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Memphis city, TN

ZIP 38103 — 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 38103

Median Home Value
$380,900
Median Rent
$1,445
Affordability Snapshot
$105,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,447/mo PITI).

23%
Rent-to-Income Ratio

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

5.0x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

22.0 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 38103 in Memphis city, TN, a household would need roughly $105,000 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 $2,447. That is about 39% above the local median household income ($75,763), so the median earner would likely stretch or need a larger down payment. 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
30.8%-53% vs US avg
x
Vacancy Rate
9.0%-13% vs US avg
x
Broadband Access
90.4%+4% vs US avg
x
4+ Bedrooms
0.4%-97% vs US avg
x
Built Pre-1939
2.7%-79% vs US avg
x
Built Post-2014
2.1%-70% vs US avg
x
Rent Burden >30%
19.9%-60% vs US avg
x
Mortgage-Free
28.1%-26% vs US avg
x
$380,900
Home Value
$1,445
Rent
2000
Year Built
2019
Moved In

Residents have lived here since ~2019 on average

Housing Structure

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

  • 1-unit detached17.0%
  • 1-unit attached4.6%
  • 2-9 units11.1%
  • 10+ units67.0%
  • Mobile home & other0.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$380,900
Median rent$1,445
Owner-occupied30.8%
Vacant9.0%
Price-to-income5.0x
Est. income to buy$105,000