What is the median home value in Shelby County, TN?

The median home value in Shelby County, TN is $229,700, according to the latest Census ACS 5-Year Estimates.

What is the cap rate in Shelby County, TN?

The cap rate proxy in Shelby County, TN is 6.7% (estimated from HUD Fair Market Rent and Census home values with a 35% expense ratio). This is moderate — deal-by-deal analysis recommended.

How much new construction is happening in Shelby County, TN?

Shelby County has 922,195 residents and issued 1,257 building permits over the trailing twelve months, according to the Census Building Permits Survey.

Memphis, TN-MS-AR · Tennessee

Shelby County

922,195 residents1,257 permits TTM$62,337 median HHI38 ZIP codesUpdated April 28, 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 code breakdown38 ZIP codes

ZIP	Median home value	Rent (FMR 2BR)	Gross yield	Cap rate	Rent gap
38108	$70,324	$1,060	18.1%	15.8%	11.4%
38114	$72,447	$1,090	18.1%	15.6%	11.7%
38106	$57,108	$1,150	24.2%	19.5%	18.4%
38127	$91,953	$1,190	15.5%	14.3%	9.6%
38109	$92,218	$1,080	14.1%	14.4%	-3.5%

Ranked by composite score

Median home value	Rent (FMR 2BR)	Gross yield	Cap rate	Rent gap
$75,860	$1,060	16.8%	18.5%	-10.4%
$106,788	$1,080	12.1%	13.9%	-14.4%
$106,588	$1,060	11.9%	12.4%	-6.0%
$122,803	$1,230	12.0%	12.2%	-2.8%
$124,281	$1,080	10.4%	11.8%	-15.4%
$129,935	$1,240	11.5%	11.2%	-0.8%
$121,910	$1,240	12.2%	10.8%	8.2%
$145,958	$1,350	11.1%	10.2%	6.7%
$191,568	$1,540	9.6%	9.7%	-0.1%
$163,247	$1,360	10.0%	7.8%	21.0%
$238,921	$1,260	6.3%	7.6%	-22.1%
$289,013	$1,730	7.2%	7.4%	-3.4%
$295,083	$1,820	7.4%	7.3%	0.2%
$260,719	$1,470	6.8%	7.3%	-10.1%
$276,994	$1,550	6.7%	7.0%	-4.5%
$155,329	$1,250	9.7%	6.8%	29.0%
$270,656	$1,590	7.0%	6.7%	4.5%
$292,519	$1,570	6.4%	6.6%	-3.1%
$429,407	$1,850	5.2%	6.5%	-27.9%
$405,214	$1,870	5.5%	6.2%	-12.0%
$229,700county est.	$1,850	9.7%	6.1%	36.8%
$229,700county est.	$1,280	6.7%	6.1%	8.6%
$229,700county est.	$1,280	6.7%	6.1%	8.6%
$229,700county est.	$1,260	6.6%	6.1%	7.1%
$229,700county est.	$1,240	6.5%	6.1%	5.7%
$229,700county est.	$1,200	6.3%	6.1%	2.5%
$289,273	$1,450	6.0%	5.7%	3.9%
$222,235	$1,270	6.9%	5.7%	16.1%
$325,455	$1,910	7.0%	5.6%	20.8%
$252,480	$1,470	7.0%	5.3%	24.7%
$509,146	$1,650	3.9%	4.7%	-22.5%
$417,565	$1,600	4.6%	4.3%	4.4%
$583,758	$1,910	3.9%	2.4%	38.7%

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

Data sources

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 28, 2026

Shelby County

See all 38 ZIPs ranked by yield and cap rate