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Rental Insights for ZIP Code 38040 (Halls, TN)

Housing Rentals in ZIP Code 38040 (Halls, TN)

38040 ZIP Code in Tennessee

An In-depth Rental Snapshot of ZIP Code 38040

The 38040 ZIP Code is primarily located in Halls, TN in Lauderdale County. This region of Tennessee has an estimated median housing rent of $650 per month. About 44.5% of housing units in this Lauderdale County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of 5.7%.

The median rent in ZIP Code 38040 of $650 per month is 25% lower than the aggregate Tennessee median monthly rent of $869, and is 39% lower than the $1,062 the median monthly rent in the U.S. overall. About 75.9% of residents in ZIP Code 38040 pay between $500 and $999 per month for rent. That is 49% higher than in Tennessee overall, in which 50.8% of total state residents pay between $500 and $999 per month for housing. Just 0.5% of renters in this Halls, TN region pay between $1,500 and $1,999 per month for rent.

ZIP Code 38040 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 38040

See the chart below for a comparison of monthly rental costs in ZIP Code 38040, Tennessee, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 38040 along with those in the state of Tennessee and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 38040

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 38040 Tennessee U.S.
Less than $500 21.7% 12.8% 9.4%
$500 to $999 75.9% 50.8% 36.2%
$1,000 to $1,499 1.9% 26.9% 30.0%
$1,500 to $1,999 0.5% 6.7% 14.0%
$2,000 to $2,499 0.0% 1.8% 5.6%
$2,500 to $2,999 0.0% 0.5% 2.4%
$3,000 or more 0.0% 0.5% 2.4%

Rent Cost vs. Income in ZIP Code 38040

Renters in ZIP Code 38040 use an estimated 25.08% of their income to cover their monthly rent payments. That is about 14% lower than in Tennessee overall. The estimate for Tennessee overall is 29.18% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 38040 renters use about 16% less of their income to cover rent expense. Household income figures for ZIP Code 38040 come in lower than in Tennessee as a whole. The median annual household income in ZIP Code 38040 of $41,897 sits approximately 21% lower than the overall Tennessee median income of $53,320 and approximately 33% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 38040

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 38040, Tennessee, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 38040 along with the same calculations in the state of Tennessee and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 38040

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 38040 Tennessee U.S.
Less than 15.0 percent 31.5% 14.1% 13.1%
15.0 to 19.9 percent 7.9% 13.4% 12.9%
20.0 to 24.9 percent 18.8% 12.8% 12.9%
25.0 to 29.9 percent 5.6% 12.3% 11.6%
30.0 to 34.9 percent 6.1% 9.4% 9.1%
35.0 percent or more 30.1% 37.9% 40.5%

Household Income in ZIP Code 38040

See the table below for the regional comparison of annual household income in ZIP Code 38040.

Income ZIP 38040 Tennessee U.S.
Less than $10,000 7.1% 6.9% 6.0%
$10,000 to $14,999 12.6% 5.2% 4.3%
$15,000 to $24,999 10.1% 10.6% 8.9%
$25,000 to $34,999 9.0% 10.4% 8.9%
$35,000 to $49,999 21.4% 14.0% 12.3%
$50,000 to $74,999 16.8% 18.3% 17.2%
$75,000 to $99,999 8.8% 12.4% 12.7%
$100,000 to $149,999 11.1% 12.8% 15.1%
$150,000 to $199,999 2.0% 4.7% 6.8%
$200,000 or more 1.1% 4.8% 7.7%

Household Income in ZIP Code 38040

See the chart below for a comparison of annual household income figures in ZIP Code 38040, Tennessee, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 38040 alongside the same figures for the state of Tennessee and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 38040

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 38040.

ZIP 38040 Tennessee U.S.
Median Housing Rent $650 $869 $1,062
Renter-Occupied Housing Units 44.5% 33.7% 36.0%
Rental Vacancy Rate 5.7% 7.1% 6.0%
Average Size of Renter-Occupied Unit 2.62 2.42 2.49
Average # of Bedrooms Per Unit 2.83 2.81 2.75
Percent of Income Spent on Rent 25.08% 29.18% 29.83%
Per Capita Income $21,213 $29,859 $34,103
Median Household Income $52,736 $74,750 $88,607
Living Below the Poverty Line 20.1% 11.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 38040

In ZIP Code 38040 (Halls, TN), and estimated 44.5% of housing units are occupied by renters. This region has an approximate rental vacany rate of 5.7%.

The per capita income in 38040 is estimated at $21,213, which goes along with an estimated median household income of $52,736. About 20.1% of residents in this Lauderdale County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.62 occupants, while the units have an aggregate average size of 2.83 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 25.08% of their income on housing rental costs.

Rental FAQs for ZIP Code 38040

1

What is the median monthly rent in ZIP Code 38040?

Median rent for housing in ZIP Code 38040 in Lauderdale County in Tennessee is approximately $650 per month.
2

Is it expensive to rent in ZIP Code 38040?

Rent in ZIP Code 38040 is lower than average in the state of Tennessee overall. The median monthly rent of $650 in ZIP Code 38040 is approximately 25% lower than the Tennessee median of $869. Additionally, median rent in this Halls, TN region ($650) is about 39% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 38040?

High-priced rentals are not common in the Halls, TN ZIP Code of 38040, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Tennessee overall, approximately 0.5% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 38040?

Affordable rentals are more common in ZIP Code 38040 than in Tennessee overall. The percentage of housing rentals in ZIP Code 38040 costing $999 or less per month (97.6%) is approximately 53% higher than the Tennessee rate of 63.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 114% lower than the previously mentioned 38040 rate of 97.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 38040?

The most common range for rental cost in ZIP Code 38040 is between $500 and $999 per month. About 75.9% of renters in 38040 pay in this range for monthly rent. In comparison, approximately 50.8% of renters in the state of Tennessee fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 38040 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 38040 is lower than the rental vacancy rate in the state of Tennessee overall. Rental vacancy of 5.7% in ZIP Code 38040 is about 20% lower than the Tennessee rate of 7.1%. Looking more broadly, rental vacancy in this Halls, TN region (5.7%) is an estimated 5% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 38040? How does it compare to other Tennessee regions?

Median household income in ZIP Code 38040 is lower than in the state of Tennessee overall. Annual household income of $41,897 in ZIP Code 38040 is about 21% lower than the Tennessee median of $53,320. Additionally, median household income in this Halls, TN region ($41,897) is approximately 33% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 38040 spend on housing costs?

Renters in ZIP Code 38040 spend a lower amount of their income on rent costs than do renters in Tennessee overall. Renters in ZIP Code 38040 spend an estimated 25.08% of their income on rent payments, which is about 14% lower than the overall Tennessee estimated rate of 29.18%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 16% higher than the ZIP Code 38040 estimated rate of 25.08%.
9

Do renters in ZIP Code 38040 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 38040 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 38040 spending 30 percent or more of their income on rent costs (36.2%) is approximately 23% lower than the Tennessee rate of 47.3% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 27% higher than the aforementioned 38040 rate of 36.2%.
10

What is the average household size of renter-occupied units in ZIP Code 38040?

The average household size of renter-occupied units in ZIP Code 38040 is higher than in the state of Tennessee overall. Annual household size of 2.62 in ZIP Code 38040 is about 8% higher than the Tennessee median of 2.42. Additionally, median household size in this Halls, TN region (2.62) is approximately 5% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Tennessee ZIP Codes