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Memphis city, TN

ZIP 38108 — Housing & Real Estate

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

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 38108

Median Home Value
$62,600
Median Rent
$704
Affordability Snapshot
$17,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$402/mo PITI).

24%
Rent-to-Income Ratio

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

1.8x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

7.4 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 38108 in Memphis city, TN, a household would need roughly $17,000 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 $402. That sits below the local median household income ($35,435), 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 17% — check local market conditions.

Heating Fuel
Housing Metrics

Historic housing stock (21% built before 1939)

Owner Occupied
47.1%-28% vs US avg
x
Vacancy Rate
16.6%+62% vs US avg
x
Broadband Access
71.2%-18% vs US avg
x
4+ Bedrooms
0.6%-96% vs US avg
x
Built Pre-1939
20.7%+62% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
26.7%-46% vs US avg
x
Mortgage-Free
73.8%+93% vs US avg
x
$62,600
Home Value
$704
Rent
1956
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 detached78.6%
  • 1-unit attached6.3%
  • 2-9 units9.6%
  • 10+ units4.1%
  • Mobile home & other1.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$62,600
Median rent$704
Owner-occupied47.1%
Vacant16.6%
Price-to-income1.8x
Est. income to buy$17,000