ZIP Code · TN

ZIP 38114

Part of Memphis, TN

Pop. 20,298·Shelby County·144th most expensive ZIP in Tennessee

Median rent (all units)

$929/mo

Year-over-Year

+3.3%

Month-over-Month

+0.7%

vs US Median

-$1,003

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38114 · $929

More affordable than 99% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$910

1 BR

$990

2 BR

$1,090

3 BR

$1,440

4 BR+

$1,680

Research median

$1,090/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

Compared with the peak

Rent in ZIP 38114 is 1.1% below its high of $939 in January 2026, at $929 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38114 changed +3.3% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($34,206) is $855 a month. That is less than HUD's Fair Market Rent for a studio ($910).

Rank in Memphis

3rd cheapest of 22 ZIP codes in Memphis.

From Zillow's monthly rent index (ZORI) for ZIP 38114. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$11,148/yr

At $929/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.3% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.3% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 38114 (Memphis, TN) is roughly split between renters and owners, has a large retiree population, has a median income below the national average, 15% of residents hold a bachelor's degree or higher.

Population

20,298

Median income

$34,206

Median age

42.7

Renters

54%

Age distribution

20.8%

21.7%

23.1%

13.8%

20.6%

Under 1820.8%

18–3421.7%

35–5423.1%

55–6413.8%

65+20.6%

Gender

50.8%

49.2%

Male50.8%

Female49.2%

Race & ethnicity

89.1%

White5.5%

Black89.1%

Hispanic4.8%

Education (25+)

19.4%

38.7%

26.9%

15%

No HS diploma19.4%

HS diploma38.7%

Some college26.9%

Bachelor's+15%

Housing tenure

46%

54%

Owner46%

Renter54%

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

2022 vs 2026

How ZIP 38114 in Memphis, TN has changed in 5 years

Rent

$785 → $929

up 18.3%

Income

$28,158 → $34,206

up 21.5%

Population

22,580 → 20,298

down 10.1%

Renter share

53.8% → 54%

+0.2 pts

Bachelor's+

13% → 15%

+2.0 pts

Median age

39.7 → 42.7

+3.0 yrs

Since 2022, the typical rent in ZIP 38114 in Memphis, TN has increased from $785 to $929, a 18.3% change over five years. Census figures show median household income at $34,206 today, compared with $28,158 five years earlier. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has contracted by 10.1% since 2021, moving from about 22,580 residents to roughly 20,298. College-educated residents now make up 15% of adults here, versus 13% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

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Local insights

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About renting in ZIP 38114

Last updated: October 17, 2026

ZIP code 38114 covers Memphis, TN. The median rent here is $929/mo as of October 2026. A 1-bedroom rents for a median of $990/mo. A 2-bedroom rents for a median of $1,090/mo.

At 33% of local median household income ($34,206/yr), ZIP 38114 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38114?

To keep rent at or below 30% of gross income, you would need to earn at least $37,000/year (about $18/hour full-time) to afford the median rent of $929/mo in ZIP 38114. The local median household income is $34,206/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38114?

Rent in ZIP 38114 has risen 3.3% over the past year as of September 2026. It sits 1.1% below its high of $939 in January 2026.

How does ZIP 38114 compare to other ZIPs in Tennessee?

ZIP 38114 is one of the more affordable among Tennessee ZIP codes for rent, ranking #144 of 147 at $929/mo. Over the year to September 2026, rent in ZIP 38114 changed +3.3%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.