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Memphis city, TN

ZIP 38128 — 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 38128

Median Home Value
$123,900
Median Rent
$830
Affordability Snapshot
$34,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$796/mo PITI).

23%
Rent-to-Income Ratio

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

2.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

12.4 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 38128 in Memphis city, TN, a household would need roughly $34,000 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 $796. That sits below the local median household income ($43,166), 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 12% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
42.0%-36% vs US avg
x
Vacancy Rate
12.3%+19% vs US avg
x
Broadband Access
82.1%-6% vs US avg
x
4+ Bedrooms
3.0%-80% vs US avg
x
Built Pre-1939
2.8%-78% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
29.7%-40% vs US avg
x
Mortgage-Free
35.1%-8% vs US avg
x
$123,900
Home Value
$830
Rent
1976
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 detached63.4%
  • 1-unit attached2.1%
  • 2-9 units22.0%
  • 10+ units10.1%
  • Mobile home & other2.4%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$123,900
Median rent$830
Owner-occupied42.0%
Vacant12.3%
Price-to-income2.9x
Est. income to buy$34,000