Tennessee · FIPS 47157 · HUD FY 2027
Shelby County, Tennessee Fair Market Rent
HUD’s FY 2027 Fair Market Rent for a 2-bedroom in Shelby County is $1,301 a month (rent plus utilities), 6% below the Tennessee average of $1,381 and 26% below the U.S. average of $1,761. That is up $27 (2.1%) from FY 2026. At 30% of income, a household needs about $52,040 a year to afford it.
- $1,3012-bedroom FMR+$27 (+2.1%) vs FY 2026
- $1,1911-bedroom FMRTennessee: $1,196 · U.S.: $1,478
- $52,040Income for a 2-bedroom$25/hour full-time
- 23 of 952BR rank in Tennessee1 = highest rent
| Unit | Shelby County FY 2027 | FY 2026 | Change | Tennessee avg | U.S. avg | Income needed |
|---|---|---|---|---|---|---|
| Studio | $1,095 | $1,060 | +$35 (+3.3%) | $1,141 | $1,379 | $43,800 |
| 1 bedroom | $1,191 | $1,154 | +$37 (+3.2%) | $1,196 | $1,478 | $47,640 |
| 2 bedrooms | $1,301 | $1,274 | +$27 (+2.1%) | $1,381 | $1,761 | $52,040 |
| 3 bedrooms | $1,717 | $1,683 | +$34 (+2.0%) | $1,771 | $2,266 | $68,680 |
| 4 bedrooms | $1,981 | $1,959 | +$22 (+1.1%) | $2,054 | $2,607 | $79,240 |
How Shelby County compares
- HUD sets this rent for the Memphis, TN-MS-AR metro FMR area, which covers 1,262,560 residents in 5 counties.
- Across Tennessee, 2-bedroom FMRs run from $995 (Weakley County) to $1,798 (Cannon County).
- Studio to 4-bedroom: $1,095, $1,191, $1,301, $1,717, $1,981. HUD derives the other sizes from the 2-bedroom figure with fixed ratios, adjusted where local data warrant.
- HUD also publishes ZIP-level Small Area FMRs. For the 38 ZIP codes mostly in Shelby County (by land area), the 2-bedroom figure ranges from $1,000 to $1,950.
Small Area FMRs by ZIP code in Shelby County
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR | 2BR vs FY 2026 | 2BR vs area FMR |
|---|---|---|---|---|---|---|---|
| 38002 | $1,570 | $1,700 | $1,860 | $2,460 | $2,830 | −$10 (−0.5%) | 43% above |
| 38016 | $1,350 | $1,460 | $1,600 | $2,110 | $2,440 | +$30 (+1.9%) | 23% above |
| 38017 | $1,400 | $1,520 | $1,660 | $2,190 | $2,530 | +$10 (+0.6%) | 28% above |
| 38018 | $1,500 | $1,630 | $1,780 | $2,350 | $2,710 | +$50 (+2.9%) | 37% above |
| 38029 | $1,390 | $1,510 | $1,670 | $2,200 | $2,570 | −$180 (−9.7%) | 28% above |
| 38053 | $1,050 | $1,140 | $1,250 | $1,650 | $1,900 | −$10 (−0.8%) | 4% below |
| 38054 | $1,050 | $1,140 | $1,250 | $1,650 | $1,900 | −$10 (−0.8%) | 4% below |
| 38103 | $1,470 | $1,600 | $1,750 | $2,310 | $2,660 | −$160 (−8.4%) | 35% above |
| 38104 | $1,220 | $1,330 | $1,450 | $1,910 | $2,210 | −$20 (−1.4%) | 11% above |
| 38105 | $920 | $1,000 | $1,090 | $1,440 | $1,660 | +$30 (+2.8%) | 16% below |
| 38106 | $910 | $990 | $1,080 | $1,430 | $1,640 | −$70 (−6.1%) | 17% below |
| 38107 | $940 | $1,020 | $1,120 | $1,480 | $1,700 | +$40 (+3.7%) | 14% below |
| 38108 | $850 | $920 | $1,010 | $1,330 | $1,540 | −$50 (−4.7%) | 22% below |
| 38109 | $910 | $990 | $1,080 | $1,430 | $1,640 | no change | 17% below |
| 38111 | $1,040 | $1,130 | $1,240 | $1,640 | $1,890 | no change | 5% below |
| 38112 | $880 | $960 | $1,050 | $1,390 | $1,600 | −$30 (−2.8%) | 19% below |
| 38113 | $1,090 | $1,190 | $1,300 | $1,720 | $1,980 | +$20 (+1.6%) | about the same as |
| 38114 | $900 | $980 | $1,070 | $1,410 | $1,630 | −$20 (−1.8%) | 18% below |
| 38115 | $1,140 | $1,240 | $1,360 | $1,800 | $2,070 | no change | 5% above |
| 38116 | $1,050 | $1,140 | $1,250 | $1,650 | $1,900 | no change | 4% below |
| 38117 | $1,270 | $1,380 | $1,510 | $1,990 | $2,300 | +$40 (+2.7%) | 16% above |
| 38118 | $1,050 | $1,140 | $1,250 | $1,650 | $1,900 | +$20 (+1.6%) | 4% below |
| 38119 | $1,230 | $1,340 | $1,460 | $1,930 | $2,220 | +$10 (+0.7%) | 12% above |
| 38120 | $1,410 | $1,540 | $1,680 | $2,220 | $2,560 | +$80 (+5.0%) | 29% above |
| 38122 | $1,040 | $1,130 | $1,240 | $1,640 | $1,890 | no change | 5% below |
| 38125 | $1,340 | $1,460 | $1,590 | $2,100 | $2,420 | +$40 (+2.6%) | 22% above |
| 38126 | $840 | $910 | $1,000 | $1,310 | $1,510 | −$60 (−5.7%) | 23% below |
| 38127 | $990 | $1,080 | $1,180 | $1,560 | $1,800 | −$10 (−0.8%) | 9% below |
| 38128 | $1,140 | $1,240 | $1,350 | $1,780 | $2,060 | no change | 4% above |
| 38131 | $1,090 | $1,190 | $1,300 | $1,720 | $1,980 | +$20 (+1.6%) | about the same as |
| 38132 | $990 | $1,070 | $1,180 | $1,550 | $1,790 | −$20 (−1.7%) | 9% below |
| 38133 | $1,340 | $1,460 | $1,590 | $2,100 | $2,420 | no change | 22% above |
| 38134 | $1,070 | $1,160 | $1,270 | $1,680 | $1,930 | no change | 2% below |
| 38135 | $1,540 | $1,670 | $1,830 | $2,420 | $2,790 | +$10 (+0.5%) | 41% above |
| 38138 | $1,570 | $1,710 | $1,870 | $2,470 | $2,850 | +$20 (+1.1%) | 44% above |
| 38139 | $1,640 | $1,780 | $1,950 | $2,570 | $2,970 | +$40 (+2.1%) | 50% above |
| 38141 | $1,320 | $1,440 | $1,570 | $2,070 | $2,390 | +$30 (+1.9%) | 21% above |
| 38152 | $1,040 | $1,130 | $1,240 | $1,640 | $1,890 | no change | 5% below |
Sources
- U.S. Department of Housing and Urban Development, HUD User Fair Market Rents: FY 2027 FMRs (file dated August 26, 2026) and FY 2026 FMRs (file dated April 21, 2026).
- HUD User Small Area Fair Market Rents: FY 2027 SAFMRs (file dated August 31, 2026) and FY 2026 SAFMRs (file dated April 21, 2026).
- ZIP-to-county assignment: Census Bureau 2020 ZCTA-to-county relationship file (file dated December 9, 2021), largest land-area overlap.
Fair Market Rents are HUD’s estimate of gross rent (rent plus utilities) for a modest unit, set at the 40th percentile of recent-mover rents. FY 2027 is HUD’s fiscal year beginning October 1, 2026. Housing authorities set voucher payment standards from these figures; check yours.