ZIP 38128
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 38128 usually run 0.8% below trend in February and 0.5% above it in September, about $16 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 38128 is at its highest level since Zillow's records here began in January 2015.
Rent in ZIP 38128 changed +1.5% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in ZIP 38128 rose 51.7% while median household income rose 33% ($35,832 to $47,645). Rent outpaced income.
Rent in ZIP 38128 is 54.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 2 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($47,645) is $1,191 a month. That covers HUD's Fair Market Rent for up to a studio ($1,120); a 1-bedroom is $1,220.
10th cheapest of 22 ZIP codes in Memphis.
ZIP 38114, 9 miles away, rents for 22% less ($929/mo), about $3,200 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 38128. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 38128 (Memphis, TN) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 14% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 38128 in Memphis, TN has changed in 5 years
Across the past five years, the going rent in ZIP 38128 in Memphis, TN has shifted from $885 to $1,198, up 35.4% since 2021. Census figures show median household income at $47,645 today, compared with $37,155 five years earlier. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 38128 in Memphis, TN losing about 2,925 residents over the five-year window, down 6.5% on net. The renter share has eased from 59.5% to 57.9%, with owner-occupied housing accounting for the remainder. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Tips for renters in ZIP 38128
Last updated: October 17, 2026
ZIP code 38128 covers Memphis, TN. The median rent here is $1,198/mo as of October 2026. A 1-bedroom rents for a median of $1,220/mo. A 2-bedroom rents for a median of $1,350/mo.
At 30% of local median household income ($47,645/yr), ZIP 38128 ranks as moderate compared to the national benchmark of 30%. Rents have increased 1.5% over the past year.
Frequently asked questions
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How does ZIP 38128 compare to the rest of Memphis?
At $1,198/mo, rent takes ~30% of ZIP 38128's median household income ($47,645/yr). The standard benchmark is 30%.
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