Latest available · Census ACS 5-Year (2024)
What Is the Average Rent in ZCTA5 38120, Tennessee?
ZIP code · Census ACS 5-Year estimates
The median gross rent in ZCTA5 38120, Tennessee (ZIP 38120) is $1,705/month (±$138), based on Census ACS 5-Year estimates (2024). The median home value is $460,700 (±$35,498), and the median household income is $123,538/year. The unemployment rate in Shelby County, Tennessee was 4.4% as of April 2026 (preliminary). Source: U.S. Census Bureau, American Community Survey, 2024 5-Year Estimates.
Housing Metrics for ZIP 38120
| Metric | Value |
|---|---|
| Median Gross Rent | $1,705 |
| Median Home Value | $460,700 |
| Median Household Income | $123,538 |
| Total Housing Units | 6,092 |
| Renter-Occupied Units | 1,736 |
| Renter-Occupied Share | 28% |
| Households Paying 50%+ Income | 324 households |
| Unemployment Rate(April 2026) | 4.4% |
How does ZIP 38120 compare?
Median gross rent ranked against all ZIP codes in Tennessee.
Higher rent than 95% of ZIP codes in Tennessee · 27th of 516
| # | ZIP code | Value |
|---|---|---|
| 1 | ZCTA5 37046 | $3,501 |
| 2 | ZCTA5 38139 | $2,697 |
| 3 | ZCTA5 37135 | $2,341 |
| … 23 more … | ||
| 27 | ZCTA5 38120(you are here) | $1,705 |
| … 486 more … | ||
| 514 | ZCTA5 37819 | $452 |
| 515 | ZCTA5 37387 | $405 |
| 516 | ZCTA5 38485 | $357 |
Geography
ZIP 38120 is in Shelby County, Tennessee.
It covers part of Memphis city, Tennessee.
More data for ZCTA5 38120
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Frequently asked questions
What is the average rent in ZCTA5 38120, Tennessee?
The median gross rent in ZCTA5 38120, Tennessee (ZIP 38120) is $1,705/month, based on Census ACS 5-Year estimates (2024). Gross rent includes contract rent plus utilities. Source: U.S. Census Bureau, American Community Survey 5-Year Estimates, 2024.
What is the average rent for a 2-bedroom in ZCTA5 38120, Tennessee?
The median rent for a 2-bedroom in ZCTA5 38120, Tennessee is not available based on Census ACS 5-Year estimates (2024). Source: U.S. Census Bureau, American Community Survey 5-Year Estimates, 2024.
What is the median home value in ZCTA5 38120, Tennessee?
The median home value in ZCTA5 38120, Tennessee (ZIP 38120) is $460,700 according to Census ACS 5-Year estimates (2024).
What percentage of renters in ZCTA5 38120 are rent-burdened?
In ZCTA5 38120, Tennessee, 324 households pay 50% or more of their income for rent. A household is considered rent-burdened when it spends more than 30% of income on housing costs.
What is the median household income in ZCTA5 38120, Tennessee?
The median household income in ZCTA5 38120, Tennessee is $123,538/year according to Census ACS 5-Year estimates (2024).
How reliable is Census ACS data for small areas?
The ACS 5-Year estimates combine 60 months of data for more reliable figures in smaller geographies. Each estimate has a margin of error (MOE). For example, the median rent of $1,705 has a margin of error of ±$138. In very small areas, MOEs can be large relative to the estimate.
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