ZIP Code · TN

ZIP 38119

Part of Memphis, TN

Pop. 23,464·Shelby County·103rd most expensive ZIP in Tennessee

Median rent (all units)

$1,472/mo

Year-over-Year

+2.1%

Month-over-Month

+1.4%

vs US Median

-$460

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38119 · $1,472

More affordable than 75% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,210

1 BR

$1,310

2 BR

$1,450

3 BR

$1,920

4 BR+

$2,230

Research median

$1,450/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

Past year vs. the rest of Tennessee

Rent in ZIP 38119 changed +2.1% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 2 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($89,289) is $2,232 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,230).

Rank in Memphis

17th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38115, 2 miles away, rents for 30% less ($1,029/mo), about $5,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38119. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,664/yr

At $1,472/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.1% YoY, +1.4% MoM), not inventory.

Demographics

Who lives here

ZIP 38119 (Memphis, TN) is majority owner-occupied, has a large retiree population, 51.5% of residents hold a bachelor's degree or higher.

Population

23,464

Median income

$89,289

Median age

41.9

Renters

39.9%

Age distribution

20.3%

20.8%

26.3%

12.4%

20.2%

Under 1820.3%

18–3420.8%

35–5426.3%

55–6412.4%

65+20.2%

Gender

47.8%

52.2%

Male47.8%

Female52.2%

Race & ethnicity

48.1%

39.9%

White48.1%

Black39.9%

Hispanic5.6%

Asian3.3%

Other3.2%

Education (25+)

15.3%

28.8%

51.5%

No HS diploma4.4%

HS diploma15.3%

Some college28.8%

Bachelor's+51.5%

Housing tenure

60.1%

39.9%

Owner60.1%

Renter39.9%

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

2021 vs 2026

How ZIP 38119 in Memphis, TN has changed in 5 years

Income

$83,083 → $89,289

up 7.5%

Population

24,027 → 23,464

down 2.3%

Renter share

42.1% → 39.9%

-2.2 pts

Bachelor's+

49% → 51.5%

+2.5 pts

Median age

40.1 → 41.9

+1.8 yrs

Median household income grew from $83,083 to $89,289 between 2021 and 2024, a 7.5% shift. Headcount in the area went from 24,027 to 23,464 between 2021 and 2024, a 2.3% change. About 39.9% of households rent today, against 42.1% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 49% to 51.5%.

Community

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Local insights

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About renting in ZIP 38119

Last updated: October 17, 2026

ZIP code 38119 covers Memphis, TN. The median rent here is $1,472/mo as of October 2026. A 1-bedroom rents for a median of $1,310/mo. A 2-bedroom rents for a median of $1,450/mo.

At 20% of local median household income ($89,289/yr), ZIP 38119 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38119?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (about $28/hour full-time) to afford the median rent of $1,472/mo in ZIP 38119. The local median household income is $89,289/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38119?

Rent in ZIP 38119 has risen 2.1% over the past year.

How does ZIP 38119 compare to other ZIPs in Tennessee?

ZIP 38119 is one of the more affordable among Tennessee ZIP codes for rent, ranking #103 of 147 at $1,472/mo. Over the year to September 2026, rent in ZIP 38119 changed +2.1%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.