How much is a home worth in ZIP code 38654?

The typical home in 38654 is worth $334,502, based on the Zillow Home Value Index.

Are home values rising in 38654?

Home values in 38654 are up 0.6% over the past year, and up 4.1% a year over five years.

What is the typical rent in 38654?

A typical home in 38654 rents for about $1,990 a month, a gross rental yield of 7.1%.

What is the property tax rate in 38654?

The effective property tax rate in 38654 is 0.5% — roughly $1,683 a year on a typical home.

ZIP code 38654 has a population of 57,898 and a median household income of $103,092.

HousingHandbookReference data

…

U.S. ZIP Code · MS38654

DeSoto County · Memphis, TN-MS-AR

Typical home value

$334,502^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.6%
5-year / yr: +4.1%
10-year / yr: +5.3%

Relative price

vs U.S.: +17.8%
vs metro: +41.5%
vs state: +120.2%

Price history

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

The typical home in 38654 is worth $334,502 — 41.5% above the Memphis, TN-MS-AR median. Over the past year, values have risen 0.6%. Homes here rent for a typical $1,990 a month — a 7.1% gross rental yield. The effective property tax rate is 0.5%.

#Rent & investment

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

Monthly rent: $1,990^[2]
Gross yield: 7.1%^[2]
Cap rate: 4.3%^[2]

#Property tax

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

Effective tax rate: 0.5%^[3]
Typical annual tax: $1,683^[3]

#Climate risk

FEMA National Risk Index ratings for DeSoto County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Relatively Low
Drought: Relatively Low
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Moderate
Winter weather: Relatively Low

#Who lives here

Population: 57,898^[3]
Median household income: $103,092^[3]

#Migration

Household moves in and out of DeSoto County over a year, from IRS tax-return data.

Net migration: +451^[5]
Moved in: 6,197
Moved out: 5,746

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 15
Elementary: 9
Middle: 2
High: 4

LEWISBURG HIGH SCHOOL
High · Grades 9–12 · DESOTO CO SCHOOL DIST
1,286 students
OLIVE BRANCH HIGH SCHOOL
High · Grades 9–12 · DESOTO CO SCHOOL DIST
1,077 students
PLEASANT HILL ELEMENTARY
Elementary · Grades PK–5 · DESOTO CO SCHOOL DIST
1,075 students
CENTER HILL HIGH SCHOOL
High · Grades 9–12 · DESOTO CO SCHOOL DIST
1,054 students
CENTER HILL ELEMENTARY SCHOOL
Elementary · Grades K–5 · DESOTO CO SCHOOL DIST
789 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 yield7.1%

Net yield (after ~40% expenses)4.3%

Annual rent$23,878

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$1,691

Loan principal$267,601

Down payment$66,900

Total interest paid$341,311

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 ratio1.06

Monthly cost to own$2,110

Monthly rent$1,990

Owning and renting are roughly even.

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: 49th percentile^[1]
Rental yield: 41st percentile^[2]
Property tax: 25th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

Frequently asked

How much is a home worth in ZIP code 38654?: The typical home in 38654 is worth $334,502, based on the Zillow Home Value Index.
Are home values rising in 38654?: Home values in 38654 are up 0.6% over the past year, and up 4.1% a year over five years.
What is the typical rent in 38654?: A typical home in 38654 rents for about $1,990 a month, a gross rental yield of 7.1%.
What is the property tax rate in 38654?: The effective property tax rate in 38654 is 0.5% — roughly $1,683 a year on a typical home.
Who lives in 38654?: ZIP code 38654 has a population of 57,898 and a median household income of $103,092.

#Comparable ZIPs

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

38672 vs 38654 →
Southaven, MS
Typical home
$335,141
Gross yield
8.5%
38103 vs 38654 →
Memphis, TN
Typical home
$325,379
Gross yield
5.8%
38641
Walls, MS
Typical home
$322,119
Gross yield
—
38632
Hernando, MS
Typical home
$347,227
Gross yield
7.3%
38004
Atoka, TN
Typical home
$352,100
Gross yield
—
38060
Oakland, TN
Typical home
$353,585
Gross yield
7.1%

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Pit ZIP 38654 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MS38654

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