ZIP Code · TN

ZIP 38108

Part of Memphis, TN

Pop. 17,562·Shelby County·138th most expensive ZIP in Tennessee

Median rent (all units)

$1,085/mo

Year-over-Year

+7.4%

Month-over-Month

-1.1%

vs US Median

-$847

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 38108 · $1,085

More affordable than 96% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$840

1 BR

$940

2 BR

$1,060

3 BR

$1,390

4 BR+

$1,620

Research median

$1,060/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

Past year vs. the rest of Tennessee

Rent in ZIP 38108 changed +7.4% 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 8 of the last 12 months.

What a typical income covers

30% of the median household income ($36,257) is $906 a month. That covers HUD's Fair Market Rent for up to a studio ($840); a 1-bedroom is $940.

Rank in Memphis

5th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38114, 6 miles away, rents for 14% less ($929/mo), about $1,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38108. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$13,020/yr

At $1,085/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (7.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+7.4% YoY, -1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 38108 (Memphis, TN) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 8.9% of residents hold a bachelor's degree or higher.

Population

17,562

Median income

$36,257

Median age

35.5

Renters

54%

Age distribution

30%

19.5%

21%

14.5%

15%

Under 1830%

18–3419.5%

35–5421%

55–6414.5%

65+15%

Gender

49.3%

50.7%

Male49.3%

Female50.7%

Race & ethnicity

17.1%

55.5%

27.8%

White17.1%

Black55.5%

Hispanic27.8%

Education (25+)

27.7%

33.1%

30.3%

No HS diploma27.7%

HS diploma33.1%

Some college30.3%

Bachelor's+8.9%

Housing tenure

46%

54%

Owner46%

Renter54%

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

2021 vs 2026

How ZIP 38108 in Memphis, TN has changed in 5 years

Income

$27,778 → $36,257

up 30.5%

Population

17,300 → 17,562

up 1.5%

Renter share

55.4% → 54%

-1.4 pts

Bachelor's+

9.2% → 8.9%

-0.3 pts

Median age

37.1 → 35.5

-1.6 yrs

Household income in the area moved from $27,778 to $36,257 across the same window, up 30.5% versus 2021. The population has grown by 1.5% since 2021, moving from about 17,300 residents to roughly 17,562.

Community

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Local insights

Tips for renters in ZIP 38108

About renting in ZIP 38108

Last updated: October 17, 2026

ZIP code 38108 covers Memphis, TN. The median rent here is $1,085/mo as of October 2026. A 1-bedroom rents for a median of $940/mo. A 2-bedroom rents for a median of $1,060/mo.

At 36% of local median household income ($36,257/yr), ZIP 38108 ranks as moderate compared to the national benchmark of 30%. Rents have increased 7.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38108?

To keep rent at or below 30% of gross income, you would need to earn at least $43,000/year (about $21/hour full-time) to afford the median rent of $1,085/mo in ZIP 38108. The local median household income is $36,257/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38108?

Rent in ZIP 38108 has risen 7.4% over the past year.

How does ZIP 38108 compare to other ZIPs in Tennessee?

ZIP 38108 is one of the more affordable among Tennessee ZIP codes for rent, ranking #138 of 147 at $1,085/mo. Over the year to September 2026, rent in ZIP 38108 changed +7.4%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.