What is the Fair Market Rent for a 2-bedroom in Memphis, TN-MS-AR HUD Metro FMR Area?

The HUD Fair Market Rent for a 2-bedroom unit in Memphis, TN-MS-AR HUD Metro FMR Area is $1,274 per month for fiscal year 2026. The studio FMR is $1,060, 1-bedroom is $1,154, 3-bedroom is $1,683, and 4-bedroom is $1,959.

What income do you need to afford the FMR in Memphis, TN-MS-AR HUD Metro FMR Area?

Using the standard 30%-of-income affordability rule, a household would need to earn about $50,960 per year ($4,247 per month) to afford the FY2026 2-bedroom Fair Market Rent of $1,274 in Memphis, TN-MS-AR HUD Metro FMR Area.

FY2026 Fair Market Rents — Memphis, TN-MS-AR HUD Metro FMR Area

The HUD-published Fair Market Rents for FY2026 in this area are:

Studio

$1,060

1BR

$1,154

2BR

$1,274

3BR

$1,683

4BR

$1,959

Hours/week at min wage

136 hrs

to afford the 2BR FMR @ $7.25/hr (federal)

YoY change (2BR)

-6%

$81 vs FY2025 · 5-yr +39.8%

Voucher payment standard

$1,147–$1,401

PHAs set HCV payment at 90–110% of the 2BR FMR

Memphis, TN-MS-AR HUD Metro FMR Area

Non-Metropolitan area · TN · View full history · Income limits · LIHTC rents

FY2026 Fair Market Rents

Bedroom Size	Monthly FMR	Annual Equivalent
Efficiency (Studio)	$1,060	$12,720
1-Bedroom	$1,154	$13,848
2-Bedroom	$1,274	$15,288
3-Bedroom	$1,683	$20,196
4-Bedroom	$1,959	$23,508

Recent 2-Bedroom FMR Trend

FY2020 $884 → FY2026 $1,274

Fiscal Year	Studio	1BR	2BR	3BR	4BR
FY2026	$1,060	$1,154	$1,274	$1,683	$1,959
FY2025	$1,105	$1,207	$1,355	$1,781	$2,086
FY2024	$1,031	$1,146	$1,298	$1,711	$1,995
FY2023	$800	$902	$1,032	$1,365	$1,584
FY2022	$694	$792	$912	$1,219	$1,404
FY2021	$686	$784	$911	$1,228	$1,412
FY2020	$665	$755	$884	$1,203	$1,374

View full FMR history back to FY2000 →

FY2026 Income Limits

Area Median Income (AMI): $92,700

AMI Level	1p	2p	3p	4p	5p	6p
30% AMI (Extremely Low)	$19,500	$22,250	$27,320	$33,000	$38,680	$44,360
50% AMI (Very Low)	$32,450	$37,100	$41,750	$46,350	$50,100	$53,800
80% AMI (Low)	$51,950	$59,350	$66,750	$74,150	$80,100	$86,050

Full income limits table (all 8 household sizes) →

Affordability Snapshot

2BR Annual FMR

$15,288/yr

FMR as % of Area Median Income

16.5% of AMI

Under 30% — affordable at median income

Income Needed (30% rule, 2BR)

$50,960/yr

$4,247/mo gross income

FY2026 LIHTC Maximum Rents

Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →

AMI Band	Studio	1BR	2BR	3BR	4BR
50% AMI Maximum	$811	$927	$1,042	$1,251	$1,344
60% AMI Maximum	$973	$1,112	$1,251	$1,501	$1,612

FY2026 HOME Program Rent Limits

Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →

Limit Type	Studio	1BR	2BR	3BR	4BR
High HOME Rent	$1,060	$1,154	$1,274	$1,506	$1,506
Low HOME Rent	$811	$927	$1,043	$1,158	$1,252

Compare Memphis, TN-MS-AR HUD Metro FMR Area With Other TN Metros

vs. Campbell County, TN HUD Metro FMR Area vs. Cleveland, TN MSA vs. Crockett County, TN HUD Metro FMR Area vs. Gibson County, TN HUD Metro FMR Area vs. Grainger County, TN HUD Metro FMR Area