ZIP 38118 - 860Z200US38118 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 38118 for a home purchase, real estate investment, or business opportunity, understanding the area’s demographics and housing landscape is essential. Located in Memphis, Tennessee, this ZIP code offers a diverse community with unique characteristics that can influence your decision. This snapshot, based on 2023 data, provides a clear picture of population, income, housing costs, and racial composition to help you assess whether 38118 aligns with your goals. Let’s dive into the numbers and uncover what makes this area distinct.

Population & Households

ZIP 38118 is home to a population of 39,162 residents, making it a moderately sized community within the Memphis area. These individuals are distributed across 13,261 households, reflecting a mix of family and individual living arrangements. With 16,317 total housing units in the area, there’s a notable difference between occupied and available units, which could indicate opportunities for investors or buyers looking for vacant properties. The average household size can be inferred as roughly 3 people, suggesting a community with a blend of families and smaller households.

Income & Housing Costs

The median household income in ZIP 38118 stands at $42,464, which is below the national average but reflects the economic realities of many urban areas. For homebuyers or small-business owners, this income level suggests a cost-conscious consumer base that prioritizes affordability. On the housing front, the median home value is $95,700, offering a relatively low entry point for buyers or investors compared to higher-priced markets. Meanwhile, the median rent is $1,105 per month, which indicates that renting is a significant portion of housing costs for many residents. This balance between home values and rental rates could signal potential for rental property investments.

Race & Ethnicity

The racial and ethnic composition of ZIP 38118 is predominantly Black, with 73.05% of the population identifying as such, making it a culturally rich and historically significant community. Hispanic residents account for 19.57% of the population, adding to the area’s diversity. White residents make up 5.0%, while Asian residents represent just 0.6%. This demographic makeup highlights a community with strong cultural identities, which could be a draw for businesses or individuals seeking a vibrant, diverse environment. Understanding these dynamics is crucial for tailoring services, marketing, or community engagement strategies.

Key Facts

• Total population: 39,162 residents in ZIP 38118 as of 2023.
• Total households: 13,261, with an average size of approximately 3 people.
• Total housing units: 16,317, indicating some vacancy or availability.
• Median household income: $42,464, reflecting a working-class community.
• Median home value: $95,700, an affordable entry point for buyers.
• Median rent: $1,105 per month, a key consideration for renters and investors.
• Racial composition: 73.05% Black, 19.57% Hispanic, 5.0% White, 0.6% Asian.

What This Means for You

For homebuyers, ZIP 38118 offers an affordable housing market with a median home value of $95,700, ideal for first-time buyers or those seeking budget-friendly options. The diverse community and family-oriented household sizes also suggest a welcoming environment. Investors and real estate agents should note the gap between total housing units and occupied households, which may point to opportunities for flipping properties or developing rental units, especially given the median rent of $1,105. Small-business owners can leverage the area’s diversity and moderate income levels to offer value-driven products or services tailored to a predominantly Black and Hispanic customer base. Analysts will find the demographic and economic data useful for market studies or urban planning initiatives, particularly in understanding affordability and cultural dynamics.

Run This Study Yourself

Want to explore ZIP 38118 or another area in greater detail? Follow these steps to uncover tailored insights:

• Visit ZipcodeGPT to access a powerful tool for demographic and housing analysis.
• Enter any ZIP code to generate a comprehensive report with the latest data.
• Use the insights to make informed decisions for buying, investing, or starting a business.