Downtown home values
Downtown at a glance
- Downtown shares ZIP-level data with Memphis (city ZIP 38103): median value $380,900, median rent $1,575/month.
Downtown home value score
from local value, rent & income
In Memphis (city ZIP 38103), rents are moderate relative to prices, and homes are expensive against local incomes.
How the Value Score is built
Computed figures
A transparent value snapshot — this ZIP has no ACS figures yet, so it uses Memphis (city ZIP 38103) (U.S. Census ACS 2023): home value, gross rent and household income. It is not a market-timing or appreciation forecast.
What it costs to buy a home in Downtown
At the typical value of $380,900, a buyer putting 20% down ($76,180) and financing the rest at 6.5% over 30 years would pay about $1,926 a month in principal and interest — 31% of the median household income here. That is above the common 28% guideline but under 36%, so budgets are stretched but workable for a median earner. The median rent is $1,575/month, so owning costs roughly 22% more per month than renting, before taxes, insurance and upkeep — the trade-off is building equity.
Estimate only: excludes property tax, insurance, HOA and PMI, which vary by property. Incomes and rents are the latest Census (ACS 2023) figures. Run your own numbers in the estimator below.
What this means for buyers, sellers and investors in Downtown
Buyers
At 5.0× local income, prices are moderate — compare a few nearby areas before committing.
Sellers
Typical values here are 12% above the U.S. median; get a home-specific estimate before you list — condition and size move the number more than the area average.
Investors
A gross rental yield of 5.0% is middling — returns depend on buying below the typical price or adding value.
Other neighborhoods in Memphis
| Name | Home value | 1-yr | Income | Rent | Price / income |
|---|---|---|---|---|---|
| Binghampton city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Broad Avenue ZIP 38112 · shared | $207K | −9.3% | $53K | $969 | 3.9× |
| Cooper-Young city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Cordova | — | — | — | — | — |
| Crosstown | $129K | −3.5% | $36K | $999 | 3.5× |
| Downtown ZIP 38163 · shared | — | — | — | — | — |
| East Memphis ZIP 38112 · shared | $207K | −9.3% | $53K | $969 | 3.9× |
| Edge District city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Frayser city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Hickory Hill | $130K | +0.5% | $43K | $1,129 | 3.0× |
| Highland Strip city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Midtown | $301K | −5.4% | $56K | $1,073 | 5.3× |
| Mud Island city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Normal Station city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Orange Mound | $79K | −7.3% | $32K | $897 | 2.5× |
| Overton Square city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Pinch District city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| Raleigh | $184K | +1.0% | $61K | $1,147 | 3.0× |
| South Main city data | $381K | −5.1% | $76K | $1,575 | 5.0× |
| University District ZIP 38163 · shared | — | — | — | — | — |
| Whitehaven | $126K | −0.9% | $45K | $1,035 | 2.8× |
Home value, income and rent: Census ACS medians; 1-yr: Zillow ZHVI change over 12 months. Tap a column heading to sort.
What’s your Downtown home worth?
Estimates are informational only and are not an appraisal.
About this data
Data last updated: September 2026.
Current values and trends use the Zillow Home Value Index (ZHVI) — the typical value of mid-tier homes, smoothed and seasonally adjusted — through Aug 2026. It is refreshed monthly.
Median values, incomes, rents, housing stock and commutes come from the U.S. Census Bureau’s American Community Survey (ACS) 5-year estimates at ZIP Code Tabulation Area level. City and state figures are population-weighted averages of their ZIPs.
The Value Score (0–10) blends gross rental yield and price-to-income affordability. It is a value snapshot, not a forecast.
Mortgage figures assume 20% down and a 6.5% fixed 30-year loan, principal and interest only.
These are area-level statistics, not an appraisal of any individual property, and not financial advice.
Sources: U.S. Census ACS · Zillow ZHVI.