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ZIP Code · TN

ZIP 38106

Part of Memphis, TN
Pop. 20,962·Shelby County·144th most expensive ZIP in Tennessee
Median rent (all units)
$874/mo
Year-over-Year
-5.3%
Month-over-Month
-5.6%
vs US Median
-$1,091
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38106 · $874
More affordable than 99% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$664
1 BR
$719
2 BR
$795
3 BR
$1,051
4 BR+
$1,224
Research median
$795/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
$10,488/yr
At $874/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 5.3% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-5.3% YoY, -5.6% 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

2021 vs 2026

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

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

Census figures show median household income at $30,232 today, compared with $27,881 five years earlier. 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.

Community

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Local insights

Tips for renters in ZIP 38106

About renting in ZIP 38106

Last updated: July 20, 2026

ZIP code 38106 covers Memphis, TN. The median rent here is $874/mo as of July 2026. A 1-bedroom rents for a median of $719/mo. A 2-bedroom rents for a median of $795/mo.

At 35% of local median household income ($30,232/yr), ZIP 38106 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 5.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38106?

As of July 20, 2026, the median monthly rent in ZIP 38106 (Memphis, TN) is $874. This is based on aggregated data from public sources and community submissions.

How does ZIP 38106 rent compare to the US average?

ZIP 38106's median rent of $874/mo is $1,091 (56%) below the US national median of $1,965/mo.

How does ZIP 38106 compare to other ZIPs in Tennessee?

ZIP 38106 is among the more affordable ZIP codes in Tennessee, ranking #144 out of 145 ZIPs at $874/mo.

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 $35,000/year (~$17/hour full-time) to afford the median rent of $874/mo in ZIP 38106. The local median household income is $30,232/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 38106?

Rent in ZIP 38106 has decreased 5.3% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 38106 an affordable place to rent?

ZIP 38106 is considered moderate for renters. At $874/mo, rent takes approximately 35% of the local median household income ($30,232/yr). The standard benchmark is 30%. ZIP 38106 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 38106 residents rent vs. own?

According to Census data, approximately 61.4% of ZIP 38106 households are renters, while 38.6% are owner-occupied. With a majority renter population, ZIP 38106 has a strong rental market.

How does ZIP 38106 compare to the rest of Memphis?

ZIP 38106 is more affordable than Memphis overall. At $874/mo, it's $406 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38106 last updated?

Rent data for ZIP 38106 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
35%
MODERATE

At $874/mo, rent takes ~35% of ZIP 38106's median household income ($30,232/yr). The standard benchmark is 30%.

ZIP 38106 35%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 38106 (Memphis, TN)

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