How much is a home worth in ZIP code 38122?

The typical home in 38122 is worth $126,616, based on the Zillow Home Value Index.

Are home values rising in 38122?

Home values in 38122 are down 2.8% over the past year, and up 4.6% a year over five years.

What is the typical rent in 38122?

A typical home in 38122 rents for about $1,156 a month, a gross rental yield of 11.0%.

What is the property tax rate in 38122?

The effective property tax rate in 38122 is 1.0% — roughly $1,297 a year on a typical home.

ZIP code 38122 has a population of 26,021 and a median household income of $48,710.

HousingHandbookReference data

…

U.S. ZIP Code · TN38122

Shelby County · Memphis, TN-MS-AR

Typical home value

$126,616^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -2.8%
5-year / yr: +4.6%
10-year / yr: +8.7%

Relative price

vs U.S.: -55.4%
vs metro: -46.4%
vs state: -52.2%

Price history

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

The typical home in 38122 is worth $126,616 — 46.4% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 2.8%. Homes here rent for a typical $1,156 a month — a 11.0% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

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

Monthly rent: $1,156^[2]
Gross yield: 11.0%^[2]
Cap rate: 6.6%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $1,297^[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: 26,021^[3]
Median household income: $48,710^[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: 9
Elementary: 5
Middle: 2
High: 2

Kingsbury High
High · Grades 9–12 · Memphis-Shelby County Schools
1,327 students
Grahamwood Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
887 students
Treadwell Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
874 students
Treadwell Middle School
Middle · Grades 6–8 · Memphis-Shelby County Schools
662 students
Berclair Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
627 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 yield11.0%

Net yield (after ~40% expenses)6.6%

Annual rent$13,868

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$640

Loan principal$101,293

Down payment$25,323

Total interest paid$129,193

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 ratio0.74

Monthly cost to own$853

Monthly rent$1,156

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: 61st percentile^[1]
Rental yield: 73rd percentile^[2]
Property tax: 85th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 38122?: The typical home in 38122 is worth $126,616, based on the Zillow Home Value Index.
Are home values rising in 38122?: Home values in 38122 are down 2.8% over the past year, and up 4.6% a year over five years.
What is the typical rent in 38122?: A typical home in 38122 rents for about $1,156 a month, a gross rental yield of 11.0%.
What is the property tax rate in 38122?: The effective property tax rate in 38122 is 1.0% — roughly $1,297 a year on a typical home.
Who lives in 38122?: ZIP code 38122 has a population of 26,021 and a median household income of $48,710.

#Comparable ZIPs

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

38118 vs 38122 →
Memphis, TN
Typical home
$125,683
Gross yield
11.8%
38112 vs 38122 →
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%

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

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Pit ZIP 38122 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · TN38122

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