How much is a home worth in ZIP code 38138?

The typical home in 38138 is worth $439,034, based on the Zillow Home Value Index.

Are home values rising in 38138?

Home values in 38138 are down 1.6% over the past year, and up 3.3% a year over five years.

What is the typical rent in 38138?

A typical home in 38138 rents for about $2,425 a month, a gross rental yield of 6.6%.

What is the property tax rate in 38138?

The effective property tax rate in 38138 is 1.0% — roughly $4,461 a year on a typical home.

ZIP code 38138 has a population of 25,167 and a median household income of $136,297.

HousingHandbookReference data

…

U.S. ZIP Code · TN38138

Shelby County · Memphis, TN-MS-AR

Typical home value

$439,034^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -1.6%
5-year / yr: +3.3%
10-year / yr: +5.1%

Relative price

vs U.S.: +54.6%
vs metro: +85.7%
vs state: +65.9%

Price history

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

The typical home in 38138 is worth $439,034 — 85.7% above the Memphis, TN-MS-AR median. Over the past year, values have fallen 1.6%. Homes here rent for a typical $2,425 a month — a 6.6% 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: $2,425^[2]
Gross yield: 6.6%^[2]
Cap rate: 4.0%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $4,461^[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: 25,167^[3]
Median household income: $136,297^[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: 7
Elementary: 4
Middle: 1
High: 1

Germantown High
High · Grades 9–12 · Memphis-Shelby County Schools
1,765 students
Riverdale Elementary School
Elementary · Grades PK–8 · Germantown
1,164 students
Forest Hill Elementary School
Elementary · Grades PK–5 · Germantown
689 students
Farmington Elementary School
Elementary · Grades PK–5 · Germantown
645 students
Germantown Middle
Middle · Grades 6–8 · Memphis-Shelby County Schools
637 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 yield6.6%

Net yield (after ~40% expenses)4.0%

Annual rent$29,100

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$2,220

Loan principal$351,227

Down payment$87,807

Total interest paid$447,971

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 ratio1.22

Monthly cost to own$2,959

Monthly rent$2,425

Renting 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: 36th percentile^[1]
Rental yield: 22nd percentile^[2]
Property tax: 83rd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 38138?: The typical home in 38138 is worth $439,034, based on the Zillow Home Value Index.
Are home values rising in 38138?: Home values in 38138 are down 1.6% over the past year, and up 3.3% a year over five years.
What is the typical rent in 38138?: A typical home in 38138 rents for about $2,425 a month, a gross rental yield of 6.6%.
What is the property tax rate in 38138?: The effective property tax rate in 38138 is 1.0% — roughly $4,461 a year on a typical home.
Who lives in 38138?: ZIP code 38138 has a population of 25,167 and a median household income of $136,297.

#Comparable ZIPs

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

38120 vs 38138 →
Memphis, TN
Typical home
$427,662
Gross yield
4.3%
38002 vs 38138 →
Lakeland, TN
Typical home
$409,606
Gross yield
6.3%
38017
Collierville, TN
Typical home
$514,243
Gross yield
4.7%
38651
Hernando, MS
Typical home
$360,245
Gross yield
—
38076
Williston, TN
Typical home
$358,438
Gross yield
—
38060
Oakland, TN
Typical home
$353,585
Gross yield
7.1%

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

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Pit ZIP 38138 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · TN38138

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