ZIP 38134
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12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 38134 usually run 1.4% below trend in January and 0.9% above it in June, about $28 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 38134 is 2.5% below its high of $1,237 in February 2025, at $1,206 as of September 2026.
Rent in ZIP 38134 changed -0.7% 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 38134 rose 37.7% while median household income rose 24.4% ($48,740 to $60,622). Rent outpaced income.
Rent in ZIP 38134 is 31.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has fallen 3 months in a row, and rose in 4 of the last 12 months.
30% of the median household income ($60,622) is $1,516 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,270); a 3-bedroom is $1,680.
11th cheapest of 22 ZIP codes in Memphis.
ZIP 38108, 6 miles away, rents for 10% less ($1,085/mo), about $1,500 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 38134. 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 38134 (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, 20.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 38134 in Memphis, TN has changed in 5 years
Five years ago, renters in ZIP 38134 in Memphis, TN paid around $1,029 a month. That figure now sits near $1,206, up 17.2% from the 2021 baseline. Household income in the area moved from $52,588 to $60,622 across the same window, up 15.3% versus 2021. The renter share has risen from 50.1% to 52.6%, with owner-occupied housing accounting for the remainder. Reading these numbers side by side helps frame whether current listings in ZIP 38134 in Memphis, TN look reasonable against where the market sat half a decade ago.
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Tips for renters in ZIP 38134
Last updated: October 17, 2026
ZIP code 38134 covers Memphis, TN. The median rent here is $1,206/mo as of October 2026. A 1-bedroom rents for a median of $1,150/mo. A 2-bedroom rents for a median of $1,270/mo.
At 24% of local median household income ($60,622/yr), ZIP 38134 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.7% over the past year.
Frequently asked questions
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How does ZIP 38134 compare to other ZIPs in Tennessee?
How does ZIP 38134 compare to the rest of Memphis?
At $1,206/mo, rent takes ~24% of ZIP 38134's median household income ($60,622/yr). The standard benchmark is 30%.
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