Zip lookup · TN

38002
Lakeland, Tennessee.

Lakeland, Shelby County, TN · Memphis, TN-MS-AR metro · population 43,882

What it costs per month · 38002 $2,129/mo

to buy the typical home at today's mortgage rate — +$1,075 (+102%) since Jan 2020.

What the home itself did
1 year
Down $6,180 -2%
$411,739$405,559 since Sep 2025
5 years
Up $47,885 +13%
$357,674$405,559 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 38002 $2,129 United States $1,922
$500 $1,000 $1,500 $2,000 2002 2010 2018 2026
  • 38002$2,129
  • United States$1,922

At the last five years' pace, a typical home here doubles in price every 28 years.

Typical home values in zip 38002 fell 1.5% over the past year — slower than the nation's +1.2%.

Asking rents in zip 38002 rose 0.1% over the past year — slower than the nation's +2.7%.

Owning the typical home in zip 38002 runs $848/mo more than renting one. The gap peaked at $1,196 in Oct 2023.

That is $2,865 a month against $2,017 rent: a $2,129 mortgage payment, plus $302 property tax and $434 insurance & upkeep.

Owning vs renting — zip 38002

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 $2,000 $3,000 2018 2020 2022 2024 2026 Owning all in $2,865 Renting $2,017 Mortgage only $2,129
$1,000 $2,000 $3,000 2018 2022 2026
  • Owning all in$2,865
  • Renting$2,017
  • Mortgage only$2,129

Property tax · $302/mo 0.89% of value a year — the ACS 2020-2024 median bill over the median home value for 2 counties

Insurance & upkeep · $434/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.

This zip spans 2 counties: Shelby County, TN 87% · Fayette County, TN 13%

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

Asking rent $2,017 as of Sep 2026
+0.1%year on year
Typical home value $405,559 as of Sep 2026
-1.5%year on year

Asking rent — 38002

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

$1,000 $1,500 $2,000 2018 2020 2022 2024 2026 38002 $2,017 Memphis $1,393 United States $1,932
$1,000 $1,500 $2,000 2018 2022 2026
  • 38002$2,017
  • Memphis$1,393
  • United States$1,932

Typical home value — 38002

Mid-tier homes, smoothed and seasonally adjusted.

$200,000 $300,000 $400,000 2018 2020 2022 2024 2026 38002 $405,559 Memphis $242,102 United States $366,157
$200,000 $300,000 $400,000 2018 2022 2026
  • 38002$405,559
  • Memphis$242,102
  • United States$366,157

Within 20 miles

Showing 30 of 33 zips in range — sorting picks from all 33.

10 mi 20 mi 50 mi
Miles Zip City Population Rent Home value
7.1 38133 Memphis 21,278 $1,648 $271,021
8.1 38016 Cordova 44,136 $1,495 $290,354
8.3 38028 Eads 7,992 — $599,178
8.6 38135 Memphis 30,317 $1,799 $294,757
9.6 38004 Atoka 12,001 $1,350 $347,820
10.9 38018 Cordova 38,527 $1,658 $287,250
11.5 38134 Memphis 43,947 $1,206 $222,769
11.5 38049 Mason 3,957 — $228,146
12.7 38060 Oakland 12,552 $2,089 $351,217
12.7 38011 Brighton 9,948 — $267,415
13.0 38128 Memphis 42,162 $1,198 $143,481
13.3 38058 Munford 10,303 — $282,313
14.0 38053 Millington 25,303 $1,533 $239,859
14.0 38120 Memphis 13,309 $1,563 $422,325
14.2 38139 Germantown 16,466 — $585,243
15.0 38138 Germantown 25,167 $2,259 $429,441
15.1 38122 Memphis 26,021 $1,119 $120,792
15.6 38017 Collierville 56,826 $1,886 $504,970
16.3 38117 Memphis 25,776 $1,466 $264,140
16.3 38108 Memphis 17,562 $1,085 $66,545
16.4 38119 Memphis 23,464 $1,472 $288,176
17.6 38066 Rossville 3,446 — $522,373
17.7 38127 Memphis 39,541 $1,085 $86,555
17.9 38112 Memphis 16,809 $1,233 $120,382
18.1 38111 Memphis 41,934 $1,280 $130,811
18.3 38076 Williston 954 — $355,663
18.3 38115 Memphis 38,491 $1,029 $160,944
18.7 38023 Drummonds 5,682 — $268,086
18.7 38125 Memphis 43,071 $1,516 $275,797
19.4 38019 Covington 15,760 $1,062 $205,733

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