ZIP Code · TN

ZIP 38053

Part of Millington, TN

Pop. 25,303·Shelby County·88th most expensive ZIP in Tennessee

Median rent (all units)

$1,533/mo

Year-over-Year

-0.5%

Month-over-Month

-0.5%

vs US Median

-$399

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38053 · $1,533

More affordable than 71% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,050

1 BR

$1,140

2 BR

$1,260

3 BR

$1,660

4 BR+

$1,940

Research median

$1,260/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 38053 is 2.8% below its high of $1,577 in February 2026, at $1,533 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38053 changed -0.5% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has fallen 3 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($58,194) is $1,455 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,260); a 3-bedroom is $1,660.

Cheaper nearby

ZIP 38127, 8 miles away, rents for 29% less ($1,085/mo), about $5,400 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38053. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,396/yr

At $1,533/mo median

Location

CityMillington

StateTN

CountyShelby County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (-0.5% YoY, -0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 38053 (Millington, TN) is majority owner-occupied, has a median income below the national average, 21% of residents hold a bachelor's degree or higher.

Population

25,303

Median income

$58,194

Median age

39.4

Renters

33.1%

Age distribution

24.3%

20.7%

19.7%

17%

18.3%

Under 1824.3%

18–3420.7%

35–5419.7%

55–6417%

65+18.3%

Gender

46.6%

53.4%

Male46.6%

Female53.4%

Race & ethnicity

58.9%

28.5%

White58.9%

Black28.5%

Hispanic8.8%

Asian1.9%

Other1.9%

Education (25+)

36.8%

32.2%

21%

No HS diploma9.9%

HS diploma36.8%

Some college32.2%

Bachelor's+21%

Housing tenure

66.9%

33.1%

Owner66.9%

Renter33.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How ZIP 38053 in Millington, TN has changed in 5 years

Rent

$1,368 → $1,533

up 12.1%

Income

$54,473 → $58,194

up 6.8%

Population

26,135 → 25,303

down 3.2%

Renter share

32.4% → 33.1%

+0.7 pts

Bachelor's+

20% → 21%

+1.0 pts

Since 2023, the typical rent in ZIP 38053 in Millington, TN has climbed from $1,368 to $1,533, a 12.1% change over five years. Household income in the area moved from $54,473 to $58,194 across the same window, up 6.8% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 3.2% since 2021, moving from about 26,135 residents to roughly 25,303. Reading these numbers side by side helps frame whether current listings in ZIP 38053 in Millington, TN look reasonable against where the market sat half a decade ago.

Community

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Local insights

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About renting in ZIP 38053

Last updated: October 17, 2026

ZIP code 38053 covers Millington, TN. The median rent here is $1,533/mo as of October 2026. A 1-bedroom rents for a median of $1,140/mo. A 2-bedroom rents for a median of $1,260/mo.

At 32% of local median household income ($58,194/yr), ZIP 38053 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 0.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38053?

To keep rent at or below 30% of gross income, you would need to earn at least $61,000/year (about $29/hour full-time) to afford the median rent of $1,533/mo in ZIP 38053. The local median household income is $58,194/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38053?

Rent in ZIP 38053 has fallen 0.5% over the past year as of September 2026. It sits 2.8% below its high of $1,577 in February 2026.

How does ZIP 38053 compare to other ZIPs in Tennessee?

ZIP 38053 is in the middle among Tennessee ZIP codes for rent, ranking #88 of 147 at $1,533/mo. Over the year to September 2026, rent in ZIP 38053 changed -0.5%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.