ZIP Code · TN

ZIP 38109

Part of Memphis, TN

Pop. 42,452·Shelby County·134th most expensive ZIP in Tennessee

Median rent (all units)

$1,151/mo

Year-over-Year

+1.7%

Month-over-Month

-0.2%

vs US Median

-$781

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38109 · $1,151

More affordable than 94% of US ZIP codes · National median $1,932/mo

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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

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 38109 usually run 0.7% below trend in January and 0.5% above it in April, about $14 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 38109 is 1.3% below its high of $1,166 in June 2026, at $1,151 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38109 changed +1.7% 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 3 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($37,496) is $937 a month. That covers HUD's Fair Market Rent for up to a studio ($900); a 1-bedroom is $980.

Rank in Memphis

8th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38106, 6 miles away, rents for 21% less ($908/mo), about $2,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38109. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$13,812/yr

At $1,151/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 (+1.7% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 38109 (Memphis, TN) is majority owner-occupied, has a median income below the national average, 14.2% of residents hold a bachelor's degree or higher.

Population

42,452

Median income

$37,496

Median age

38.9

Renters

44.3%

Age distribution

24.7%

20%

24.8%

18.9%

Under 1824.7%

18–3420%

35–5424.8%

55–6411.5%

65+18.9%

Gender

45.3%

54.7%

Male45.3%

Female54.7%

Race & ethnicity

94.9%

White1.8%

Black94.9%

Hispanic0.8%

Other2.5%

Education (25+)

12.5%

45.7%

27.6%

14.2%

No HS diploma12.5%

HS diploma45.7%

Some college27.6%

Bachelor's+14.2%

Housing tenure

55.7%

44.3%

Owner55.7%

Renter44.3%

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

2022 vs 2026

How ZIP 38109 in Memphis, TN has changed in 5 years

Rent

$975 → $1,151

up 18.1%

Income

$32,404 → $37,496

up 15.7%

Population

44,899 → 42,452

down 5.5%

Renter share

44.7% → 44.3%

-0.4 pts

Bachelor's+

13.1% → 14.2%

+1.1 pts

Since 2022, the typical rent in ZIP 38109 in Memphis, TN has climbed from $975 to $1,151, a 18.1% change over five years. Median household income rose from $32,404 to $37,496 between 2021 and 2024, a 15.7% shift. The population has contracted by 5.5% since 2021, moving from about 44,899 residents to roughly 42,452. Taken together, the five-year picture in ZIP 38109 in Memphis, TN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

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Local insights

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About renting in ZIP 38109

Last updated: October 17, 2026

ZIP code 38109 covers Memphis, TN. The median rent here is $1,151/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 37% of local median household income ($37,496/yr), ZIP 38109 ranks as moderate compared to the national benchmark of 30%. Rents have increased 1.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38109?

To keep rent at or below 30% of gross income, you would need to earn at least $46,000/year (about $22/hour full-time) to afford the median rent of $1,151/mo in ZIP 38109. The local median household income is $37,496/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38109?

Rent in ZIP 38109 has risen 1.7% over the past year as of September 2026. It sits 1.3% below its high of $1,166 in June 2026.

When is the cheapest time to rent in ZIP 38109?

Asking rents in ZIP 38109 are usually lowest in January, about 0.7% below their yearly trend, and highest in April, about 0.5% above it. At today's median that is a gap of roughly $14 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 38109 compare to other ZIPs in Tennessee?

ZIP 38109 is one of the more affordable among Tennessee ZIP codes for rent, ranking #134 of 147 at $1,151/mo. Over the year to September 2026, rent in ZIP 38109 changed +1.7%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.