79245, Memphis, TX

The 79245 zip code of Memphis, TX has a population of around 298,000 people. The median household income in this zip code is $50,868 which is higher than the national median household income of $53,046. Additionally, the home equity in this zip code is around $269,000 which is higher than the national median home equity of $216,500. This means that there are a lot of people in this zip code who are able to borrow against their homes to finance things like mortgages and car loans.

One reason why home equity is so important in Memphis, TX is because the cost of housing here is relatively high compared to other parts of the country. The average rent for an apartment in Memphis costs $1,090 per month which is more than twice as much as the average rent for an apartment in the rest of America. Additionally, homeownership rates in Memphis are lower than they are nationwide and this has contributed to rising home prices over time. In fact, according to Zillow’s 2018 Home Value Index report , the median home value in Memphis was $239,200 which was more than double the national median home value of $116,200 .

Despite these high prices and low ownership rates , there have been some signs that suggest things may be changing for the better in Memphis . For example , according to Trulia’s 2019 Rent Report , rents have decreased by 1% nationwide over the past year but they have decreased by 3% in Memphis . Additionally , Zillow’s 2019 Home Value Index report found that while overall home values increased by 2% nationally over 2018 , homes values increased by 5%in Memphis . This suggests that while prices continue to rise faster here than they do nationwide , they may not continue doing so at such a rapid pace for long.