Affordable Housing In Memphis
Shelby County, Tennessee

196 Low Income Apartment Communities In Memphis

Memphis Towers

1081 Court Ave
Memphis, TN
Income Based
1 BR
62+
Subsidized

Uptown Square Apartments

252 North Lauderdale Street
Memphis, TN
Call For Rent
Studio-3 BR

Robinhood Park Apartments

3717 Robin Park Circle
Memphis, TN
Income Based
1-4 BR
Subsidized

Madison Towers

383 Madison Ave
Memphis, TN
Income Based
Studio-1 BR
62+
Subsidized

Wesley Graceland Gardens

1430 Graceland Pines
Memphis, TN
Call For Rent
1 BR
Subsidized

College Park II

838 Walker Ave
Memphis, TN
Income Based
1-4 BR

College Park Senior - Ph

838 Walker Ave
Memphis, TN
Income Based
1-4 BR

Latham and Magnolia Terrace

669 North 3rd Street
Memphis, TN
Call For Rent
1 BR
HCV Welcome

Bethel Towers

1360 E. Alcy
Memphis, TN
Call For Rent
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

C. E. Ware Towers

3571 S. Third St.
Memphis, TN
Call For Rent
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Housing Authorities that serve Memphis

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 Central Office Section 8 Housing Choice Voucher (HCV)
Tennessee Housing Development Agency West Tennessee Office Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-sufficiency; Veteran Affairs Supportive Housing (VASH); Mainstream Voucher

Guide To Affordable Housing in Memphis, Tennessee

According to federal housing data and AffordableHousingOnline.com research, there are 196 low income housing apartment communities offering 21,963 affordable apartments for rent in Memphis, Tennessee. Memphis features 9,150 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 12,401 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Memphis.

Memphis, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 196
Total Low Income Apartments 21,963
Total Housing Units with Rental Assistance 9,150
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.1

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 $65,900

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 Memphis HUD Rental Assistance in Memphis

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,850 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,100 $26,400 $29,700 $32,950 $35,600 $38,250 $40,900 $43,500
80% of Median $36,900 $42,200 $47,450 $52,700 $56,950 $61,150 $65,350 $69,600
Low Income Housing Tax Credits in Memphis

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1987 to 2012, 146 low income apartment communities containing 16,756 rental apartments have been constructed and made affordable to low income persons in Memphis by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Memphis

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,100 $26,400 $29,700 $32,950 $35,600 $38,250 $40,900 $43,500
60% of Median $27,720 $31,680 $35,640 $39,540 $42,720 $45,900 $49,080 $52,200

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Memphis is $35,640 a year, or $2,970 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,970 by 30% to get a maximum rent of $891 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $578 $619 $743 $857 $956 $1,055
60% $693 $743 $891 $1,028 $1,148 $1,266
Fair Market Rents in Memphis

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$665 $755 $884 $1,203 $1,374