How much is a home worth in ZIP code 38104?

The typical home in 38104 is worth $257,277, based on the Zillow Home Value Index.

Are home values rising in 38104?

Home values in 38104 are down 5.4% over the past year, and down 0.2% a year over five years.

What is the typical rent in 38104?

A typical home in 38104 rents for about $1,148 a month, a gross rental yield of 5.4%.

What is the property tax rate in 38104?

The effective property tax rate in 38104 is 1.3% — roughly $3,257 a year on a typical home.

ZIP code 38104 has a population of 22,634 and a median household income of $58,117.

HousingHandbookReference data

…

U.S. ZIP Code · TN38104

Shelby County · Memphis, TN-MS-AR

Typical home value

$257,277^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -5.4%
5-year / yr: -0.2%
10-year / yr: +4.3%

Relative price

vs U.S.: -9.4%
vs metro: +8.8%
vs state: -2.8%

Price history

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

The typical home in 38104 is worth $257,277 — 8.8% above the Memphis, TN-MS-AR median. Over the past year, values have fallen 5.4%. Homes here rent for a typical $1,148 a month — a 5.4% gross rental yield. The effective property tax rate is 1.3%.

#Rent & investment

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

Monthly rent: $1,148^[2]
Gross yield: 5.4%^[2]
Cap rate: 3.2%^[2]

#Property tax

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

Effective tax rate: 1.3%^[3]
Typical annual tax: $3,257^[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: 22,634^[3]
Median household income: $58,117^[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: 12
Elementary: 3
Middle: 2
High: 5

Central High
High · Grades 9–12 · Memphis-Shelby County Schools
1,300 students
Memphis Academy Of Science Engineering Middle/High
High · Grades 6–12 · Memphis-Shelby County Schools
696 students
Bellevue Middle
Middle · Grades 6–8 · Memphis-Shelby County Schools
606 students
Idlewild Elementary
Elementary · Grades K–5 · Memphis-Shelby County Schools
588 students
Crosstown High School
High · Grades 9–12 · Memphis-Shelby County Schools
499 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 yield5.4%

Net yield (after ~40% expenses)3.2%

Annual rent$13,774

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$1,301

Loan principal$205,822

Down payment$51,455

Total interest paid$262,514

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 ratio1.56

Monthly cost to own$1,788

Monthly rent$1,148

Renting is meaningfully cheaper month-to-month.

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: 1st percentile^[1]
Rental yield: 5th percentile^[2]
Property tax: 97th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 38104?: The typical home in 38104 is worth $257,277, based on the Zillow Home Value Index.
Are home values rising in 38104?: Home values in 38104 are down 5.4% over the past year, and down 0.2% a year over five years.
What is the typical rent in 38104?: A typical home in 38104 rents for about $1,148 a month, a gross rental yield of 5.4%.
What is the property tax rate in 38104?: The effective property tax rate in 38104 is 1.3% — roughly $3,257 a year on a typical home.
Who lives in 38104?: ZIP code 38104 has a population of 22,634 and a median household income of $58,117.

#Comparable ZIPs

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

38680 vs 38104 →
Walls, MS
Typical home
$262,123
Gross yield
8.7%
38117 vs 38104 →
Memphis, TN
Typical home
$269,676
Gross yield
6.9%
38011
Brighton, TN
Typical home
$269,705
Gross yield
—
38053
Millington, TN
Typical home
$244,562
Gross yield
7.5%
38668
Senatobia, MS
Typical home
$243,350
Gross yield
—
38611
Byhalia, MS
Typical home
$271,575
Gross yield
—

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#Jump to section

U.S. ZIP Code · TN38104

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