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ZIP Code · TN

ZIP 38120

Part of Memphis, TN
Pop. 13,309·Shelby County·113th most expensive ZIP in Tennessee
Median rent (all units)
$1,391/mo
Year-over-Year
-12.4%
Month-over-Month
-0.4%
vs US Median
-$574
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 38120 · $1,391
More affordable than 81% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,330
1 BR
$1,450
2 BR
$1,600
3 BR
$2,110
4 BR+
$2,460
Research median
$1,600/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
$16,692/yr
At $1,391/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 12.4% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-12.4% YoY, -0.4% MoM), not inventory.
Demographics

Who lives here

ZIP 38120 (Memphis, TN) is majority owner-occupied, has a large retiree population, has a median income above the national average, 70.4% of residents hold a bachelor's degree or higher.

Population
13,309
Median income
$123,538
Median age
44.4
Renters
28.5%
Age distribution
20%
18.8%
22.4%
16.5%
22.2%
Under 1820%
18–3418.8%
35–5422.4%
55–6416.5%
65+22.2%
Gender
48.4%
51.6%
Male48.4%
Female51.6%
Race & ethnicity
85%
White85%
Black5.4%
Hispanic4%
Asian5.1%
Other0.6%
Education (25+)
20.3%
70.4%
No HS diploma1.2%
HS diploma8.1%
Some college20.3%
Bachelor's+70.4%
Housing tenure
71.5%
28.5%
Owner71.5%
Renter28.5%

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

2021 vs 2026

How ZIP 38120 in Memphis, TN has changed in 5 years

Income
$111,220 → $123,538
up 11.1%
Population
14,724 → 13,309
down 9.6%
Renter share
23.3% → 28.5%
+5.2 pts
Bachelor's+
69.7% → 70.4%
+0.7 pts
Median age
43.8 → 44.4
+0.6 yrs

Census figures show median household income at $123,538 today, compared with $111,220 five years earlier. Headcount in the area went from 14,724 to 13,309 between 2021 and 2024, a 9.6% change. About 28.5% of households rent today, against 23.3% in 2021.

Community

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Local insights

Tips for renters in ZIP 38120

About renting in ZIP 38120

Last updated: July 20, 2026

ZIP code 38120 covers Memphis, TN. The median rent here is $1,391/mo as of July 2026. A 1-bedroom rents for a median of $1,450/mo. A 2-bedroom rents for a median of $1,600/mo.

At 14% of local median household income ($123,538/yr), ZIP 38120 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 12.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38120?

As of July 20, 2026, the median monthly rent in ZIP 38120 (Memphis, TN) is $1,391. This is based on aggregated data from public sources and community submissions.

How does ZIP 38120 rent compare to the US average?

ZIP 38120's median rent of $1,391/mo is $574 (29%) below the US national median of $1,965/mo.

How does ZIP 38120 compare to other ZIPs in Tennessee?

ZIP 38120 is among the more affordable ZIP codes in Tennessee, ranking #113 out of 145 ZIPs at $1,391/mo.

How much income do you need to rent in ZIP 38120?

To keep rent at or below 30% of gross income, you would need to earn at least $56,000/year (~$27/hour full-time) to afford the median rent of $1,391/mo in ZIP 38120. The local median household income is $123,538/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38120?

Rent in ZIP 38120 has decreased 12.4% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 38120 an affordable place to rent?

ZIP 38120 is considered very affordable for renters. At $1,391/mo, rent takes approximately 14% of the local median household income ($123,538/yr). The standard benchmark is 30%. ZIP 38120 falls comfortably within that range.

What percentage of ZIP 38120 residents rent vs. own?

According to Census data, approximately 28.5% of ZIP 38120 households are renters, while 71.5% are owner-occupied. ZIP 38120 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 38120 compare to the rest of Memphis?

ZIP 38120 is pricier than Memphis as a whole. At $1,391/mo, it's $111 above the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38120 last updated?

Rent data for ZIP 38120 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
14%
VERY AFFORDABLE

At $1,391/mo, rent takes ~14% of ZIP 38120's median household income ($123,538/yr). The standard benchmark is 30%.

ZIP 38120 14%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 38120 (Memphis, TN)

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