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Memphis city, TN

ZIP 38134 — 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 38134

Median Home Value
$184,400
Median Rent
$937
Affordability Snapshot
$51,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,185/mo PITI).

18%
Rent-to-Income Ratio

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

3.0x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

16.4 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 38134 in Memphis city, TN, a household would need roughly $51,000 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 $1,185. That sits below the local median household income ($61,172), 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

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
49.0%-25% vs US avg
x
Vacancy Rate
6.3%-39% vs US avg
x
Broadband Access
91.3%+5% vs US avg
x
4+ Bedrooms
2.4%-84% vs US avg
x
Built Pre-1939
1.2%-90% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
20.7%-58% vs US avg
x
Mortgage-Free
35.5%-7% vs US avg
x
$184,400
Home Value
$937
Rent
1978
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 detached58.3%
  • 1-unit attached4.8%
  • 2-9 units25.3%
  • 10+ units11.4%
  • Mobile home & other0.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$184,400
Median rent$937
Owner-occupied49.0%
Vacant6.3%
Price-to-income3.0x
Est. income to buy$51,000