RentDataNowRentDataNow
ZIP Code · TN

ZIP 38114

Part of Memphis, TN
Pop. 20,298·Shelby County·139th most expensive ZIP in Tennessee
Median rent (all units)
$984/mo
Year-over-Year
+7.2%
Month-over-Month
-1.4%
vs US Median
-$981
Falling (Monthly)
Be the first to discuss 38114 rents ↓
Most AffordableMost Expensive
ZIP 38114 · $984
More affordable than 98% of US ZIP codes · National median $1,965/mo
Rent check

Is your rent fair?

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

Loading…

Last updated: July 20, 2026

Annual cost
$11,808/yr
At $984/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (7.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+7.2% YoY, -1.4% 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

2021 vs 2026

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

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

Census figures show median household income at $34,206 today, compared with $28,158 five years earlier. 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.

Community

Discussions about ZIP 38114

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 38114

About renting in ZIP 38114

Last updated: July 20, 2026

ZIP code 38114 covers Memphis, TN. The median rent here is $984/mo as of July 2026. A 1-bedroom rents for a median of $990/mo. A 2-bedroom rents for a median of $1,090/mo.

At 35% of local median household income ($34,206/yr), ZIP 38114 ranks as moderate compared to the national benchmark of 30%. Rents have increased 7.2% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38114?

As of July 20, 2026, the median monthly rent in ZIP 38114 (Memphis, TN) is $984. This is based on aggregated data from public sources and community submissions.

How does ZIP 38114 rent compare to the US average?

ZIP 38114's median rent of $984/mo is $981 (50%) below the US national median of $1,965/mo.

How does ZIP 38114 compare to other ZIPs in Tennessee?

ZIP 38114 is among the more affordable ZIP codes in Tennessee, ranking #139 out of 145 ZIPs at $984/mo.

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 $39,000/year (~$19/hour full-time) to afford the median rent of $984/mo in ZIP 38114. The local median household income is $34,206/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 38114?

Rent in ZIP 38114 has increased 7.2% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38114 an affordable place to rent?

ZIP 38114 is considered moderate for renters. At $984/mo, rent takes approximately 35% of the local median household income ($34,206/yr). The standard benchmark is 30%. ZIP 38114 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 38114 residents rent vs. own?

According to Census data, approximately 54% of ZIP 38114 households are renters, while 46% are owner-occupied. With a majority renter population, ZIP 38114 has a strong rental market.

How does ZIP 38114 compare to the rest of Memphis?

ZIP 38114 is more affordable than Memphis overall. At $984/mo, it's $296 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38114 last updated?

Rent data for ZIP 38114 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
35%
MODERATE

At $984/mo, rent takes ~35% of ZIP 38114's median household income ($34,206/yr). The standard benchmark is 30%.

ZIP 38114 35%Benchmark 30%
State income taxNone
Compare

How does this area stack up?

Pick another city or ZIP to compare.

Schools nearby

Public schools near ZIP 38114 (Memphis, TN)

Recent submissions

Be the first to submit your rent for this ZIP.

Recent discussions

No discussions yet.