FY2027 Small Area FMR · Memphis, TN

ZIP 38117 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 38117 (Memphis, TN) is $1,510 a month, up 2.7% from FY2026. That is 16% above the Memphis, TN-MS-AR area-wide FMR of $1,301.

2-bedroom SAFMR$1,510per month ▲ 2.7%

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

Rank in the area18thof 105 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,359

2 BR Small Area FMR$1,510

110% of SAFMR$1,661

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

Studio$1,270▲ 4.1%

1 BR$1,380▲ 3.8%

2 BR$1,510▲ 2.7%

3 BR$1,990▲ 2.6%

4 BR$2,300▲ 1.8%

FY2027 FY2026

Where 38117 sits in the Memphis, TN-MS-AR area

Of the 105 ZIP codes HUD lists for the area, 38117 has the 18th 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 $1,359 and $1,661 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,270	$1,143 – $1,397	$1,095	$1,220
1 bedroom	$1,380	$1,242 – $1,518	$1,191	$1,330
2 bedrooms	$1,510	$1,359 – $1,661	$1,301	$1,470
3 bedrooms	$1,990	$1,791 – $2,189	$1,717	$1,940
4 bedrooms	$2,300	$2,070 – $2,530	$1,981	$2,260

A household renting a two-bedroom home at the Small Area FMR of $1,510 needs about $60,400 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 38117 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
38152	Memphis	1.6 mi	$1,240
38111	Memphis	2.2 mi	$1,240
38120	Memphis	3.0 mi	$1,680
38122	Memphis	3.2 mi	$1,240
38119	Memphis	4.2 mi	$1,460
38113	Memphis	4.5 mi	$1,300

Questions

What is the Fair Market Rent for ZIP code 38117?

HUD's FY2027 Small Area Fair Market Rents for 38117 are $1,270 (studio), $1,380 (1 BR), $1,510 (2 BR), $1,990 (3 BR) and $2,300 (4 BR) a month.

What is the Section 8 payment standard in 38117?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 38117 that range is $1,359 to $1,661 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 38117?

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.