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ZIP Code · TN

ZIP 38122

Part of Memphis, TN
Pop. 26,021·Shelby County·133rd most expensive ZIP in Tennessee
Median rent (all units)
$1,159/mo
Year-over-Year
+1.4%
Month-over-Month
+0.7%
vs US Median
-$806
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 38122 · $1,159
More affordable than 94% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,030
1 BR
$1,120
2 BR
$1,240
3 BR
$1,640
4 BR+
$1,910
Research median
$1,240/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
$13,908/yr
At $1,159/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (1.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+1.4% YoY, +0.7% MoM), not inventory.
Demographics

Who lives here

ZIP 38122 (Memphis, TN) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 23.8% of residents hold a bachelor's degree or higher.

Population
26,021
Median income
$48,710
Median age
30.4
Renters
47.3%
Age distribution
34.1%
22.8%
23.8%
Under 1834.1%
18–3422.8%
35–5423.8%
55–648.2%
65+11.2%
Gender
47.3%
52.7%
Male47.3%
Female52.7%
Race & ethnicity
38.7%
20.1%
38.2%
White38.7%
Black20.1%
Hispanic38.2%
Asian1.9%
Other1.1%
Education (25+)
26%
26.2%
24%
23.8%
No HS diploma26%
HS diploma26.2%
Some college24%
Bachelor's+23.8%
Housing tenure
52.7%
47.3%
Owner52.7%
Renter47.3%

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

2021 vs 2026

How ZIP 38122 in Memphis, TN has changed in 5 years

Income
$40,674 → $48,710
up 19.8%
Population
22,961 → 26,021
up 13.3%
Renter share
48.8% → 47.3%
-1.5 pts
Bachelor's+
20.8% → 23.8%
+3.0 pts
Median age
32.7 → 30.4
-2.3 yrs

Median household income grew from $40,674 to $48,710 between 2021 and 2024, a 19.8% shift. Headcount in the area went from 22,961 to 26,021 between 2021 and 2024, a 13.3% change. About 47.3% of households rent today, against 48.8% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 20.8% to 23.8%.

Community

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Local insights

Tips for renters in ZIP 38122

About renting in ZIP 38122

Last updated: July 20, 2026

ZIP code 38122 covers Memphis, TN. The median rent here is $1,159/mo as of July 2026. A 1-bedroom rents for a median of $1,120/mo. A 2-bedroom rents for a median of $1,240/mo.

At 29% of local median household income ($48,710/yr), ZIP 38122 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38122?

As of July 20, 2026, the median monthly rent in ZIP 38122 (Memphis, TN) is $1,159. This is based on aggregated data from public sources and community submissions.

How does ZIP 38122 rent compare to the US average?

ZIP 38122's median rent of $1,159/mo is $806 (41%) below the US national median of $1,965/mo.

How does ZIP 38122 compare to other ZIPs in Tennessee?

ZIP 38122 is among the more affordable ZIP codes in Tennessee, ranking #133 out of 145 ZIPs at $1,159/mo.

How much income do you need to rent in ZIP 38122?

To keep rent at or below 30% of gross income, you would need to earn at least $46,000/year (~$22/hour full-time) to afford the median rent of $1,159/mo in ZIP 38122. The local median household income is $48,710/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38122?

Rent in ZIP 38122 has increased 1.4% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38122 an affordable place to rent?

ZIP 38122 is considered affordable for renters. At $1,159/mo, rent takes approximately 29% of the local median household income ($48,710/yr). The standard benchmark is 30%. ZIP 38122 falls comfortably within that range.

What percentage of ZIP 38122 residents rent vs. own?

According to Census data, approximately 47.3% of ZIP 38122 households are renters, while 52.7% are owner-occupied. ZIP 38122 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 38122 compare to the rest of Memphis?

ZIP 38122 is more affordable than Memphis overall. At $1,159/mo, it's $121 below the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38122 last updated?

Rent data for ZIP 38122 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
29%
AFFORDABLE

At $1,159/mo, rent takes ~29% of ZIP 38122's median household income ($48,710/yr). The standard benchmark is 30%.

ZIP 38122 29%Benchmark 30%
State income taxNone
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Schools nearby

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