How much is a home worth in ZIP code 38118?

The typical home in 38118 is worth $125,683, based on the Zillow Home Value Index.

Are home values rising in 38118?

Home values in 38118 are down 1.6% over the past year, and up 3.0% a year over five years.

What is the typical rent in 38118?

A typical home in 38118 rents for about $1,240 a month, a gross rental yield of 11.8%.

What is the property tax rate in 38118?

The effective property tax rate in 38118 is 0.9% — roughly $1,098 a year on a typical home.

ZIP code 38118 has a population of 39,107 and a median household income of $43,446.

HousingHandbookReference data

…

U.S. ZIP Code · TN38118

Shelby County · Memphis, TN-MS-AR

Typical home value

$125,683^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -1.6%
5-year / yr: +3.0%
10-year / yr: +8.2%

Relative price

vs U.S.: -55.8%
vs metro: -46.8%
vs state: -52.5%

Price history

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

The typical home in 38118 is worth $125,683 — 46.8% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 1.6%. Homes here rent for a typical $1,240 a month — a 11.8% 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: $1,240^[2]
Gross yield: 11.8%^[2]
Cap rate: 7.1%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $1,098^[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: 39,107^[3]
Median household income: $43,446^[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: 20
Elementary: 8
Middle: 2
High: 7

Parkway Village Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
828 students
American Way Middle
Middle · Grades 6–8 · Memphis-Shelby County Schools
671 students
Wooddale High
High · Grades 9–12 · Memphis-Shelby County Schools
618 students
Memphis School of Excellence
High · Grades 6–12 · Memphis-Shelby County Schools
562 students
Wooddale Middle School
Middle · Grades 6–8 · Achievement School District
552 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 yield11.8%

Net yield (after ~40% expenses)7.1%

Annual rent$14,878

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$636

Loan principal$100,547

Down payment$25,137

Total interest paid$128,242

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 ratio0.67

Monthly cost to own$831

Monthly rent$1,240

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: 30th percentile^[1]
Rental yield: 84th percentile^[2]
Property tax: 66th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

7th for highest rental yield in TNView list →

Frequently asked

How much is a home worth in ZIP code 38118?: The typical home in 38118 is worth $125,683, based on the Zillow Home Value Index.
Are home values rising in 38118?: Home values in 38118 are down 1.6% over the past year, and up 3.0% a year over five years.
What is the typical rent in 38118?: A typical home in 38118 rents for about $1,240 a month, a gross rental yield of 11.8%.
What is the property tax rate in 38118?: The effective property tax rate in 38118 is 0.9% — roughly $1,098 a year on a typical home.
Who lives in 38118?: ZIP code 38118 has a population of 39,107 and a median household income of $43,446.

#Comparable ZIPs

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

38122 vs 38118 →
Memphis, TN
Typical home
$126,616
Gross yield
11.0%
38112 vs 38118 →
Memphis, TN
Typical home
$129,512
Gross yield
12.3%
72301
West Memphis, AR
Typical home
$132,663
Gross yield
—
38111
Memphis, TN
Typical home
$136,597
Gross yield
11.2%
38105
Memphis, TN
Typical home
$114,493
Gross yield
11.1%
38107
Memphis, TN
Typical home
$112,789
Gross yield
11.7%

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Pit ZIP 38118 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · TN38118

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