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$920	$828 – $1,012	$1,095	$880
1 bedroom	$1,000	$900 – $1,100	$1,191	$960
2 bedrooms	$1,090	$981 – $1,199	$1,301	$1,060
3 bedrooms	$1,440	$1,296 – $1,584	$1,717	$1,400
4 bedrooms	$1,660	$1,494 – $1,826	$1,981	$1,630

A household renting a two-bedroom home at the Small Area FMR of $1,090 needs about $43,600 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 38105 lies mainly in Shelby County. See the Memphis, TN-MS-AR metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
38103	Memphis	1.2 mi	$1,750
38107	Memphis	1.5 mi	$1,120
38126	Memphis	1.8 mi	$1,000
38104	Memphis	2.2 mi	$1,450
38113	Memphis	3.3 mi	$1,300
38112	Memphis	3.3 mi	$1,050

Questions

What is the Fair Market Rent for ZIP code 38105?

HUD's FY2027 Small Area Fair Market Rents for 38105 are $920 (studio), $1,000 (1 BR), $1,090 (2 BR), $1,440 (3 BR) and $1,660 (4 BR) a month.

What is the Section 8 payment standard in 38105?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 38105 that range is $981 to $1,199 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 38105?

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.