Housing market/Tennessee/ZIP 38118
ZIP 38118 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 38118 · TN — sent to you.
ZIP 38118 · TN
ACS rent vs 2BR SAFMR
ZIP 38118 — 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 38118
- 1-unit detached9,16956.4%
- 1-unit attached6794.2%
- 2–4 units1,0546.5%
- 5–49 units4,69928.9%
- 50+ units4442.7%
- Mobile2191.3%
2–4 unit share 6.5% · 5–49 unit share 28.8% · combined 2–49 35.3%.
Units by bedrooms
Rent burden
- ACS median gross rent $1,105 (all bedrooms, occupied rentals).
- Median contract rent $822.
- Renters paying ≥30% of income 53.9%; ≥50% 28.6%.
- FY2027 2BR SAFMR $1,250 (1.131× ACS median gross rent).
Population
39,162 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: +1.3%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 12 projects, 1,058 units.
- HUD project-based assisted MF: 4 properties, 123 assisted units.
- 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 38118 62.2% of occupied households are renters; vacancy is 18.7%; ACS median gross rent is $1,105; population increased +1.3% between the 2018 and 2023 ACS vintages; the housing stock includes 1,054 units in 2–4-unit structures and 4,699 units in 5–49-unit structures; 12 LIHTC projects totaling 1,058 units; FY2027 2BR SAFMR is $1,250 versus ACS median gross rent of $1,105. 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 38118 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 38118 — 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 38118?
ZIP 38118 (Memphis, TN-MS-AR HUD Metro FMR Area) has 39,162 residents, 13,261 households, a renter share of 62.2%, median household income of $42,464, and ACS 2023 median gross rent of $1,105. Vacancy is 18.7%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 38118?
ACS counts 412 units in 2-unit buildings, 642 in 3–4 unit buildings, 2,259 in 5–9, 1,967 in 10–19, and 473 in 20–49. Combined 2–49 unit stock is 5,753 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 38118?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,250. See the full schedule and 90–110% payment-standard band on the ZIP 38118 — Memphis, TN HUD Section 8 Payment Standards / SAFMR.
Does this Tennessee ZIP profile include Georgia listings?
No. ZIP 38118 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.