ZIP Code · TN

ZIP 38120

Part of Memphis, TN

Pop. 13,309·Shelby County·78th most expensive ZIP in Tennessee

Median rent (all units)

$1,563/mo

Year-over-Year

+3.0%

Month-over-Month

+1.6%

vs US Median

-$369

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38120 · $1,563

More affordable than 68% of US ZIP codes · National median $1,932/mo

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Is your rent fair?

Compare your rent to the local median.

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: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Tennessee

Rent in ZIP 38120 changed +3.0% 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 3 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($123,538) is $3,088 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,460).

Rank in Memphis

20th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38134, 4 miles away, rents for 23% less ($1,206/mo), about $4,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38120. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,756/yr

At $1,563/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 3.0% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+3.0% YoY, +1.6% 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

Discussions about ZIP 38120

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Local insights

Tips for renters in ZIP 38120

About renting in ZIP 38120

Last updated: October 17, 2026

ZIP code 38120 covers Memphis, TN. The median rent here is $1,563/mo as of October 2026. A 1-bedroom rents for a median of $1,450/mo. A 2-bedroom rents for a median of $1,600/mo.

At 15% of local median household income ($123,538/yr), ZIP 38120 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.0% over the past year.

FAQ

Frequently asked questions

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 $63,000/year (about $30/hour full-time) to afford the median rent of $1,563/mo in ZIP 38120. The local median household income is $123,538/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38120?

Rent in ZIP 38120 has risen 3.0% over the past year.

How does ZIP 38120 compare to other ZIPs in Tennessee?

ZIP 38120 is in the middle among Tennessee ZIP codes for rent, ranking #78 of 147 at $1,563/mo. Over the year to September 2026, rent in ZIP 38120 changed +3.0%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.