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ZIP Code · TN

ZIP 38117

Part of Memphis, TN
Pop. 25,776·Shelby County·102nd most expensive ZIP in Tennessee
Median rent (all units)
$1,473/mo
Year-over-Year
-0.5%
Month-over-Month
-5.9%
vs US Median
-$492
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38117 · $1,473
More affordable than 75% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,220
1 BR
$1,330
2 BR
$1,470
3 BR
$1,940
4 BR+
$2,260
Research median
$1,470/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
$17,676/yr
At $1,473/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.5% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-0.5% YoY, -5.9% MoM), not inventory.
Demographics

Who lives here

ZIP 38117 (Memphis, TN) is majority owner-occupied, has a large retiree population, 62% of residents hold a bachelor's degree or higher.

Population
25,776
Median income
$85,633
Median age
39.4
Renters
24.3%
Age distribution
21.3%
22.6%
24.5%
20.2%
Under 1821.3%
18–3422.6%
35–5424.5%
55–6411.4%
65+20.2%
Gender
46.8%
53.2%
Male46.8%
Female53.2%
Race & ethnicity
76.2%
12.2%
White76.2%
Black12.2%
Hispanic8.7%
Asian2%
Other1%
Education (25+)
15%
19%
62%
No HS diploma3.9%
HS diploma15%
Some college19%
Bachelor's+62%
Housing tenure
75.7%
24.3%
Owner75.7%
Renter24.3%

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

2021 vs 2026

How ZIP 38117 in Memphis, TN has changed in 5 years

Rent
$1,242 → $1,473
up 18.6%
Income
$82,093 → $85,633
up 4.3%
Population
26,584 → 25,776
down 3.0%
Renter share
20.8% → 24.3%
+3.5 pts
Bachelor's+
61.7% → 62%
+0.3 pts

Rent in ZIP 38117 in Memphis, TN has climbed 18.6% since 2021, going from about $1,242 per month to roughly $1,473 today. Census figures show median household income at $85,633 today, compared with $82,093 five years earlier. Rent outpaced income growth by roughly 14.3 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 26,584 to 25,776 between 2021 and 2024, a 3.0% change. About 24.3% of households rent today, against 20.8% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

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Local insights

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About renting in ZIP 38117

Last updated: July 20, 2026

ZIP code 38117 covers Memphis, TN. The median rent here is $1,473/mo as of July 2026. A 1-bedroom rents for a median of $1,330/mo. A 2-bedroom rents for a median of $1,470/mo.

At 21% of local median household income ($85,633/yr), ZIP 38117 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38117?

As of July 20, 2026, the median monthly rent in ZIP 38117 (Memphis, TN) is $1,473. This is based on aggregated data from public sources and community submissions.

How does ZIP 38117 rent compare to the US average?

ZIP 38117's median rent of $1,473/mo is $492 (25%) below the US national median of $1,965/mo.

How does ZIP 38117 compare to other ZIPs in Tennessee?

ZIP 38117 is among the more affordable ZIP codes in Tennessee, ranking #102 out of 145 ZIPs at $1,473/mo.

How much income do you need to rent in ZIP 38117?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (~$28/hour full-time) to afford the median rent of $1,473/mo in ZIP 38117. The local median household income is $85,633/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38117?

Rent in ZIP 38117 has decreased 0.5% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 38117 an affordable place to rent?

ZIP 38117 is considered very affordable for renters. At $1,473/mo, rent takes approximately 21% of the local median household income ($85,633/yr). The standard benchmark is 30%. ZIP 38117 falls comfortably within that range.

What percentage of ZIP 38117 residents rent vs. own?

According to Census data, approximately 24.3% of ZIP 38117 households are renters, while 75.7% are owner-occupied. ZIP 38117 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 38117 compare to the rest of Memphis?

ZIP 38117 is pricier than Memphis as a whole. At $1,473/mo, it's $193 above the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38117 last updated?

Rent data for ZIP 38117 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
21%
VERY AFFORDABLE

At $1,473/mo, rent takes ~21% of ZIP 38117's median household income ($85,633/yr). The standard benchmark is 30%.

ZIP 38117 21%Benchmark 30%
State income taxNone
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