RentDataNowRentDataNow
ZIP Code · TN

ZIP 38128

Part of Memphis, TN
Pop. 42,162·Shelby County·119th most expensive ZIP in Tennessee
Median rent (all units)
$1,324/mo
Year-over-Year
+2.3%
Month-over-Month
+1.5%
vs US Median
-$641
Rising (Monthly)
Be the first to discuss 38128 rents ↓
Most AffordableMost Expensive
ZIP 38128 · $1,324
More affordable than 85% of US ZIP codes · National median $1,965/mo
Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio
$1,120
1 BR
$1,220
2 BR
$1,350
3 BR
$1,780
4 BR+
$2,080
Research median
$1,350/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost
$15,888/yr
At $1,324/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (2.3% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+2.3% YoY, +1.5% MoM), not inventory.
Demographics

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.

Population
42,162
Median income
$47,645
Median age
31.5
Renters
57.9%
Age distribution
28.6%
26.3%
22.1%
13.3%
Under 1828.6%
18–3426.3%
35–5422.1%
55–649.8%
65+13.3%
Gender
46.3%
53.7%
Male46.3%
Female53.7%
Race & ethnicity
78.2%
White9.4%
Black78.2%
Hispanic9.3%
Asian0.6%
Other2.6%
Education (25+)
14%
37.4%
34.5%
14%
No HS diploma14%
HS diploma37.4%
Some college34.5%
Bachelor's+14%
Housing tenure
42.1%
57.9%
Owner42.1%
Renter57.9%

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

2021 vs 2026

How ZIP 38128 in Memphis, TN has changed in 5 years

Rent
$950 → $1,324
up 39.4%
Income
$37,155 → $47,645
up 28.2%
Population
45,087 → 42,162
down 6.5%
Renter share
59.5% → 57.9%
-1.6 pts
Bachelor's+
13.5% → 14%
+0.5 pts
Median age
29.8 → 31.5
+1.7 yrs

Across the past five years, the going rent in ZIP 38128 in Memphis, TN has shifted from $950 to $1,324, up 39.4% 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.

Community

Discussions about ZIP 38128

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 38128

About renting in ZIP 38128

Last updated: July 20, 2026

ZIP code 38128 covers Memphis, TN. The median rent here is $1,324/mo as of July 2026. A 1-bedroom rents for a median of $1,220/mo. A 2-bedroom rents for a median of $1,350/mo.

At 33% of local median household income ($47,645/yr), ZIP 38128 ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38128?

As of July 20, 2026, the median monthly rent in ZIP 38128 (Memphis, TN) is $1,324. This is based on aggregated data from public sources and community submissions.

How does ZIP 38128 rent compare to the US average?

ZIP 38128's median rent of $1,324/mo is $641 (33%) below the US national median of $1,965/mo.

How does ZIP 38128 compare to other ZIPs in Tennessee?

ZIP 38128 is among the more affordable ZIP codes in Tennessee, ranking #119 out of 145 ZIPs at $1,324/mo.

How much income do you need to rent in ZIP 38128?

To keep rent at or below 30% of gross income, you would need to earn at least $53,000/year (~$25/hour full-time) to afford the median rent of $1,324/mo in ZIP 38128. The local median household income is $47,645/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 38128?

Rent in ZIP 38128 has increased 2.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38128 an affordable place to rent?

ZIP 38128 is considered moderate for renters. At $1,324/mo, rent takes approximately 33% of the local median household income ($47,645/yr). The standard benchmark is 30%. ZIP 38128 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 38128 residents rent vs. own?

According to Census data, approximately 57.9% of ZIP 38128 households are renters, while 42.1% are owner-occupied. With a majority renter population, ZIP 38128 has a strong rental market.

How does ZIP 38128 compare to the rest of Memphis?

ZIP 38128 is pricier than Memphis as a whole. At $1,324/mo, it's $44 above the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38128 last updated?

Rent data for ZIP 38128 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
33%
MODERATE

At $1,324/mo, rent takes ~33% of ZIP 38128's median household income ($47,645/yr). The standard benchmark is 30%.

ZIP 38128 33%Benchmark 30%
State income taxNone
Compare

How does this area stack up?

Pick another city or ZIP to compare.

Schools nearby

Public schools near ZIP 38128 (Memphis, TN)

Recent submissions

Be the first to submit your rent for this ZIP.

Recent discussions

No discussions yet.