Memphis, TN-MS-AR · Tennessee
Shelby County
ZIP 38054
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 38054
Median home value
$229,700
Gross yield
6.6%
Buy Box score
—
Section 8 gap
7.7%
Affordability
P/I: 3.7R/I: —
Section 8 detail
SAFMR: $1,260Rent: $1,170Gap: 7.7%
ZIP code breakdown38 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate ↓ | Rent gap |
|---|---|---|---|---|---|
| 38106 | $57,108 | $1,150 | 24.2% | 19.2% | 20.6% |
| 38126 | $75,860 | $1,060 | 16.8% | 18.5% | -10.4% |
| 38114 | $72,447 | $1,090 | 18.1% | 16.2% | 10.0% |
| 38108 | $70,324 | $1,060 | 18.1% | 15.7% | 13.2% |
| 38107 | $106,788 | $1,080 | 12.1% | 14.9% | -23.0% |
| 38109 | $92,218 | $1,080 | 14.1% | 14.6% | -4.0% |
| 38127 | $91,953 | $1,190 | 15.5% | 13.9% | 10.3% |
| 38105 | $106,588 | $1,060 | 11.9% | 12.7% | -6.0% |
| 38118 | $122,803 | $1,230 | 12.0% | 12.5% | -4.2% |
| 38112 | $124,281 | $1,080 | 10.4% | 11.5% | -10.1% |
| 38122 | $121,910 | $1,240 | 12.2% | 11.3% | 7.7% |
| 38111 | $129,935 | $1,240 | 11.5% | 11.0% | 4.2% |
| 38128 | $145,958 | $1,350 | 11.1% | 10.6% | 4.8% |
| 38141 | $191,568 | $1,540 | 9.6% | 9.8% | -1.1% |
| 38115 | $163,247 | $1,360 | 10.0% | 8.1% | 18.7% |
| 38053 | $238,921 | $1,260 | 6.3% | 8.0% | -25.7% |
| 38135 | $295,083 | $1,820 | 7.4% | 7.3% | 1.2% |
| 38018 | $289,013 | $1,730 | 7.2% | 7.2% | 0.2% |
| 38125 | $276,994 | $1,550 | 6.7% | 7.1% | -5.6% |
| 38117 | $260,719 | $1,470 | 6.8% | 7.0% | -3.9% |
| 38116 | $155,329 | $1,250 | 9.7% | 7.0% | 27.7% |
| 38133 | $270,656 | $1,590 | 7.0% | 6.8% | 3.5% |
| 38016 | $292,519 | $1,570 | 6.4% | 6.6% | -2.8% |
| 38119 | $289,273 | $1,450 | 6.0% | 6.4% | -6.2% |
| 38002 | $405,214 | $1,870 | 5.5% | 6.3% | -14.0% |
| 38138 | $429,407 | $1,850 | 5.2% | 6.3% | -21.1% |
| 38029 | $229,700county est. | $1,850 | 9.7% | 6.1% | 36.8% |
| 38054 | $229,700county est. | $1,260 | 6.6% | 6.1% | 7.1% |
| 38113 | $229,700county est. | $1,280 | 6.7% | 6.1% | 8.6% |
| 38131 | $229,700county est. | $1,280 | 6.7% | 6.1% | 8.6% |
| 38132 | $229,700county est. | $1,200 | 6.3% | 6.1% | 2.5% |
| 38152 | $229,700county est. | $1,240 | 6.5% | 6.1% | 5.7% |
| 38104 | $252,480 | $1,470 | 7.0% | 5.7% | 18.2% |
| 38134 | $222,235 | $1,270 | 6.9% | 5.6% | 17.9% |
| 38103 | $325,455 | $1,910 | 7.0% | 5.6% | 20.9% |
| 38120 | $417,565 | $1,600 | 4.6% | 4.5% | 2.8% |
| 38017 | $509,146 | $1,650 | 3.9% | 4.4% | -12.2% |
| 38139 | $583,758 | $1,910 | 3.9% | 2.4% | 38.7% |
Sort by any column. Click a ZIP for detail. Rent gap: green = HUD FMR above market rent.
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