ZIP Code · TN

ZIP 38107

Part of Memphis, TN

Pop. 13,912·Shelby County·127th most expensive ZIP in Tennessee

Median rent (all units)

$1,227/mo

Year-over-Year

+0.7%

Month-over-Month

-1.1%

vs US Median

-$705

Reported rents

Falling (Monthly)

Be the first to discuss 38107 rents ↓

Most AffordableMost Expensive

ZIP 38107 · $1,227

More affordable than 90% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$900

1 BR

$980

2 BR

$1,080

3 BR

$1,430

4 BR+

$1,660

Research median

$1,080/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 38107 is 1.4% below its high of $1,244 in July 2026, at $1,227 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38107 changed +0.7% 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 2 months in a row, and rose in 4 of the last 12 months.

What a typical income covers

30% of the median household income ($35,265) is $882 a month. That is less than HUD's Fair Market Rent for a studio ($900).

Rank in Memphis

12th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38108, 3 miles away, rents for 12% less ($1,085/mo), about $1,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38107. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,724/yr

At $1,227/mo median

Location

CityMemphis

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 (+0.7% YoY, -1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 38107 (Memphis, TN) is majority renter-occupied, has a median income below the national average, 24.4% of residents hold a bachelor's degree or higher.

Population

13,912

Median income

$35,265

Median age

Renters

62.1%

Age distribution

21.2%

25.4%

25.2%

13.7%

14.5%

Under 1821.2%

18–3425.4%

35–5425.2%

55–6413.7%

65+14.5%

Gender

46.8%

53.2%

Male46.8%

Female53.2%

Race & ethnicity

19.1%

74.9%

White19.1%

Black74.9%

Hispanic3.3%

Other2.2%

Education (25+)

13.3%

26.7%

35.6%

24.4%

No HS diploma13.3%

HS diploma26.7%

Some college35.6%

Bachelor's+24.4%

Housing tenure

37.9%

62.1%

Owner37.9%

Renter62.1%

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

2023 vs 2026

How ZIP 38107 in Memphis, TN has changed in 5 years

Rent

$1,130 → $1,227

up 8.6%

Income

$33,941 → $35,265

up 3.9%

Population

15,071 → 13,912

down 7.7%

Renter share

59.5% → 62.1%

+2.6 pts

Bachelor's+

24.1% → 24.4%

+0.3 pts

Median age

36.6 → 38

+1.4 yrs

Since 2023, the typical rent in ZIP 38107 in Memphis, TN has increased from $1,130 to $1,227, a 8.6% change over five years. Local incomes tracked alongside that move, going from a median of $33,941 in 2021 to $35,265 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 7.7% since 2021, moving from about 15,071 residents to roughly 13,912. Renters now make up 62.1% of households, compared with 59.5% five years ago. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 38107 in Memphis, TN market of 2023.

Community

Discussions about ZIP 38107

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 38107

About renting in ZIP 38107

Last updated: October 17, 2026

ZIP code 38107 covers Memphis, TN. The median rent here is $1,227/mo as of October 2026. A 1-bedroom rents for a median of $980/mo. A 2-bedroom rents for a median of $1,080/mo.

At 42% of local median household income ($35,265/yr), ZIP 38107 ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38107?

To keep rent at or below 30% of gross income, you would need to earn at least $49,000/year (about $24/hour full-time) to afford the median rent of $1,227/mo in ZIP 38107. The local median household income is $35,265/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38107?

Rent in ZIP 38107 has risen 0.7% over the past year as of September 2026. It sits 1.4% below its high of $1,244 in July 2026.

How does ZIP 38107 compare to other ZIPs in Tennessee?

ZIP 38107 is one of the more affordable among Tennessee ZIP codes for rent, ranking #127 of 147 at $1,227/mo. Over the year to September 2026, rent in ZIP 38107 changed +0.7%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.