How much is a home worth in ZIP code 38128?

The typical home in 38128 is worth $150,967, based on the Zillow Home Value Index.

Are home values rising in 38128?

Home values in 38128 are down 0.7% over the past year, and up 4.6% a year over five years.

What is the typical rent in 38128?

A typical home in 38128 rents for about $1,290 a month, a gross rental yield of 10.3%.

What is the property tax rate in 38128?

The effective property tax rate in 38128 is 1.0% — roughly $1,502 a year on a typical home.

ZIP code 38128 has a population of 42,162 and a median household income of $47,645.

HousingHandbookReference data

…

U.S. ZIP Code · TN38128

Shelby County · Memphis, TN-MS-AR

Typical home value

$150,967^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.7%
5-year / yr: +4.6%
10-year / yr: +8.0%

Relative price

vs U.S.: -46.9%
vs metro: -36.1%
vs state: -43.0%

Price history

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

The typical home in 38128 is worth $150,967 — 36.1% below the Memphis, TN-MS-AR median. Over the past year, values have fallen 0.7%. Homes here rent for a typical $1,290 a month — a 10.3% 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: $1,290^[2]
Gross yield: 10.3%^[2]
Cap rate: 6.2%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $1,502^[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: 42,162^[3]
Median household income: $47,645^[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

Craigmont High
High · Grades 9–12 · Memphis-Shelby County Schools
867 students
Raleigh-Egypt High
High · Grades 6–12 · Memphis-Shelby County Schools
733 students
Journey Coleman School
Elementary · Grades PK–8 · Achievement School District
630 students
Egypt Elementary
Elementary · Grades PK–5 · Memphis-Shelby County Schools
501 students
Raleigh Egypt Middle School
Middle · Grades 6–8 · Memphis-Shelby County Schools
488 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 yield10.3%

Net yield (after ~40% expenses)6.2%

Annual rent$15,481

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$763

Loan principal$120,774

Down payment$30,193

Total interest paid$154,041

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 ratio0.79

Monthly cost to own$1,014

Monthly rent$1,290

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: 59th percentile^[1]
Rental yield: 70th percentile^[2]
Property tax: 80th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 38128?: The typical home in 38128 is worth $150,967, based on the Zillow Home Value Index.
Are home values rising in 38128?: Home values in 38128 are down 0.7% over the past year, and up 4.6% a year over five years.
What is the typical rent in 38128?: A typical home in 38128 rents for about $1,290 a month, a gross rental yield of 10.3%.
What is the property tax rate in 38128?: The effective property tax rate in 38128 is 1.0% — roughly $1,502 a year on a typical home.
Who lives in 38128?: ZIP code 38128 has a population of 42,162 and a median household income of $47,645.

#Comparable ZIPs

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

38603 vs 38128 →
Ashland, MS
Typical home
$150,957
Gross yield
—
38647 vs 38128 →
MS
Typical home
$151,891
Gross yield
—
38116
Memphis, TN
Typical home
$158,219
Gross yield
6.9%
38676
Tunica, MS
Typical home
$142,857
Gross yield
—
38659
Bethlehem CDP, MS
Typical home
$161,859
Gross yield
—
38633
Hickory Flat, MS
Typical home
$162,804
Gross yield
—

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#Jump to section

U.S. ZIP Code · TN38128

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