Zip lookup · TN

38103
Memphis, Tennessee.

Memphis, Shelby County, TN · Memphis, TN-MS-AR metro · population 14,534

What it costs per month · 38103 $1,676/mo

to buy the typical home at today's mortgage rate — +$665 (+66%) since Jan 2020.

What the home itself did
1 year
Down $15,581 -5%
$334,944$319,364 since Sep 2025
5 years
Down $5,457 -2%
$324,821$319,364 since Sep 2021

Monthly payment to buy the typical home

Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.

$500 $1,000 $1,500 $2,000 2002 2006 2010 2014 2018 2022 2026 38103 $1,676 United States $1,922
$500 $1,000 $1,500 $2,000 2002 2010 2018 2026
  • 38103$1,676
  • United States$1,922

At the last five years' pace, prices here aren't rising.

Typical home values in zip 38103 fell 4.7% over the past year — slower than the nation's +1.2%.

Asking rents in zip 38103 rose 0.6% over the past year — slower than the nation's +2.7%.

Owning the typical home in zip 38103 runs $739/mo more than renting one. The gap peaked at $1,084 in Oct 2023.

That is $2,278 a month against $1,538 rent: a $1,676 mortgage payment, plus $260 property tax and $342 insurance & upkeep.

Owning vs renting — zip 38103

The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.

$1,000 $1,500 $2,000 $2,500 2018 2019 2020 2021 2022 2023 2024 2025 2026 Owning all in $2,278 Renting $1,538 Mortgage only $1,676
$1,000 $1,500 $2,000 $2,500 2018 2022 2026
  • Owning all in$2,278
  • Renting$1,538
  • Mortgage only$1,676

Property tax · $260/mo 0.98% of value a year — the ACS 2020-2024 median bill over the median home value for Shelby County, TN

Insurance & upkeep · $342/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.

Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.

Zillow also publishes an index for the city itself: Memphis, TN — measured over the city limits, which is a different area from this zip.

Asking rent $1,538 as of Sep 2026
+0.6%year on year
Typical home value $319,364 as of Sep 2026
-4.7%year on year

Asking rent — 38103

Against the Memphis, TN-MS-AR metro and the national benchmark.

$1,000 $1,250 $1,500 $1,750 2018 2019 2020 2021 2022 2023 2024 2025 2026 38103 $1,538 Memphis $1,393 United States $1,932
$1,000 $1,250 $1,500 $1,750 2018 2022 2026
  • 38103$1,538
  • Memphis$1,393
  • United States$1,932

Typical home value — 38103

Mid-tier homes, smoothed and seasonally adjusted.

$150,000 $200,000 $250,000 $300,000 $350,000 2018 2020 2022 2024 2026 38103 $319,364 Memphis $242,102 United States $366,157
$150,000 $200,000 $250,000 $300,000 $350,000 2018 2022 2026
  • 38103$319,364
  • Memphis$242,102
  • United States$366,157

Within 20 miles

Showing 30 of 38 zips in range — sorting picks from all 38.

10 mi 20 mi 50 mi
Miles Zip City Population Rent Home value
1.1 38105 Memphis 5,534 $1,101 $107,372
1.9 38126 Memphis 5,946 — $72,413
2.1 38107 Memphis 13,912 $1,227 $103,875
3.2 38104 Memphis 22,634 $1,265 $248,684
3.8 38106 Memphis 20,962 $908 $54,692
4.5 38112 Memphis 16,809 $1,233 $120,382
5.4 38108 Memphis 17,562 $1,085 $66,545
5.5 38114 Memphis 20,298 $929 $70,758
6.2 38127 Memphis 39,541 $1,085 $86,555
6.9 38111 Memphis 41,934 $1,280 $130,811
7.1 72301 West Memphis 23,959 $1,200 $131,658
7.5 38122 Memphis 26,021 $1,119 $120,792
8.4 72364 Marion 16,034 $1,105 $238,873
8.7 38116 Memphis 40,061 $928 $151,252
8.9 38117 Memphis 25,776 $1,466 $264,140
8.9 38128 Memphis 42,162 $1,198 $143,481
9.4 38109 Memphis 42,452 $1,151 $87,744
10.7 38118 Memphis 39,107 $1,178 $120,452
11.1 38134 Memphis 43,947 $1,206 $222,769
11.6 38120 Memphis 13,309 $1,563 $422,325
12.8 38115 Memphis 38,491 $1,029 $160,944
12.9 38119 Memphis 23,464 $1,472 $288,176
13.0 38135 Memphis 30,317 $1,799 $294,757
13.5 38671 Southaven 37,319 $1,505 $233,503
14.0 38053 Millington 25,303 $1,533 $239,859
14.0 38637 Horn Lake 26,647 $1,485 $201,738
14.2 38680 Walls 6,839 $1,667 $260,300
14.8 38141 Memphis 23,952 $1,570 $188,113
15.2 38138 Germantown 25,167 $2,259 $429,441
15.3 38133 Memphis 21,278 $1,648 $271,021

Coordinates and population from SimpleMaps US Zips (Basic). Rent and home values from Zillow Research.