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Memphis city, TN

ZIP 38118 — 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 38118

Median Home Value
$95,700
Median Rent
$822
Affordability Snapshot
$26,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$615/mo PITI).

23%
Rent-to-Income Ratio

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

2.3x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

9.7 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 38118 in Memphis city, TN, a household would need roughly $26,000 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 $615. That sits below the local median household income ($42,464), 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 19% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
37.8%-42% vs US avg
x
Vacancy Rate
18.7%+82% vs US avg
x
Broadband Access
85.0%-2% vs US avg
x
4+ Bedrooms
0.9%-94% vs US avg
x
Built Pre-1939
1.1%-92% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
28.6%-42% vs US avg
x
Mortgage-Free
40.8%+7% vs US avg
x
$95,700
Home Value
$822
Rent
1972
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

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

  • 1-unit detached56.2%
  • 1-unit attached4.2%
  • 2-9 units20.3%
  • 10+ units17.7%
  • Mobile home & other1.7%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$95,700
Median rent$822
Owner-occupied37.8%
Vacant18.7%
Price-to-income2.3x
Est. income to buy$26,000