Housing market/Tennessee/ZIP 38120
ZIP 38120 Memphis, Tennessee
Memphis, TN-MS-AR HUD Metro FMR Area · Tennessee. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.
ZIP brief
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HUD schedule, ACS stock, and the 90–110% band for ZIP 38120 · TN — sent to you.
ZIP 38120 · TN
ACS rent vs 2BR SAFMR
ZIP 38120 — Memphis, TN HUD Section 8 Payment Standards / SAFMR →ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.
Housing stock
ACS 2023 units-in-structure · ZCTA 38120
- 1-unit detached5,05374.5%
- 1-unit attached1872.8%
- 2–4 units3775.6%
- 5–49 units6719.9%
- 50+ units4977.3%
2–4 unit share 5.6% · 5–49 unit share 9.9% · combined 2–49 15.4%.
Units by bedrooms
Rent burden
- ACS median gross rent $1,552 (all bedrooms, occupied rentals).
- Median contract rent $1,361.
- Renters paying ≥30% of income 44.4%; ≥50% 20.8%.
- FY2027 2BR SAFMR $1,680 (1.082× ACS median gross rent).
Population
13,249 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -9.5%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: not published for this ZIP.
- HUD project-based assisted MF: not published for this ZIP.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 164 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.
Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.
What the data shows
ZIP 38120 26.7% of occupied households are renters; vacancy is 8.2%; ACS median gross rent is $1,552; population changed -9.5% between the 2018 and 2023 ACS vintages; the housing stock includes 377 units in 2–4-unit structures and 671 units in 5–49-unit structures; FY2027 2BR SAFMR is $1,680 versus ACS median gross rent of $1,552. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.
Tennessee research
ZIP 38120 is a Census / HUD profile for Memphis, TN-MS-AR, TN. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 38120 — Memphis, TN HUD Section 8 Payment Standards / SAFMR·Tennessee ZIP directory
Nearby ZIPs in this FMR area
Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Tennessee research. Brokerage is Georgia.
FAQ
What is the housing market like in ZIP 38120?
ZIP 38120 (Memphis, TN-MS-AR HUD Metro FMR Area) has 13,249 residents, 6,230 households, a renter share of 26.7%, median household income of $119,309, and ACS 2023 median gross rent of $1,552. Vacancy is 8.2%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 38120?
ACS counts 107 units in 2-unit buildings, 270 in 3–4 unit buildings, 267 in 5–9, 268 in 10–19, and 136 in 20–49. Combined 2–49 unit stock is 1,048 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 38120?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,680. See the full schedule and 90–110% payment-standard band on the ZIP 38120 — Memphis, TN HUD Section 8 Payment Standards / SAFMR.
Does this Tennessee ZIP profile include Georgia listings?
No. ZIP 38120 is Census / HUD research for Memphis, TN-MS-AR HUD Metro FMR Area. Jeff Crowe CRE does not list Tennessee property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.