ZIP 38104
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12-month history
Last updated: October 17, 2026
What the numbers show
October. Asking rents in ZIP 38104 usually run 0.9% below trend in October and 0.7% above it in July, about $20 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 38104 is 3.4% below its high of $1,310 in January 2023, at $1,265 as of September 2026.
Rent in ZIP 38104 changed +2.3% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in ZIP 38104 rose 33% while median household income rose 39.4% ($41,696 to $58,117). Income kept ahead of rent.
Rent in ZIP 38104 is 27.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($58,117) is $1,453 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,330); a 2-bedroom is $1,470.
14th cheapest of 22 ZIP codes in Memphis.
ZIP 38114, 3 miles away, rents for 27% less ($929/mo), about $4,000 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 38104. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 38104 in Memphis, TN has changed in 5 years
The median rent in ZIP 38104 in Memphis, TN stood at $1,098 in 2021 and currently runs about $1,265, reflecting a 15.2% 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. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. 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.
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Tips for renters in ZIP 38104
Last updated: October 17, 2026
ZIP code 38104 covers Memphis, TN. The median rent here is $1,265/mo as of October 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 2.3% over the past year.
Frequently asked questions
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How does ZIP 38104 compare to the rest of Memphis?
At $1,265/mo, rent takes ~26% of ZIP 38104's median household income ($58,117/yr). The standard benchmark is 30%.
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