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Rental Insights for ZIP Code 38120 (Memphis, TN)

Housing Rentals in ZIP Code 38120 (Memphis, TN)

38120 ZIP Code in Tennessee

An In-depth Rental Snapshot of ZIP Code 38120

The 38120 ZIP Code is primarily located in Memphis, TN in Shelby County. This region of Tennessee has an estimated median housing rent of $1,125 per month. Approximately 26.7% of housing units in this Shelby County ZIP Code are renter-occupied, and the region has an estimated rental vacancy rate of 8.8%.

The median rent in ZIP Code 38120 of $1,125 per month is 29% higher than the aggregate Tennessee median monthly rent of $869, and is 6% higher than the $1,062 the median monthly rent in the U.S. overall. An estimated 54.2% of residents in ZIP Code 38120 pay between $1,000 and $1,499 per month for rent. That is 101% higher than in Tennessee overall, in which 26.9% of total state residents pay between $1,000 and $1,499 per month for housing. Just 1.0% of renters in ZIP Code 38120 pay between $2,000 and $2,499 for monthly rent.

ZIP Code 38120 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 38120

See the chart below for a comparison of monthly rental costs in ZIP Code 38120, Tennessee, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 38120 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 38120

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

Cost ZIP 38120 Tennessee U.S.
Less than $500 0.0% 12.8% 9.4%
$500 to $999 32.1% 50.8% 36.2%
$1,000 to $1,499 54.2% 26.9% 30.0%
$1,500 to $1,999 11.7% 6.7% 14.0%
$2,000 to $2,499 1.0% 1.8% 5.6%
$2,500 to $2,999 0.0% 0.5% 2.4%
$3,000 or more 1.1% 0.5% 2.4%

Rent Cost vs. Income in ZIP Code 38120

Renters in ZIP Code 38120 use an estimated 31.71% of their income to cover their monthly rent payments. That is about 9% higher 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 38120 renters use about 6% more of their income to cover rent expense. Household income figures for ZIP Code 38120 come in higher than in Tennessee as a whole. The median annual household income in ZIP Code 38120 of $101,467 sits approximately 90% higher than the overall Tennessee median income of $53,320 and approximately 61% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 38120

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 38120, 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 38120 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 38120

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

Rent Cost as % of Income ZIP 38120 Tennessee U.S.
Less than 15.0 percent 8.3% 14.1% 13.1%
15.0 to 19.9 percent 11.9% 13.4% 12.9%
20.0 to 24.9 percent 15.1% 12.8% 12.9%
25.0 to 29.9 percent 9.8% 12.3% 11.6%
30.0 to 34.9 percent 6.3% 9.4% 9.1%
35.0 percent or more 48.6% 37.9% 40.5%

Household Income in ZIP Code 38120

See the table below for the regional comparison of annual household income in ZIP Code 38120.

Income ZIP 38120 Tennessee U.S.
Less than $10,000 4.9% 6.9% 6.0%
$10,000 to $14,999 1.5% 5.2% 4.3%
$15,000 to $24,999 5.4% 10.6% 8.9%
$25,000 to $34,999 6.1% 10.4% 8.9%
$35,000 to $49,999 7.7% 14.0% 12.3%
$50,000 to $74,999 16.0% 18.3% 17.2%
$75,000 to $99,999 8.0% 12.4% 12.7%
$100,000 to $149,999 18.6% 12.8% 15.1%
$150,000 to $199,999 10.3% 4.7% 6.8%
$200,000 or more 21.5% 4.8% 7.7%

Household Income in ZIP Code 38120

See the chart below for a comparison of annual household income figures in ZIP Code 38120, Tennessee, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 38120 alongside the same figures for the state of Tennessee and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 38120

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 38120.

ZIP 38120 Tennessee U.S.
Median Housing Rent $1,125 $869 $1,062
Renter-Occupied Housing Units 26.7% 33.7% 36.0%
Rental Vacancy Rate 8.8% 7.1% 6.0%
Average Size of Renter-Occupied Unit 1.93 2.42 2.49
Average # of Bedrooms Per Unit 3.21 2.81 2.75
Percent of Income Spent on Rent 31.71% 29.18% 29.83%
Per Capita Income $68,828 $29,859 $34,103
Median Household Income $160,218 $74,750 $88,607
Living Below the Poverty Line 5.7% 11.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 38120

In ZIP Code 38120 (Memphis, TN), and estimated 26.7% of housing units are occupied by renters. This region has an approximate rental vacany rate of 8.8%.

The per capita income in 38120 is estimated at $68,828, which goes along with an estimated median household income of $160,218. About 5.7% of residents in this Shelby County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.93 occupants, while the units have an aggregate average size of 3.21 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 31.71% of their income on housing rental costs.

Rental FAQs for ZIP Code 38120

1

What is the median monthly rent in ZIP Code 38120?

Median rent for housing in ZIP Code 38120 in Shelby County in Tennessee is approximately $1,125 per month.
2

Is it expensive to rent in ZIP Code 38120?

Rent in ZIP Code 38120 is higher than average in the state of Tennessee overall. The median monthly rent of $1,125 in ZIP Code 38120 is approximately 29% higher than the Tennessee median of $869. Additionally, median rent in this Memphis, TN region ($1,125) is about 6% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 38120?

High-priced rentals are more common in ZIP Code 38120 than in Tennessee overall. The percentage of rentals in ZIP Code 38120 that cost $3,000 or more per month (1.1%) is about 120% higher than the Tennessee rate of 0.5% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 54% higher than the aforementioned 38120 rate of 1.1%.
4

Are affordable rentals common in ZIP Code 38120?

Affordable rentals are less common in ZIP Code 38120 than in Tennessee overall. The percentage of housing rentals in ZIP Code 38120 costing $999 or less per month (32.1%) is approximately 50% lower 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 30% higher than the previously mentioned 38120 rate of 32.1%.
5

What is the most common cost range that rentals fall into in ZIP Code 38120?

The most common range for rental cost in ZIP Code 38120 is between $1,000 and $1,499 per month. About 54.2% of renters in 38120 pay in this range for monthly rent. In comparison, approximately 26.9% of renters in the state of Tennessee fall in the between $1,000 and $1,499 range, and 30.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 38120 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 38120 is higher than the rental vacancy rate in the state of Tennessee overall. Rental vacancy of 8.8% in ZIP Code 38120 is about 24% higher than the Tennessee rate of 7.1%. Looking more broadly, rental vacancy in this Memphis, TN region (8.8%) is an estimated 47% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 38120? How does it compare to other Tennessee regions?

Median household income in ZIP Code 38120 is higher than in the state of Tennessee overall. Annual household income of $101,467 in ZIP Code 38120 is about 90% higher than the Tennessee median of $53,320. Additionally, median household income in this Memphis, TN region ($101,467) is approximately 61% higher 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 38120 spend on housing costs?

Renters in ZIP Code 38120 spend a higher amount of their income on rent costs than do renters in Tennessee overall. Renters in ZIP Code 38120 spend an estimated 31.71% of their income on rent payments, which is about 9% higher 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 6% lower than the ZIP Code 38120 estimated rate of 31.71%.
9

Do renters in ZIP Code 38120 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 38120 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 38120 spending 30 percent or more of their income on rent costs (54.9%) is approximately 16% higher 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 11% lower than the aforementioned 38120 rate of 54.9%.
10

What is the average household size of renter-occupied units in ZIP Code 38120?

The average household size of renter-occupied units in ZIP Code 38120 is lower than in the state of Tennessee overall. Annual household size of 1.93 in ZIP Code 38120 is about 20% lower than the Tennessee median of 2.42. Additionally, median household size in this Memphis, TN region (1.93) is approximately 22% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Tennessee ZIP Codes