FY2027 Small Area FMR · Memphis, TN

ZIP 38112 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 38112 (Memphis, TN) is $1,050 a month, down 2.8% from FY2026. That is 19% below the Memphis, TN-MS-AR area-wide FMR of $1,301.

2-bedroom SAFMR$1,050per month ▼ 2.8%

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

Rank in the area83rdof 105 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$945

2 BR Small Area FMR$1,050

110% of SAFMR$1,155

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

Studio$880▼ 1.1%

1 BR$960▼ 1.0%

2 BR$1,050▼ 2.8%

3 BR$1,390▼ 2.8%

4 BR$1,600▼ 4.2%

FY2027 FY2026

Where 38112 sits in the Memphis, TN-MS-AR area

Of the 105 ZIP codes HUD lists for the area, 38112 has the 83rd 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 $945 and $1,155 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$880	$792 – $968	$1,095	$890
1 bedroom	$960	$864 – $1,056	$1,191	$970
2 bedrooms	$1,050	$945 – $1,155	$1,301	$1,080
3 bedrooms	$1,390	$1,251 – $1,529	$1,717	$1,430
4 bedrooms	$1,600	$1,440 – $1,760	$1,981	$1,670

A household renting a two-bedroom home at the Small Area FMR of $1,050 needs about $42,000 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 38112 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
38113	Memphis	1.5 mi	$1,300
38104	Memphis	1.9 mi	$1,450
38108	Memphis	2.1 mi	$1,010
38152	Memphis	3.0 mi	$1,240
38107	Memphis	3.1 mi	$1,120
38111	Memphis	3.2 mi	$1,240

Questions

What is the Fair Market Rent for ZIP code 38112?

HUD's FY2027 Small Area Fair Market Rents for 38112 are $880 (studio), $960 (1 BR), $1,050 (2 BR), $1,390 (3 BR) and $1,600 (4 BR) a month.

What is the Section 8 payment standard in 38112?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 38112 that range is $945 to $1,155 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 38112?

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.