US5.com
  1. Home
  2. States
  3. Tennessee
  4. ZIP 38104
  5. Housing & Real Estate
Memphis city, TN

ZIP 38104 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38104

Median Home Value
$301,100
Median Rent
$910
Affordability Snapshot
$83,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,934/mo PITI).

19%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.3x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

27.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 38104 in Memphis city, TN, a household would need roughly $83,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,934. That is about 47% above the local median household income ($56,452), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
39.4%-40% vs US avg
x
Vacancy Rate
9.6%-7% vs US avg
x
Broadband Access
85.2%-2% vs US avg
x
4+ Bedrooms
2.2%-85% vs US avg
x
Built Pre-1939
7.6%-40% vs US avg
x
Built Post-2014
1.0%-86% vs US avg
x
Rent Burden >30%
22.2%-55% vs US avg
x
Mortgage-Free
29.5%-23% vs US avg
x
$301,100
Home Value
$910
Rent
1948
Year Built
2018
Moved In

Residents have lived here since ~2018 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached39.2%
  • 1-unit attached5.7%
  • 2-9 units20.4%
  • 10+ units34.3%
  • Mobile home & other0.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$301,100
Median rent$910
Owner-occupied39.4%
Vacant9.6%
Price-to-income5.3x
Est. income to buy$83,000