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Memphis city, TN

ZIP 38120 — Housing & Real Estate

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

Upper Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38120

Median Home Value
$421,500
Median Rent
$1,361
Affordability Snapshot
$116,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,708/mo PITI).

14%
Rent-to-Income Ratio

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

3.5x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

25.8 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 38120 in Memphis city, TN, a household would need roughly $116,000 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 $2,708. That is roughly in line with the local median household income ($119,309). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
73.3%+12% vs US avg
x
Vacancy Rate
8.2%-21% vs US avg
x
Broadband Access
95.2%+9% vs US avg
x
4+ Bedrooms
13.2%-11% vs US avg
x
Built Pre-1939
0.8%-94% vs US avg
x
Built Post-2014
1.1%-85% vs US avg
x
Rent Burden >30%
20.8%-58% vs US avg
x
Mortgage-Free
48.8%+28% vs US avg
x
$421,500
Home Value
$1,361
Rent
1976
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 detached74.5%
  • 1-unit attached2.8%
  • 2-9 units9.5%
  • 10+ units13.3%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$421,500
Median rent$1,361
Owner-occupied73.3%
Vacant8.2%
Price-to-income3.5x
Est. income to buy$116,000