How much is a home worth in ZIP code 38109?

The typical home in 38109 is worth $94,539, based on the Zillow Home Value Index.

Are home values rising in 38109?

Home values in 38109 are down 8.1% over the past year, and up 2.3% a year over five years.

What is the typical rent in 38109?

A typical home in 38109 rents for about $1,125 a month, a gross rental yield of 14.3%.

What is the property tax rate in 38109?

The effective property tax rate in 38109 is 0.9% — roughly $868 a year on a typical home.

ZIP code 38109 has a population of 42,452 and a median household income of $37,496.

HousingHandbookReference data

…

U.S. ZIP Code · TN38109

Shelby County · Memphis, TN-MS-AR

Typical home value

$94,539^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -8.1%
5-year / yr: +2.3%
10-year / yr: +9.1%

Relative price

vs U.S.: -66.7%
vs metro: -60.0%
vs state: -64.3%

Price history

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

The typical home in 38109 is worth $94,539 — 60.0% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 8.1%. Homes here rent for a typical $1,125 a month — a 14.3% 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: $1,125^[2]
Gross yield: 14.3%^[2]
Cap rate: 8.6%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $868^[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: 42,452^[3]
Median household income: $37,496^[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: 17
Elementary: 9
Middle: 1
High: 5

Westhaven Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
746 students
Freedom Preparatory Academy Flagship
High · Grades 6–12 · Memphis-Shelby County Schools
723 students
Carver College and Career Academy
Other · Grades K–12 · Memphis-Shelby County Schools
711 students
Geeter School
Elementary · Grades PK–8 · Memphis-Shelby County Schools
610 students
Ford Road Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
539 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 yield14.3%

Net yield (after ~40% expenses)8.6%

Annual rent$13,503

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$478

Loan principal$75,631

Down payment$18,908

Total interest paid$96,464

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 ratio0.56

Monthly cost to own$629

Monthly rent$1,125

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: 21st percentile^[1]
Rental yield: 92nd percentile^[2]
Property tax: 70th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

4th for highest rental yield in TNView list →

Frequently asked

How much is a home worth in ZIP code 38109?: The typical home in 38109 is worth $94,539, based on the Zillow Home Value Index.
Are home values rising in 38109?: Home values in 38109 are down 8.1% over the past year, and up 2.3% a year over five years.
What is the typical rent in 38109?: A typical home in 38109 rents for about $1,125 a month, a gross rental yield of 14.3%.
What is the property tax rate in 38109?: The effective property tax rate in 38109 is 0.9% — roughly $868 a year on a typical home.
Who lives in 38109?: ZIP code 38109 has a population of 42,452 and a median household income of $37,496.

#Comparable ZIPs

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

38127 vs 38109 →
Memphis, TN
Typical home
$91,608
Gross yield
14.0%
38126 vs 38109 →
Memphis, TN
Typical home
$77,020
Gross yield
—
38114
Memphis, TN
Typical home
$76,761
Gross yield
14.9%
38107
Memphis, TN
Typical home
$112,789
Gross yield
11.7%
38105
Memphis, TN
Typical home
$114,493
Gross yield
11.1%
38108
Memphis, TN
Typical home
$71,667
Gross yield
15.9%

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

Compare ZIPs

Pit ZIP 38109 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · TN38109

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