Memphis, TN-MS-AR · Tennessee
Shelby County
ZIP 38002
922,195 residents1,257 permits TTM$62,337 median HHI38 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$229,700
ACS 5-Year
Cap rate proxy
6.7%
FMR × 0.65 ÷ Home Value
Rent-to-income
22.5%
HUD FMR ÷ ACS HHI
Net migration
+1.14%
IRS SOI
Permits (TTM)
1,257
Census BPS
Climate risk
99.4
FEMA NRI (0–100)
ZIP 38002
Median home value
$229,700
Gross yield
9.8%
Buy Box score
0.5
Section 8 gap
59.8%
Affordability
P/I: 6.5R/I: 41.0%
Section 8 detail
SAFMR: $1,870Rent: $1,170Gap: 59.8%
ZIP code breakdown38 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Buy Box score ↓ | Section 8 gap |
|---|---|---|---|---|---|
| 38106 | $229,700 | $1,150 | 6.0% | 1.0 | -1.7% |
| 38127 | $229,700 | $1,190 | 6.2% | 1.0 | 1.7% |
| 38114 | $229,700 | $1,090 | 5.7% | 1.0 | -6.8% |
| 38122 | $229,700 | $1,240 | 6.5% | 1.0 | 6.0% |
| 38108 | $229,700 | $1,060 | 5.5% | 1.0 | -9.4% |
| 38128 | $229,700 | $1,350 | 7.1% | 1.0 | 15.4% |
| 38118 | $229,700 | $1,230 | 6.4% | 1.0 | 5.1% |
| 38111 | $229,700 | $1,240 | 6.5% | 1.0 | 6.0% |
| 38109 | $229,700 | $1,080 | 5.6% | 1.0 | -7.7% |
| 38107 | $229,700 | $1,080 | 5.6% | 1.0 | -7.7% |
| 38105 | $229,700 | $1,060 | 5.5% | 1.0 | -9.4% |
| 38112 | $229,700 | $1,080 | 5.6% | 1.0 | -7.7% |
| 38141 | $229,700 | $1,540 | 8.0% | 1.0 | 31.6% |
| 38115 | $229,700 | $1,360 | 7.1% | 0.9 | 16.2% |
| 38135 | $229,700 | $1,820 | 9.5% | 0.8 | 55.6% |
| 38018 | $229,700 | $1,730 | 9.0% | 0.7 | 47.9% |
| 38053 | $229,700 | $1,260 | 6.6% | 0.7 | 7.7% |
| 38116 | $229,700 | $1,250 | 6.5% | 0.7 | 6.8% |
| 38125 | $229,700 | $1,550 | 8.1% | 0.7 | 32.5% |
| 38133 | $229,700 | $1,590 | 8.3% | 0.6 | 35.9% |
| 38117 | $229,700 | $1,470 | 7.7% | 0.6 | 25.6% |
| 38126 | $229,700 | $1,060 | 5.5% | 0.6 | -9.4% |
| 38016 | $229,700 | $1,570 | 8.2% | 0.6 | 34.2% |
| 38103 | $229,700 | $1,910 | 10.0% | 0.5 | 63.2% |
| 38002 | $229,700 | $1,870 | 9.8% | 0.5 | 59.8% |
| 38119 | $229,700 | $1,450 | 7.6% | 0.5 | 23.9% |
| 38104 | $229,700 | $1,470 | 7.7% | 0.4 | 25.6% |
| 38138 | $229,700 | $1,850 | 9.7% | 0.4 | 58.1% |
| 38134 | $229,700 | $1,270 | 6.6% | 0.4 | 8.5% |
| 38120 | $229,700 | $1,600 | 8.4% | 0.1 | 36.8% |
| 38139 | $229,700 | $1,910 | 10.0% | 0.1 | 63.2% |
| 38017 | $229,700 | $1,650 | 8.6% | 0.1 | 41.0% |
| 38029 | $229,700 | $1,850 | 9.7% | — | 58.1% |
| 38054 | $229,700 | $1,260 | 6.6% | — | 7.7% |
| 38113 | $229,700 | $1,280 | 6.7% | — | 9.4% |
| 38131 | $229,700 | $1,280 | 6.7% | — | 9.4% |
| 38132 | $229,700 | $1,200 | 6.3% | — | 2.6% |
| 38152 | $229,700 | $1,240 | 6.5% | — | 6.0% |
Sort by any column. Click a ZIP for detail.
Demographics
Owner-occupied
54.6%
Census ACS
Vacancy rate
10.6%
Census ACS
Bachelor's degree +
34.2%
Census ACS
Rent burdened
49.4%
Census ACS (>30% income)
Median age
35.8
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 16, 2026