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Memphis city, TN

ZIP 38016 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38016

Median Home Value
$261,700
Median Rent
$1,218
Affordability Snapshot
$72,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,681/mo PITI).

19%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.5x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

17.9 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 38016 in Memphis city, TN, a household would need roughly $72,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,681. That is roughly in line with the local median household income ($75,719). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
59.1%-10% vs US avg
x
Vacancy Rate
9.2%-11% vs US avg
x
Broadband Access
94.0%+8% vs US avg
x
4+ Bedrooms
4.3%-71% vs US avg
x
Built Pre-1939
0.1%-100% vs US avg
x
Built Post-2014
0.4%-95% vs US avg
x
Rent Burden >30%
21.9%-56% vs US avg
x
Mortgage-Free
22.3%-42% vs US avg
x
$261,700
Home Value
$1,218
Rent
1997
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached59.5%
  • 1-unit attached7.1%
  • 2-9 units16.1%
  • 10+ units16.8%
  • Mobile home & other0.6%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$261,700
Median rent$1,218
Owner-occupied59.1%
Vacant9.2%
Price-to-income3.5x
Est. income to buy$72,000