Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,274$15,288 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Memphis, TN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Memphis, TN
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $1,060 | $12,720 | $42,400 | $20.38/hr |
| 1-Bedroom Apartment | $1,154 | $13,848 | $46,160 | $22.19/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,274 | $15,288 | $50,960 | $24.50/hr |
| 3-Bedroom Home | $1,683 | $20,196 | $67,320 | $32.37/hr |
| 4-Bedroom Home | $1,959 | $23,508 | $78,360 | $37.67/hr |
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Frequently Asked Questions About Rent in Memphis, TN
What is the Fair Market Rent for a 2-bedroom in Memphis, TN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Memphis, TN is $1,274 per month ($15,288 per year).
What hourly wage is needed to afford rent in Memphis, TN?
To comfortably afford a 2-bedroom apartment at $1,274/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $24.50 per hour ($50,960/year).
What are the HUD Fair Market Rents by bedroom count in Memphis, TN?
Official 2026 HUD rents in Memphis, TN are: Studio: $1,060/mo, 1-Bedroom: $1,154/mo, 2-Bedroom: $1,274/mo, 3-Bedroom: $1,683/mo, and 4-Bedroom: $1,959/mo.
How do HUD Fair Market Rents compare to local incomes in Memphis, TN?
At the local Census ACS median household income of $51,736/year ($4,311/month), the benchmark 2-bedroom Fair Market Rent represents 29.6% of monthly income.
How is the 30% housing affordability standard calculated in Memphis, TN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,274/month, the required minimum annual gross income is calculated as ($1,274 × 12) ÷ 0.30 = $50,960 per year.