How much is a home worth in ZIP code 38106?

The typical home in 38106 is worth $58,797, based on the Zillow Home Value Index.

Are home values rising in 38106?

Home values in 38106 are down 8.1% over the past year, and up 3.8% a year over five years.

What is the typical rent in 38106?

A typical home in 38106 rents for about $934 a month, a gross rental yield of 19.1%.

What is the property tax rate in 38106?

The effective property tax rate in 38106 is 0.9% — roughly $511 a year on a typical home.

ZIP code 38106 has a population of 20,962 and a median household income of $30,232.

HousingHandbookReference data

…

U.S. ZIP Code · TN38106

Shelby County · Memphis, TN-MS-AR

Typical home value

$58,797^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -8.1%
5-year / yr: +3.8%
10-year / yr: +10.2%

Relative price

vs U.S.: -79.3%
vs metro: -75.1%
vs state: -77.8%

Price history

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

The typical home in 38106 is worth $58,797 — 75.1% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 8.1%. Homes here rent for a typical $934 a month — a 19.1% 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: $934^[2]
Gross yield: 19.1%^[2]
Cap rate: 11.4%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $511^[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: 20,962^[3]
Median household income: $30,232^[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: 16
Elementary: 8
Middle: 2
High: 4

Soulsville Charter School
High · Grades 6–12 · Memphis-Shelby County Schools
656 students
Hamilton School
Elementary · Grades PK–8 · Memphis-Shelby County Schools
654 students
Hamilton High
High · Grades 9–12 · Memphis-Shelby County Schools
647 students
A. B. Hill Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
544 students
The Excel Center
High · Grades 9–12 · Memphis-Shelby County Schools
413 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 yield19.1%

Net yield (after ~40% expenses)11.4%

Annual rent$11,205

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$297

Loan principal$47,038

Down payment$11,759

Total interest paid$59,994

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 ratio0.42

Monthly cost to own$389

Monthly rent$934

Owning 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: 46th percentile^[1]
Rental yield: 100th percentile^[2]
Property tax: 65th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

Frequently asked

How much is a home worth in ZIP code 38106?: The typical home in 38106 is worth $58,797, based on the Zillow Home Value Index.
Are home values rising in 38106?: Home values in 38106 are down 8.1% over the past year, and up 3.8% a year over five years.
What is the typical rent in 38106?: A typical home in 38106 rents for about $934 a month, a gross rental yield of 19.1%.
What is the property tax rate in 38106?: The effective property tax rate in 38106 is 0.9% — roughly $511 a year on a typical home.
Who lives in 38106?: ZIP code 38106 has a population of 20,962 and a median household income of $30,232.

#Comparable ZIPs

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

72331 vs 38106 →
Earle, AR
Typical home
$65,252
Gross yield
—
38108 vs 38106 →
Memphis, TN
Typical home
$71,667
Gross yield
15.9%
38114
Memphis, TN
Typical home
$76,761
Gross yield
14.9%
38126
Memphis, TN
Typical home
$77,020
Gross yield
—
38127
Memphis, TN
Typical home
$91,608
Gross yield
14.0%
38109
Memphis, TN
Typical home
$94,539
Gross yield
14.3%

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

Compare ZIPs

Pit ZIP 38106 against any other ZIP — full side-by-side table.

Compare 38106 →

#Jump to section

U.S. ZIP Code · TN38106

Get more data on ZIPs like this

Get more data on ZIPs like this