ZIP Code · TN

ZIP 38106

Part of Memphis, TN

Pop. 20,962·Shelby County·146th most expensive ZIP in Tennessee

Median rent (all units)

$908/mo

Year-over-Year

+3.2%

Month-over-Month

+1.1%

vs US Median

-$1,024

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38106 · $908

More affordable than 99% 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

$690

1 BR

$747

2 BR

$826

3 BR

$1,092

4 BR+

$1,272

Research median

$826/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 38106 is at its highest level since Zillow's records here began in October 2022.

Past year vs. the rest of Tennessee

Rent in ZIP 38106 changed +3.2% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 6 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($30,232) is $756 a month. That is less than HUD's Fair Market Rent for a studio ($960).

Rank in Memphis

1st cheapest of 22 ZIP codes in Memphis.

From Zillow's monthly rent index (ZORI) for ZIP 38106. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,896/yr

At $908/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.2% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 38106 (Memphis, TN) is majority renter-occupied, has a median income below the national average, 10.3% of residents hold a bachelor's degree or higher.

Population

20,962

Median income

$30,232

Median age

41.9

Renters

61.4%

Age distribution

24.2%

18%

24%

14.4%

19.3%

Under 1824.2%

18–3418%

35–5424%

55–6414.4%

65+19.3%

Gender

48.1%

51.9%

Male48.1%

Female51.9%

Race & ethnicity

94%

White2.3%

Black94%

Hispanic2.9%

Other0.8%

Education (25+)

18.1%

46.9%

24.8%

No HS diploma18.1%

HS diploma46.9%

Some college24.8%

Bachelor's+10.3%

Housing tenure

38.6%

61.4%

Owner38.6%

Renter61.4%

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

2023 vs 2026

How ZIP 38106 in Memphis, TN has changed in 5 years

Rent

$724 → $908

up 25.4%

Income

$27,881 → $30,232

up 8.4%

Population

23,745 → 20,962

down 11.7%

Renter share

56.7% → 61.4%

+4.7 pts

Bachelor's+

12.5% → 10.3%

-2.2 pts

The median rent in ZIP 38106 in Memphis, TN stood at $724 in 2023 and currently runs about $908, reflecting a 25.4% increase over the period. Census figures show median household income at $30,232 today, compared with $27,881 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 11.7% since 2021, moving from about 23,745 residents to roughly 20,962. Renters now make up 61.4% of households, compared with 56.7% five years ago. College-educated residents now make up 10.3% of adults here, versus 12.5% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2023.

Community

Discussions about ZIP 38106

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Local insights

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About renting in ZIP 38106

Last updated: October 17, 2026

ZIP code 38106 covers Memphis, TN. The median rent here is $908/mo as of October 2026. A 1-bedroom rents for a median of $747/mo. A 2-bedroom rents for a median of $826/mo.

At 36% of local median household income ($30,232/yr), ZIP 38106 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38106?

To keep rent at or below 30% of gross income, you would need to earn at least $36,000/year (about $17/hour full-time) to afford the median rent of $908/mo in ZIP 38106. The local median household income is $30,232/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38106?

Rent in ZIP 38106 has risen 3.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in October 2022.

How does ZIP 38106 compare to other ZIPs in Tennessee?

ZIP 38106 is one of the more affordable among Tennessee ZIP codes for rent, ranking #146 of 147 at $908/mo. Over the year to September 2026, rent in ZIP 38106 changed +3.2%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.