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ZIP Code · TN

ZIP 38104

Part of Memphis, TN
Pop. 22,634·Shelby County·128th most expensive ZIP in Tennessee
Median rent (all units)
$1,273/mo
Year-over-Year
+5.5%
Month-over-Month
+7.3%
vs US Median
-$692
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 38104 · $1,273
More affordable than 88% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,220
1 BR
$1,330
2 BR
$1,470
3 BR
$1,940
4 BR+
$2,260
Research median
$1,470/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: July 20, 2026

Annual cost
$15,276/yr
At $1,273/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 5.5% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+5.5% YoY, +7.3% MoM), not inventory.
Demographics

Who lives here

ZIP 38104 (Memphis, TN) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 51.3% of residents hold a bachelor's degree or higher.

Population
22,634
Median income
$58,117
Median age
37
Renters
62%
Age distribution
12.9%
33.9%
26.9%
15.4%
Under 1812.9%
18–3433.9%
35–5426.9%
55–6411%
65+15.4%
Gender
50.1%
49.9%
Male50.1%
Female49.9%
Race & ethnicity
59.9%
28.8%
White59.9%
Black28.8%
Hispanic5.5%
Asian2.9%
Other2.8%
Education (25+)
15.6%
27.1%
51.3%
No HS diploma6.1%
HS diploma15.6%
Some college27.1%
Bachelor's+51.3%
Housing tenure
38%
62%
Owner38%
Renter62%

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

2021 vs 2026

How ZIP 38104 in Memphis, TN has changed in 5 years

Rent
$963 → $1,273
up 32.2%
Income
$48,487 → $58,117
up 19.9%
Population
22,900 → 22,634
down 1.2%
Renter share
63.4% → 62%
-1.4 pts
Bachelor's+
50% → 51.3%
+1.3 pts

The median rent in ZIP 38104 in Memphis, TN stood at $963 in 2021 and currently runs about $1,273, reflecting a 32.2% increase over the period. Household income in the area moved from $48,487 to $58,117 across the same window, up 19.9% 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 1.2% since 2021, moving from about 22,900 residents to roughly 22,634. Reading these numbers side by side helps frame whether current listings in ZIP 38104 in Memphis, TN look reasonable against where the market sat half a decade ago.

Community

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Local insights

Tips for renters in ZIP 38104

About renting in ZIP 38104

Last updated: July 20, 2026

ZIP code 38104 covers Memphis, TN. The median rent here is $1,273/mo as of July 2026. A 1-bedroom rents for a median of $1,330/mo. A 2-bedroom rents for a median of $1,470/mo.

At 26% of local median household income ($58,117/yr), ZIP 38104 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38104?

As of July 20, 2026, the median monthly rent in ZIP 38104 (Memphis, TN) is $1,273. This is based on aggregated data from public sources and community submissions.

How does ZIP 38104 rent compare to the US average?

ZIP 38104's median rent of $1,273/mo is $692 (35%) below the US national median of $1,965/mo.

How does ZIP 38104 compare to other ZIPs in Tennessee?

ZIP 38104 is among the more affordable ZIP codes in Tennessee, ranking #128 out of 145 ZIPs at $1,273/mo.

How much income do you need to rent in ZIP 38104?

To keep rent at or below 30% of gross income, you would need to earn at least $51,000/year (~$25/hour full-time) to afford the median rent of $1,273/mo in ZIP 38104. The local median household income is $58,117/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38104?

Rent in ZIP 38104 has increased 5.5% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38104 an affordable place to rent?

ZIP 38104 is considered affordable for renters. At $1,273/mo, rent takes approximately 26% of the local median household income ($58,117/yr). The standard benchmark is 30%. ZIP 38104 falls comfortably within that range.

What percentage of ZIP 38104 residents rent vs. own?

According to Census data, approximately 62% of ZIP 38104 households are renters, while 38% are owner-occupied. With a majority renter population, ZIP 38104 has a strong rental market.

How does ZIP 38104 compare to the rest of Memphis?

ZIP 38104 is more affordable than Memphis overall. At $1,273/mo, it's $7 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38104 last updated?

Rent data for ZIP 38104 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
26%
AFFORDABLE

At $1,273/mo, rent takes ~26% of ZIP 38104's median household income ($58,117/yr). The standard benchmark is 30%.

ZIP 38104 26%Benchmark 30%
State income taxNone
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Schools nearby

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