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ZIP Code · TN

ZIP 38116

Part of Memphis, TN
Pop. 40,061·Shelby County·143rd most expensive ZIP in Tennessee
Median rent (all units)
$914/mo
Year-over-Year
+2.4%
Month-over-Month
+0.9%
vs US Median
-$1,051
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 38116 · $914
More affordable than 99% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$693
1 BR
$753
2 BR
$833
3 BR
$1,099
4 BR+
$1,279
Research median
$833/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
$10,968/yr
At $914/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (2.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+2.4% YoY, +0.9% MoM), not inventory.
Demographics

Who lives here

ZIP 38116 (Memphis, TN) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 22.2% of residents hold a bachelor's degree or higher.

Population
40,061
Median income
$42,183
Median age
34.9
Renters
56.8%
Age distribution
26.3%
24%
20.1%
17.6%
Under 1826.3%
18–3424%
35–5420.1%
55–6411.9%
65+17.6%
Gender
45.4%
54.6%
Male45.4%
Female54.6%
Race & ethnicity
91.5%
White4%
Black91.5%
Hispanic3.5%
Other0.9%
Education (25+)
12.7%
34.9%
30.2%
22.2%
No HS diploma12.7%
HS diploma34.9%
Some college30.2%
Bachelor's+22.2%
Housing tenure
43.2%
56.8%
Owner43.2%
Renter56.8%

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

2021 vs 2026

How ZIP 38116 in Memphis, TN has changed in 5 years

Income
$38,862 → $42,183
up 8.5%
Population
40,854 → 40,061
down 1.9%
Renter share
55.5% → 56.8%
+1.3 pts
Bachelor's+
17.4% → 22.2%
+4.8 pts
Median age
33.8 → 34.9
+1.1 yrs

Local incomes tracked alongside that move, going from a median of $38,862 in 2021 to $42,183 more recently. Headcount in the area went from 40,854 to 40,061 between 2021 and 2024, a 1.9% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 17.4% to 22.2%.

Community

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Local insights

Tips for renters in ZIP 38116

About renting in ZIP 38116

Last updated: July 20, 2026

ZIP code 38116 covers Memphis, TN. The median rent here is $914/mo as of July 2026. A 1-bedroom rents for a median of $753/mo. A 2-bedroom rents for a median of $833/mo.

At 26% of local median household income ($42,183/yr), ZIP 38116 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38116?

As of July 20, 2026, the median monthly rent in ZIP 38116 (Memphis, TN) is $914. This is based on aggregated data from public sources and community submissions.

How does ZIP 38116 rent compare to the US average?

ZIP 38116's median rent of $914/mo is $1,051 (53%) below the US national median of $1,965/mo.

How does ZIP 38116 compare to other ZIPs in Tennessee?

ZIP 38116 is among the more affordable ZIP codes in Tennessee, ranking #143 out of 145 ZIPs at $914/mo.

How much income do you need to rent in ZIP 38116?

To keep rent at or below 30% of gross income, you would need to earn at least $37,000/year (~$18/hour full-time) to afford the median rent of $914/mo in ZIP 38116. The local median household income is $42,183/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38116?

Rent in ZIP 38116 has increased 2.4% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38116 an affordable place to rent?

ZIP 38116 is considered affordable for renters. At $914/mo, rent takes approximately 26% of the local median household income ($42,183/yr). The standard benchmark is 30%. ZIP 38116 falls comfortably within that range.

What percentage of ZIP 38116 residents rent vs. own?

According to Census data, approximately 56.8% of ZIP 38116 households are renters, while 43.2% are owner-occupied. With a majority renter population, ZIP 38116 has a strong rental market.

How does ZIP 38116 compare to the rest of Memphis?

ZIP 38116 is more affordable than Memphis overall. At $914/mo, it's $366 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38116 last updated?

Rent data for ZIP 38116 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
26%
AFFORDABLE

At $914/mo, rent takes ~26% of ZIP 38116's median household income ($42,183/yr). The standard benchmark is 30%.

ZIP 38116 26%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 38116 (Memphis, TN)

Recent submissions

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