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Memphis city, TN

ZIP 38106 — Housing & Real Estate

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

Low Income AreaLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38106

Median Home Value
$66,400
Median Rent
$620
Affordability Snapshot
$18,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$427/mo PITI).

25%
Rent-to-Income Ratio

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

2.2x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

8.9 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 38106 in Memphis city, TN, a household would need roughly $18,000 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 $427. That sits below the local median household income ($29,818), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 22% — check local market conditions.

Heating Fuel
Housing Metrics

Historic housing stock (28% built before 1939)

Owner Occupied
36.4%-44% vs US avg
x
Vacancy Rate
21.5%+109% vs US avg
x
Broadband Access
62.6%-28% vs US avg
x
4+ Bedrooms
2.8%-81% vs US avg
x
Built Pre-1939
28.0%+119% vs US avg
x
Built Post-2014
0.3%-95% vs US avg
x
Rent Burden >30%
31.3%-37% vs US avg
x
Mortgage-Free
78.7%+106% vs US avg
x
$66,400
Home Value
$620
Rent
1954
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

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

  • 1-unit detached77.1%
  • 1-unit attached5.9%
  • 2-9 units11.6%
  • 10+ units4.3%
  • Mobile home & other1.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$66,400
Median rent$620
Owner-occupied36.4%
Vacant21.5%
Price-to-income2.2x
Est. income to buy$18,000