Memphis, TN · standard
ZIP Code 38120
Shelby County, Tennessee - Census ACS demographics, housing tenure, and business patterns, benchmarked against every US ZIP.
- 14,237
- 570/sq mi High-density area
- $123,538
- Median income Above-median income area
- $460,700
- Median home value Above-median home value
- 70.4%
- Bachelor's or higher Above-average bachelor's attainment
National ZIP placement
Memphis pairs a top-decile household income with upper-quartile home values, in a low-density, homeowner-dominated area.
- Top 9%
- household income, US ZIPs
- Top 15%
- home value, US ZIPs
- 570
- people per sq mi
- 72%
- owner-occupied homes
Source: U.S. Census Bureau ACS 5-Year Estimates (2019–2023). Percentiles rank ZIP 38120 against every reporting US ZIP.
ZIP code 38120 is a mid-sized community (a standard USPS delivery area) in Memphis, Shelby County, Tennessee, home to 14,237 residents across 25.0 square miles, a density of 570 people per square mile, in the Chicago time zone.
ZIP 38120 skews affluent, with a median household income of $123,538 (86% above the average Tennessee ZIP), while per-capita income is $108,686. Both reported hardship measures are comparatively low in absolute terms: poverty is 7.9% and unemployment is 2.1%. Housing is both higher-cost and owner-heavy: median home value is $460,700 (86% above the average Tennessee ZIP), while 71.5% of occupied homes are owner-occupied and median rent is $1,705.
This is a highly-educated ZIP: 70.4% of adults hold a bachelor's degree or higher, the median age is 44.4, and the average commute is 17 minutes. The page also surfaces 10 ZIP codes within roughly 10 miles and 6 more in Shelby County, so 38120 can be compared with both its immediate and county-level context.
Every figure on this page is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates (including median rent) and the FHFA House Price Index, no estimates, no proprietary scoring. Verify with Census →
Top industries in ZIP 38120
Top 5 sectors by establishment count in Memphis, TN
Which industries have the most business establishments in ZIP 38120.
- Health care and social assistance
Health care and social assistance
145 establishments
- Professional, scientific, and technical services
Professional, scientific, and technical services
104 establishments
- Finance and insurance
Finance and insurance
80 establishments
- Real estate and rental and leasing 52
Real estate and rental and leasing
52 establishments
- Management of companies and enterprises 36
Management of companies and enterprises
36 establishments
What this shows Establishment counts come from the Census ZIP Code Business Patterns program, which counts physical business locations rather than employees or revenue.
Source: U.S. Census Bureau, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + FHFA HPI ACS demographics and median rent, ZBP business establishments, FHFA HPI for ZIP 38120, Memphis, TN · 2023 Census ACS 5-Year Estimates use a rolling 60-month sample for stable small-geography estimates; ZBP updated annually; FHFA HPI updated quarterly/annually.
Quick Facts
14,237
Population
25.0
Area (sq mi)
570
People / sq mi
Chicago
Time Zone
standard
ZIP Type
Who lives in ZIP 38120?
44.4
Median Age
48.4%
Male
51.6%
Female
6.2%
Foreign-Born
Hispanic or Latino is an ethnicity category from the Census Bureau and may overlap with other categories above.
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How much do residents earn?
$123,538
Median Household Income
+86% vs state ZIP avg
$108,686
Per Capita Income
7.9%
Poverty Rate
2.1%
Unemployment Rate
17.4 min
Mean Commute Time
How ZIP 38120 ranks among Tennessee ZIPs
Memphis, TN household income vs. every Tennessee ZIP code
Median household income among 593 reporting Tennessee ZIPs (this ZIP's population is too small for a reliable national-corpus placement)
$123,538 Top 3% higher than 97% of 593 Tennessee ZIPs
Each bar is a $20K-wide band; taller bars hold more Tennessee ZIPs. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.
Source U.S. Census Bureau, ACS 5-Year Estimates · 2019–2023
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What is the education profile here?
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What does housing look like?
Housing stock: occupied vs vacant
6,507housing units
6,507
Total Housing Units
6,092
Occupied Units
415
Vacant Units
2.17
Avg Household Size
Occupancy Type
$460,700
Median Home Value
+86% vs state ZIP avg
$1,705
Median Rent
1976
Median Year Built
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How have home values changed over time?
FHFA House Price Index, annual appreciation data based on repeat sales and appraisals
-0.8%
YoY Change (2024)
197
HPI Index (2000 = 100)
+97%
Total Change Since 2000
Home values in ZIP 38120 have decreased 0.8% over the past year (2024). Since 2000, this ZIP has seen +97% cumulative appreciation.
| Year | Annual Change | HPI Index |
|---|---|---|
| 2020 | +3.4% | 156 |
| 2021 | +9.5% | 171 |
| 2022 | +12.9% | 193 |
| 2023 | +3.4% | 199 |
| 2024 | -0.8% | 197 |
Source: Federal Housing Finance Agency (FHFA) House Price Index, All-Transactions, Five-Digit ZIP Codes (Developmental Index). Index base = 100 in year 2000. Data through 2024. ZIP codes with few transactions may show missing values.
What businesses operate in this ZIP?
Census Bureau data shows 604 business establishments in ZIP 38120, employing approximately 16,399 people with a combined annual payroll of $1,778,184,000.
604
Businesses
16,399
Employees
$1.8B
Annual Payroll
16
Industry Sectors
| Industry | Establishments | % of Total |
|---|---|---|
| Health care and social assistance | 145 | 24.0% |
| Professional, scientific, and technical services | 104 | 17.2% |
| Finance and insurance | 80 | 13.3% |
| Real estate and rental and leasing | 52 | 8.6% |
| Management of companies and enterprises | 36 | 6.0% |
| Administrative and support and waste management and remediation services | 36 | 6.0% |
| Other services (except public administration) | 25 | 4.1% |
| Transportation and warehousing | 24 | 4.0% |
| Accommodation and food services | 24 | 4.0% |
| Wholesale trade | 18 | 3.0% |
| Construction | 16 | 2.6% |
| Retail trade | 12 | 2.0% |
| Arts, entertainment, and recreation | 12 | 2.0% |
| Educational services | 9 | 1.5% |
| Information | 7 | 1.2% |
| Manufacturing | 4 | 0.7% |
Source: U.S. Census Bureau, ZIP Code Business Patterns (ZBP), 2023. Employment figures may include noise for disclosure avoidance.
Nearby ZIP Codes
Want a side-by-side? Compare 38120 vs 38119 →
ZIP 38120 vs its nearest neighbors, by population
Resident population of this ZIP and the closest reporting ZIP codes within ~10 miles.
- 38134
Memphis (38134)
41,948 residents
- 38111
Memphis (38111)
41,742 residents
- 38115
Memphis (38115)
39,129 residents
- 38018
Cordova (38018)
35,059 residents
- 38117
Memphis (38117)
26,125 residents
- 38122
Memphis (38122)
25,270 residents
- 38138
Germantown (38138)
24,045 residents
- 38141
Memphis (38141)
22,462 residents
- 38119
Memphis (38119)
22,330 residents
What this shows Among its immediate neighbors, ZIP 38120 ranks #0 by population - useful context the national average alone can't give.
ZIP 38120 vs its nearest neighbors, by median income
Median household income of this ZIP and the closest reporting ZIP codes within ~10 miles.
- 38138
Germantown (38138)
$136,297 median income
- 38120
Memphis (38120)
$123,538 median income
- 38018
Cordova (38018)
$90,004 median income
- 38119
Memphis (38119)
$89,289 median income
- 38117
Memphis (38117)
$85,633 median income
- 38141
Memphis (38141)
$60,817 median income
- 38134
Memphis (38134)
$60,622 median income
- 38111 $52,589
Memphis (38111)
$52,589 median income
- 38122 $48,710
Memphis (38122)
$48,710 median income
What this shows By household income, ZIP 38120 ranks #2 of 9 neighboring ZIPs, local affluence varies block to block, not just metro to metro.
| ZIP Code | City | Population | Distance |
|---|---|---|---|
| 38119 | Memphis, TN | 22,330 | 3.0 mi |
| 38134 | Memphis, TN | 41,948 | 3.7 mi |
| 38117 | Memphis, TN | 26,125 | 3.1 mi |
| 38115 | Memphis, TN | 39,129 | 4.8 mi |
| 38152 | Memphis, TN | 834 | 4.6 mi |
| 38138 | Germantown, TN | 24,045 | 4.0 mi |
| 38018 | Cordova, TN | 35,059 | 5.0 mi |
| 38122 | Memphis, TN | 25,270 | 4.6 mi |
| 38111 | Memphis, TN | 41,742 | 5.3 mi |
| 38141 | Memphis, TN | 22,462 | 7.4 mi |
Nationwide ZIPs with similar ACS profiles
Two Census-derived peer sets for ZIP 38120, both outside TN so the neighborhoods are not geographic containment (Nearby and same-county blocks stay local).
Similar population
Nearest cross-state ZIPs by resident population (14,237 here; floor ≥1,000).
Similar median household income
Nearest cross-state ZIPs by ACS median household income.
More ZIP Codes in Shelby County
Related Areas
Frequently Asked Questions
What county is ZIP code 38120 in?
ZIP code 38120 (Memphis) is located in Shelby County, Tennessee. Shelby County contains multiple ZIP codes, see the full list at /counties/shelby-tn.
What is the population of ZIP code 38120?
ZIP code 38120 in Memphis, TN has a population of 14,237 according to the Census Bureau ACS 2023 estimates.
What is the median household income in ZIP 38120?
The median household income in ZIP 38120 is $123,538, which is 62% above the national average of $76,288.
What is the average home value in ZIP 38120?
The median home value in ZIP 38120 is $460,700, which is 66% above the national average of $278,155.
What is the demographic makeup of ZIP 38120?
The largest racial group in ZIP 38120 is White at 85.0%. Hispanic or Latino residents make up 4.0% of the population.
How many businesses are in ZIP code 38120?
ZIP code 38120 has 604 business establishments employing approximately 16,399 people, according to Census Bureau ZIP Code Business Patterns (ZBP) 2023 data.
What are the main industries in ZIP code 38120?
The top industries by establishment count in ZIP 38120 are: Health care and social assistance (145), Professional, scientific, and technical services (104), Finance and insurance (80). There are 16 industry sectors represented in total.
How have home values changed in ZIP code 38120?
According to the FHFA House Price Index, home values in ZIP 38120 decreased by 0.8% in 2024. Since 2000, home values in this ZIP have appreciated by approximately 97%. This is a developmental index based on repeat sales and appraisal data from Fannie Mae and Freddie Mac.
What is the education level in ZIP code 38120?
In ZIP code 38120, 78.5% of residents aged 25+ have a high school diploma or higher, and 70.4% hold a bachelor's degree or higher. These figures come from the Census Bureau ACS 5-Year Estimates (2023).
What is the average commute time in ZIP 38120?
The mean commute time for workers in ZIP code 38120 is 17.4 minutes according to Census ACS data. The national average is roughly 26 minutes, so commuters here spend less time traveling to work than typical.
What percentage of residents own vs. rent in ZIP 38120?
In ZIP code 38120, approximately 71.5% of occupied housing units are owner-occupied and 28.5% are renter-occupied, based on Census ACS 2023 data.
What is the poverty rate in ZIP code 38120?
The poverty rate in ZIP code 38120 is 7.9% according to Census Bureau ACS 2023 estimates. This measures the percentage of the population living below the federal poverty threshold.
Related
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What to do with ZIP 38120's numbers, next.
- See how ZIP 38120 compares to a neighboring ZIP code on the same Census fields Compare this ZIP
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ZIP Code Tabulation Areas (ZCTAs) are Census Bureau approximations of USPS ZIP codes; figures describe the ZCTA area, not any single address within it.