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Memphis city, TN

ZIP 38114 — Housing & Real Estate

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

Low Income AreaLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38114

Median Home Value
$79,000
Median Rent
$639
Affordability Snapshot
$22,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$507/mo PITI).

24%
Rent-to-Income Ratio

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

2.5x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

10.3 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 38114 in Memphis city, TN, a household would need roughly $22,000 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 $507. That sits below the local median household income ($32,080), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 22% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
46.2%-29% vs US avg
x
Vacancy Rate
21.5%+109% vs US avg
x
Broadband Access
74.6%-14% vs US avg
x
4+ Bedrooms
2.1%-86% vs US avg
x
Built Pre-1939
18.0%+40% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
25.5%-49% vs US avg
x
Mortgage-Free
66.4%+74% vs US avg
x
$79,000
Home Value
$639
Rent
1955
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

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

  • 1-unit detached64.7%
  • 1-unit attached9.0%
  • 2-9 units21.7%
  • 10+ units4.3%
  • Mobile home & other0.4%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$79,000
Median rent$639
Owner-occupied46.2%
Vacant21.5%
Price-to-income2.5x
Est. income to buy$22,000