South Main Artspace Loft
Legends Park Apartments
Montgomery Plaza
Cleaborn Pointe at Heritage Landing Apartments
Lyons Ridge Apartments
Luther Towers
Serenity at Highland
Senior Living at University Place Apartments
There are 12,546 low-income apartments in Memphis that offer reduced rents to eligible households. Low-income rents in Memphis, Tennessee can range from $662 to $1,490 depending on the number of bedrooms.
Rental assistance programs support 8,904 low-income homes in Memphis where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $299 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Memphis, Tennessee
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Memphis Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
| Shelby County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
| Tennessee Housing Development Agency | Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Mainstream Voucher; Homeownership |
Memphis, Tennessee Affordable Housing Data
Income Based Apartments in Memphis, Tennessee
Memphis features 8,904 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Memphis, Tennessee
There are 12,546 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Memphis.
Housing Choice Vouchers in Memphis, Tennessee
On average, Section 8 Housing Choice vouchers pay Memphis landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Memphis.
The maximum amount a voucher would pay on behalf of a low-income tenant in Memphis, Tennessee for a two-bedroom apartment is between $1,168 and $1,428.
2024 Memphis, Tennessee Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Memphis, Tennessee Fair Market Rent | $1,031 | $1,146 | $1,298 | $1,711 | $1,995 |
| Memphis, Tennessee Payment Standard Range | $928 to $1,134 | $1,031 to $1,261 | $1,168 to $1,428 | $1,540 to $1,882 | $1,796 to $2,195 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Memphis, TN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 343 |
|---|---|
| Total Low Income Apartments | 22,566 |
| Total Housing Units with Rental Assistance | 8,904 |
| Percentage of Housing Units Occupied By Renters | 50.79% |
| Average Renter Household Size | 2.57 |
| Average Household Size | 2.57 |
| Median Household Income | $36,445 ±$613 |
| Median Rent | $828 ±$6 |
| Percentage Of Renters Overburdened | 54.31% ± 1.27pp |
| Total Population | 657,167 |
Population and Household Demographics
Memphis is a city in Shelby County, Tennessee with a population of 657,167. There are 249,775 households in the city with an average household size of 2.57 persons. 50.79% of households in Memphis are renters.
Income and Rent Overburden in Memphis
The median gross income for households in Memphis is $36,445 a year, or $3,037 a month. The median rent for the city is $828 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Memphis, a household making less than $2,760 a month would be considered overburdened when renting an apartment at or above the median rent. 54.31% of households who rent are overburdened in Memphis.
Area Median Income In Memphis
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Memphis, the AMI is calculated from all households within Shelby County.
In Memphis, HUD calculates the Area Median Income for a family of four as $81,000
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Memphis
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Memphis
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Memphis AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,050 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Memphis AMI may qualify for rental assistance programs that target Very Low Income households. |
$28,350 | $32,400 | $36,450 | $40,500 | $43,750 | $47,000 | $50,250 | $53,500 |
| 80% AMI Income Limits Renters earning up to 80% of the Memphis AMI may qualify for rental assistance programs that target Low Income households. |
$45,400 | $51,850 | $58,350 | $64,800 | $70,000 | $75,200 | $80,400 | $85,550 |
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