How much is a home worth in ZIP code 38053?

The typical home in 38053 is worth $244,562, based on the Zillow Home Value Index.

Are home values rising in 38053?

Home values in 38053 are up 1.4% over the past year, and up 5.7% a year over five years.

What is the typical rent in 38053?

A typical home in 38053 rents for about $1,520 a month, a gross rental yield of 7.5%.

What is the property tax rate in 38053?

The effective property tax rate in 38053 is 0.9% — roughly $2,114 a year on a typical home.

ZIP code 38053 has a population of 25,303 and a median household income of $58,194.

HousingHandbookReference data

…

U.S. ZIP Code · TN38053

Shelby County · Memphis, TN-MS-AR

Typical home value

$244,562^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.4%
5-year / yr: +5.7%
10-year / yr: +7.1%

Relative price

vs U.S.: -13.9%
vs metro: +3.4%
vs state: -7.6%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 38053 is worth $244,562 — 3.4% above the Memphis, TN-MS-AR median. Over the past year, values have risen 1.4%. Homes here rent for a typical $1,520 a month — a 7.5% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,520^[2]
Gross yield: 7.5%^[2]
Cap rate: 4.5%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.9%^[3]
Typical annual tax: $2,114^[3]

#Climate risk

FEMA National Risk Index ratings for Shelby County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Not Applicable
Wildfire: Relatively Low
Drought: Relatively Low
Heat wave: Relatively High
Hurricane: Relatively Low
Tornado: Very High
Earthquake: Relatively High
Winter weather: Relatively High

#Who lives here

Population: 25,303^[3]
Median household income: $58,194^[3]

#Migration

Household moves in and out of Shelby County over a year, from IRS tax-return data.

Net migration: -4,630^[5]
Moved in: 14,700
Moved out: 19,330

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 6
Elementary: 3
Middle: 2
High: 1

Millington Central Middle High School
High · Grades 7–12 · Millington Municipal Schools
1,211 students
Millington Primary School
Elementary · Grades PK–3 · Millington Municipal Schools
891 students
Millington Intermediate School
Middle · Grades 4–6 · Millington Municipal Schools
544 students
E.E. Jeter Elementary/Middle
Elementary · Grades PK–8 · Memphis-Shelby County Schools
369 students
Lucy Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
301 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield7.5%

Net yield (after ~40% expenses)4.5%

Annual rent$18,238

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,237

Loan principal$195,649

Down payment$48,912

Total interest paid$249,540

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.06

Monthly cost to own$1,616

Monthly rent$1,520

Owning and renting are roughly even.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 83rd percentile^[1]
Rental yield: 51st percentile^[2]
Property tax: 63rd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 38053?: The typical home in 38053 is worth $244,562, based on the Zillow Home Value Index.
Are home values rising in 38053?: Home values in 38053 are up 1.4% over the past year, and up 5.7% a year over five years.
What is the typical rent in 38053?: A typical home in 38053 rents for about $1,520 a month, a gross rental yield of 7.5%.
What is the property tax rate in 38053?: The effective property tax rate in 38053 is 0.9% — roughly $2,114 a year on a typical home.
Who lives in 38053?: ZIP code 38053 has a population of 25,303 and a median household income of $58,194.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

38668 vs 38053 →
Senatobia, MS
Typical home
$243,350
Gross yield
—
38618 vs 38053 →
Arkabutla CDP, MS
Typical home
$240,211
Gross yield
—
72364
Marion, AR
Typical home
$238,140
Gross yield
—
38665
Strayhorn CDP, MS
Typical home
$236,515
Gross yield
—
38671
Southaven, MS
Typical home
$236,336
Gross yield
7.7%
38104
Memphis, TN
Typical home
$257,277
Gross yield
5.4%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

Compare ZIPs

Pit ZIP 38053 against any other ZIP — full side-by-side table.

Compare 38053 →

#Jump to section

U.S. ZIP Code · TN38053

Get more data on ZIPs like this

Get more data on ZIPs like this