ZIP 38115 - 860Z200US38115 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 38115, located in the Memphis, Tennessee area, this demographic and housing snapshot offers a clear picture of the community in 2023. With a population of over 36,000 and a diverse cultural makeup, this area presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Drawing from the latest data, we’ll break down population trends, income levels, housing costs, and racial composition to help you make informed decisions about living or working in ZIP 38115.

Population & Households

ZIP 38115 is home to 36,878 residents, making it a moderately sized community with a significant presence in the Memphis metro area. These individuals are distributed across 16,067 households, reflecting a mix of family and individual living arrangements. With 19,179 total housing units in the area, there’s a notable gap between occupied and available homes, which could signal opportunities for investors or buyers looking to enter the market. Understanding the balance of population and housing availability is key to assessing demand and growth potential in this ZIP code.

Income & Housing Costs

The median household income in ZIP 38115 stands at $42,931, which is an important benchmark for gauging affordability and economic stability in the area. For homebuyers and renters, this figure provides context on the financial capacity of local residents. On the housing front, the median home value is $129,700, positioning ZIP 38115 as a relatively affordable market compared to national averages. Meanwhile, the median rent is $1,129 per month, reflecting a rental market that may appeal to those not yet ready to buy. These metrics suggest a cost-effective entry point for both residents and investors seeking value in real estate.

Race & Ethnicity

The racial and ethnic composition of ZIP 38115 offers insight into the cultural fabric of the community. The population is predominantly Black, accounting for 81.33% of residents, while White residents make up 5.47%. Hispanic or Latino individuals represent 11.84% of the population, and Asian residents comprise a smaller share at 0.37%. This diversity shapes the social dynamics, local businesses, and community services in the area, making it a vibrant place for those who value a multicultural environment. For businesses and investors, this demographic profile can inform marketing strategies and community engagement efforts.

Key Facts

• Total population in ZIP 38115: 36,878 residents.
• Total households: 16,067, indicating a mix of family and solo living.
• Total housing units: 19,179, with some vacancy potential for buyers or investors.
• Median household income: $42,931, reflecting moderate earning capacity.
• Median home value: $129,700, an accessible price point for many buyers.
• Median rent: $1,129, offering a competitive rental market.
• Racial composition: 81.33% Black, 11.84% Hispanic, 5.47% White, 0.37% Asian.

What This Means for You

For homebuyers, ZIP 38115 offers an affordable housing market with a median home value of $129,700, well below many urban benchmarks. This could be an ideal spot for first-time buyers or those seeking value in a growing area. However, consider the median income of $42,931 when planning your budget, as it reflects the economic environment you’ll be joining.

For investors and real estate agents, the gap between total housing units (19,179) and occupied households (16,067) suggests potential for rental properties or fixer-uppers. The median rent of $1,129 indicates a steady demand for leasing, which could yield consistent returns if managed well.

For small-business owners, the diverse population—especially the large Black and Hispanic communities—presents an opportunity to tailor products or services to cultural preferences. With over 36,000 residents, there’s a sizable customer base, but aligning offerings with the median income level will be crucial for success.

For analysts, these metrics provide a foundation for deeper studies on economic trends, housing demand, and community needs in ZIP 38115, helping to predict future growth or challenges.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 38115? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic data.
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