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ZIP Code · TN

ZIP 38134

Part of Memphis, TN
Pop. 43,947·Shelby County·121st most expensive ZIP in Tennessee
Median rent (all units)
$1,313/mo
Year-over-Year
+21.4%
Month-over-Month
+3.5%
vs US Median
-$652
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 38134 · $1,313
More affordable than 86% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,060
1 BR
$1,150
2 BR
$1,270
3 BR
$1,680
4 BR+
$1,950
Research median
$1,270/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
$15,756/yr
At $1,313/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 21.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+21.4% YoY, +3.5% MoM), not inventory.
Demographics

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.

Population
43,947
Median income
$60,622
Median age
32.6
Renters
52.6%
Age distribution
27.3%
27%
25.9%
Under 1827.3%
18–3427%
35–5425.9%
55–648.8%
65+10.9%
Gender
52.9%
47.1%
Male52.9%
Female47.1%
Race & ethnicity
41.3%
39.5%
16.1%
White41.3%
Black39.5%
Hispanic16.1%
Asian2.1%
Other1%
Education (25+)
14.1%
33.6%
31.8%
20.4%
No HS diploma14.1%
HS diploma33.6%
Some college31.8%
Bachelor's+20.4%
Housing tenure
47.4%
52.6%
Owner47.4%
Renter52.6%

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

2021 vs 2026

How ZIP 38134 in Memphis, TN has changed in 5 years

Rent
$923 → $1,313
up 42.3%
Income
$52,588 → $60,622
up 15.3%
Population
43,991 → 43,947
down 0.1%
Renter share
50.1% → 52.6%
+2.5 pts
Bachelor's+
19.1% → 20.4%
+1.3 pts
Median age
33.8 → 32.6
-1.2 yrs

Five years ago, renters in ZIP 38134 in Memphis, TN paid around $923 a month. That figure now sits near $1,313, up 42.3% 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. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 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.

Community

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Local insights

Tips for renters in ZIP 38134

About renting in ZIP 38134

Last updated: July 20, 2026

ZIP code 38134 covers Memphis, TN. The median rent here is $1,313/mo as of July 2026. A 1-bedroom rents for a median of $1,150/mo. A 2-bedroom rents for a median of $1,270/mo.

At 26% of local median household income ($60,622/yr), ZIP 38134 ranks as affordable compared to the national benchmark of 30%. Rents have increased 21.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38134?

As of July 20, 2026, the median monthly rent in ZIP 38134 (Memphis, TN) is $1,313. This is based on aggregated data from public sources and community submissions.

How does ZIP 38134 rent compare to the US average?

ZIP 38134's median rent of $1,313/mo is $652 (33%) below the US national median of $1,965/mo.

How does ZIP 38134 compare to other ZIPs in Tennessee?

ZIP 38134 is among the more affordable ZIP codes in Tennessee, ranking #121 out of 145 ZIPs at $1,313/mo.

How much income do you need to rent in ZIP 38134?

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 $1,313/mo in ZIP 38134. The local median household income is $60,622/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38134?

Rent in ZIP 38134 has increased 21.4% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 38134 an affordable place to rent?

ZIP 38134 is considered affordable for renters. At $1,313/mo, rent takes approximately 26% of the local median household income ($60,622/yr). The standard benchmark is 30%. ZIP 38134 falls comfortably within that range.

What percentage of ZIP 38134 residents rent vs. own?

According to Census data, approximately 52.6% of ZIP 38134 households are renters, while 47.4% are owner-occupied. With a majority renter population, ZIP 38134 has a strong rental market.

How does ZIP 38134 compare to the rest of Memphis?

ZIP 38134 is pricier than Memphis as a whole. At $1,313/mo, it's $33 above the Memphis citywide median of $1,280/mo.

When was rent data for ZIP 38134 last updated?

Rent data for ZIP 38134 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
26%
AFFORDABLE

At $1,313/mo, rent takes ~26% of ZIP 38134's median household income ($60,622/yr). The standard benchmark is 30%.

ZIP 38134 26%Benchmark 30%
State income taxNone
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