How much is a home worth in ZIP code 38114?

The typical home in 38114 is worth $76,761, based on the Zillow Home Value Index.

Are home values rising in 38114?

Home values in 38114 are down 10.8% over the past year, and up 1.0% a year over five years.

What is the typical rent in 38114?

A typical home in 38114 rents for about $952 a month, a gross rental yield of 14.9%.

What is the property tax rate in 38114?

The effective property tax rate in 38114 is 0.6% — roughly $497 a year on a typical home.

ZIP code 38114 has a population of 20,298 and a median household income of $34,206.

HousingHandbookReference data

…

U.S. ZIP Code · TN38114

Shelby County · Memphis, TN-MS-AR

Typical home value

$76,761^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -10.8%
5-year / yr: +1.0%
10-year / yr: +8.9%

Relative price

vs U.S.: -73.0%
vs metro: -67.5%
vs state: -71.0%

Price history

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

The typical home in 38114 is worth $76,761 — 67.5% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 10.8%. Homes here rent for a typical $952 a month — a 14.9% gross rental yield. The effective property tax rate is 0.6%.

#Rent & investment

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

Monthly rent: $952^[2]
Gross yield: 14.9%^[2]
Cap rate: 8.9%^[2]

#Property tax

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

Effective tax rate: 0.6%^[3]
Typical annual tax: $497^[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: 20,298^[3]
Median household income: $34,206^[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: 8
Elementary: 6
Middle: 0
High: 1

Alcy Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
732 students
Melrose High
High · Grades 9–12 · Memphis-Shelby County Schools
710 students
Cherokee Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
368 students
Bethel Grove Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
299 students
Rozelle Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
227 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 yield14.9%

Net yield (after ~40% expenses)8.9%

Annual rent$11,426

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$388

Loan principal$61,409

Down payment$15,352

Total interest paid$78,324

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 ratio0.52

Monthly cost to own$494

Monthly rent$952

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: 6th percentile^[1]
Rental yield: 95th percentile^[2]
Property tax: 51st percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

3rd for highest rental yield in TNView list →

Frequently asked

How much is a home worth in ZIP code 38114?: The typical home in 38114 is worth $76,761, based on the Zillow Home Value Index.
Are home values rising in 38114?: Home values in 38114 are down 10.8% over the past year, and up 1.0% a year over five years.
What is the typical rent in 38114?: A typical home in 38114 rents for about $952 a month, a gross rental yield of 14.9%.
What is the property tax rate in 38114?: The effective property tax rate in 38114 is 0.6% — roughly $497 a year on a typical home.
Who lives in 38114?: ZIP code 38114 has a population of 20,298 and a median household income of $34,206.

#Comparable ZIPs

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

38126 vs 38114 →
Memphis, TN
Typical home
$77,020
Gross yield
—
38108 vs 38114 →
Memphis, TN
Typical home
$71,667
Gross yield
15.9%
72331
Earle, AR
Typical home
$65,252
Gross yield
—
38127
Memphis, TN
Typical home
$91,608
Gross yield
14.0%
38109
Memphis, TN
Typical home
$94,539
Gross yield
14.3%
38106
Memphis, TN
Typical home
$58,797
Gross yield
19.1%

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Pit ZIP 38114 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · TN38114

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