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Memphis city, TN

ZIP 38116 — 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 38116

Median Home Value
$125,800
Median Rent
$745
Affordability Snapshot
$35,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$808/mo PITI).

20%
Rent-to-Income Ratio

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

2.8x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

14.1 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 38116 in Memphis city, TN, a household would need roughly $35,000 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 $808. That sits below the local median household income ($44,663), 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
Owner Occupied
44.0%-33% vs US avg
x
Vacancy Rate
16.9%+64% vs US avg
x
Broadband Access
81.9%-6% vs US avg
x
4+ Bedrooms
3.2%-79% vs US avg
x
Built Pre-1939
6.4%-50% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
32.4%-35% vs US avg
x
Mortgage-Free
48.0%+26% vs US avg
x
$125,800
Home Value
$745
Rent
1966
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

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

  • 1-unit detached46.8%
  • 1-unit attached5.9%
  • 2-9 units35.8%
  • 10+ units9.7%
  • Mobile home & other1.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$125,800
Median rent$745
Owner-occupied44.0%
Vacant16.9%
Price-to-income2.8x
Est. income to buy$35,000