ZIP Code · TN

ZIP 38141

Part of Memphis, TN

Pop. 23,952·Shelby County·75th most expensive ZIP in Tennessee

Median rent (all units)

$1,570/mo

Year-over-Year

+2.9%

Month-over-Month

+0.3%

vs US Median

-$362

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38141 · $1,570

More affordable than 68% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,280

1 BR

$1,400

2 BR

$1,540

3 BR

$2,030

4 BR+

$2,370

Research median

$1,540/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 38141 is at its highest level since Zillow's records here began in December 2021.

Past year vs. the rest of Tennessee

Rent in ZIP 38141 changed +2.9% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 5 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($60,817) is $1,520 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,400); a 2-bedroom is $1,540.

Rank in Memphis

21st cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38115, 3 miles away, rents for 34% less ($1,029/mo), about $6,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38141. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,840/yr

At $1,570/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.9% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.9% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 38141 (Memphis, TN) is majority owner-occupied, has a large share of families with children, has a median income below the national average, 16.6% of residents hold a bachelor's degree or higher.

Population

23,952

Median income

$60,817

Median age

Renters

43.7%

Age distribution

32.5%

23.1%

25%

Under 1832.5%

18–3423.1%

35–5425%

55–6411.1%

65+8.3%

Gender

42.6%

57.4%

Male42.6%

Female57.4%

Race & ethnicity

85.4%

White5.8%

Black85.4%

Hispanic9.1%

Education (25+)

37.3%

36.4%

16.6%

No HS diploma9.8%

HS diploma37.3%

Some college36.4%

Bachelor's+16.6%

Housing tenure

56.3%

43.7%

Owner56.3%

Renter43.7%

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

2022 vs 2026

How ZIP 38141 in Memphis, TN has changed in 5 years

Rent

$1,338 → $1,570

up 17.3%

Income

$57,393 → $60,817

up 6.0%

Population

23,299 → 23,952

up 2.8%

Renter share

34.8% → 43.7%

+8.9 pts

Bachelor's+

16.7% → 16.6%

-0.1 pts

Median age

32.1 → 31

-1.1 yrs

Compared with 2022, rent in ZIP 38141 in Memphis, TN has increased by $232 per month, settling near $1,570 after starting the period at $1,338. Household income in the area moved from $57,393 to $60,817 across the same window, up 6.0% versus 2021. Rent outpaced income growth by roughly 11.3 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 23,299 to 23,952 between 2021 and 2024, a 2.8% change. About 43.7% of households rent today, against 34.8% in 2021. Reading these numbers side by side helps frame whether current listings in ZIP 38141 in Memphis, TN look reasonable against where the market sat half a decade ago.

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About renting in ZIP 38141

Last updated: October 17, 2026

ZIP code 38141 covers Memphis, TN. The median rent here is $1,570/mo as of October 2026. A 1-bedroom rents for a median of $1,400/mo. A 2-bedroom rents for a median of $1,540/mo.

At 31% of local median household income ($60,817/yr), ZIP 38141 ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.9% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38141?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,570/mo in ZIP 38141. The local median household income is $60,817/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38141?

Rent in ZIP 38141 has risen 2.9% over the past year as of September 2026. That is the highest level since Zillow's records here began in December 2021.

How does ZIP 38141 compare to other ZIPs in Tennessee?

ZIP 38141 is in the middle among Tennessee ZIP codes for rent, ranking #75 of 147 at $1,570/mo. Over the year to September 2026, rent in ZIP 38141 changed +2.9%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.