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ZIP Code · TN

ZIP 38108

Part of Memphis, TN
Pop. 17,562·Shelby County·140th most expensive ZIP in Tennessee
Median rent (all units)
$965/mo
Year-over-Year
+5.7%
Month-over-Month
+6.0%
vs US Median
-$1,000
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 38108 · $965
More affordable than 98% of US ZIP codes · National median $1,965/mo
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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: July 20, 2026

Annual cost
$11,580/yr
At $965/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 5.7% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+5.7% YoY, +6.0% 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: July 20, 2026

ZIP code 38108 covers Memphis, TN. The median rent here is $965/mo as of July 2026. A 1-bedroom rents for a median of $940/mo. A 2-bedroom rents for a median of $1,060/mo.

At 32% of local median household income ($36,257/yr), ZIP 38108 ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38108?

As of July 20, 2026, the median monthly rent in ZIP 38108 (Memphis, TN) is $965. This is based on aggregated data from public sources and community submissions.

How does ZIP 38108 rent compare to the US average?

ZIP 38108's median rent of $965/mo is $1,000 (51%) below the US national median of $1,965/mo.

How does ZIP 38108 compare to other ZIPs in Tennessee?

ZIP 38108 is among the more affordable ZIP codes in Tennessee, ranking #140 out of 145 ZIPs at $965/mo.

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 $39,000/year (~$19/hour full-time) to afford the median rent of $965/mo in ZIP 38108. The local median household income is $36,257/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 38108?

Rent in ZIP 38108 has increased 5.7% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38108 an affordable place to rent?

ZIP 38108 is considered moderate for renters. At $965/mo, rent takes approximately 32% of the local median household income ($36,257/yr). The standard benchmark is 30%. ZIP 38108 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 38108 residents rent vs. own?

According to Census data, approximately 54% of ZIP 38108 households are renters, while 46% are owner-occupied. With a majority renter population, ZIP 38108 has a strong rental market.

How does ZIP 38108 compare to the rest of Memphis?

ZIP 38108 is more affordable than Memphis overall. At $965/mo, it's $315 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38108 last updated?

Rent data for ZIP 38108 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
32%
MODERATE

At $965/mo, rent takes ~32% of ZIP 38108's median household income ($36,257/yr). The standard benchmark is 30%.

ZIP 38108 32%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 38108 (Memphis, TN)

Recent submissions

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