ZIP 38654
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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 38654 usually run 0.8% below trend in December and 1.2% above it in July, about $37 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 38654 is 1.9% below its high of $1,868 in November 2025, at $1,832 as of September 2026.
Rent in ZIP 38654 changed -0.7% over the year to September 2026. Across the 30 Mississippi ZIP codes Zillow tracks, the typical change was +4.6%.
From 2019 to 2024, rent in ZIP 38654 rose 38.7% while median household income rose 25.3% ($82,252 to $103,092). Rent outpaced income.
Rent in ZIP 38654 is 40.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has fallen 2 months in a row, and rose in 5 of the last 12 months.
30% of the median household income ($103,092) is $2,577 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,230); a 4-bedroom is $2,600.
ZIP 38141, 6 miles away, rents for 14% less ($1,570/mo), about $3,100 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 38654. 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 38654 (Olive Branch, MS) is majority owner-occupied, has a median income above the national average, 32.5% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 38654 in Olive Branch, MS has changed in 5 years
The median rent in ZIP 38654 in Olive Branch, MS stood at $1,462 in 2021 and currently runs about $1,832, reflecting a 25.3% increase over the period. Census figures show median household income at $103,092 today, compared with $89,029 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 5.0% since 2021, moving from about 55,132 residents to roughly 57,898. Renters now make up 14.9% of households, compared with 16.8% five years ago. College-educated residents now make up 32.5% of adults here, versus 30.2% in 2021. 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 38654
Last updated: October 17, 2026
ZIP code 38654 covers Olive Branch, MS. The median rent here is $1,832/mo as of October 2026. A 1-bedroom rents for a median of $1,530/mo. A 2-bedroom rents for a median of $1,690/mo.
At 21% of local median household income ($103,092/yr), ZIP 38654 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 38654 compare to the rest of Olive Branch?
At $1,832/mo, rent takes ~21% of ZIP 38654's median household income ($103,092/yr). The standard benchmark is 30%.
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