Average Income in Memphis, TN
About Memphis, Tennessee
Memphis functions as a major transportation and logistics hub with music heritage, healthcare, and manufacturing across 21 ZIP codes. FedEx headquarters operations dominate employment, creating well-paying logistics, engineering, and management roles concentrated in corporate and nearby areas. Healthcare employment through St. Jude Children's Research Hospital, Methodist Healthcare, and related institutions provides stable middle-class jobs. Music industry remnants (Graceland, Beale Street) support tourism and entertainment employment. Cotton trading history reflects agricultural commerce. Manufacturing has declined but persists in specific sectors. Neighborhoods show stark income divides: East Memphis (Germantown) offers affluent residential areas, while South and North Memphis face significant poverty and employment challenges. Tennessee's lack of state income tax helps all earners, though Memphis's 7.25% sales tax is high. Housing costs remain low, but income levels and employment stability are key concerns for household financial security across lower-income neighborhoods.
All 23 ZIP Codes in Memphis, TN
| ZIP Code | Avg AGI ▼ | Returns | National Rank | % Under $25K | % Over $200K |
|---|---|---|---|---|---|
| 38120 | $303,945 | 6,990 | #360 | 18.2% | 25.2% |
| 38117 | $170,304 | 13,190 | #1,293 | 20.3% | 15.9% |
| 38103 | $163,463 | 6,340 | #1,419 | 15.9% | 14.2% |
| 38104 | $105,087 | 9,950 | #4,100 | 26.3% | 9.8% |
| 38119 | $100,605 | 11,630 | #4,586 | 24.1% | 8.6% |
| 38111 | $81,534 | 16,600 | #8,321 | 37.4% | 6.7% |
| 38133 | $74,823 | 10,220 | #10,698 | 27.5% | 4.5% |
| 38135 | $71,396 | 14,410 | #12,265 | 25.0% | 3.8% |
| 38112 | $67,485 | 6,530 | #14,272 | 40.0% | 6.7% |
| 38125 | $65,357 | 20,860 | #15,469 | 30.7% | 2.7% |
| 38122 | $41,099 | 9,970 | #26,620 | 43.0% | 1.0% |
| 38141 | $40,275 | 10,760 | #26,745 | 38.1% | 0.4% |
| 38107 | $39,620 | 6,790 | #26,829 | 47.4% | 1.2% |
| 38116 | $37,006 | 18,080 | #27,125 | 45.6% | 0.5% |
| 38128 | $35,577 | 18,670 | #27,243 | 46.7% | 0.4% |
| 38118 | $34,489 | 16,620 | #27,319 | 47.8% | 0.6% |
| 38105 | $33,907 | 2,110 | #27,357 | 48.8% | 0.0% |
| 38109 | $32,682 | 19,710 | #27,435 | 50.2% | 0.3% |
| 38114 | $31,637 | 10,050 | #27,482 | 53.7% | 0.4% |
| 38127 | $30,649 | 17,680 | #27,508 | 55.0% | 0.3% |
| 38106 | $30,018 | 9,340 | #27,526 | 56.5% | 0.3% |
| 38108 | $28,832 | 6,250 | #27,543 | 55.8% | 0.0% |
| 38126 | $24,916 | 2,300 | #27,578 | 64.8% | 0.0% |
Nearby Major Cities
Closest cities with 50,000+ tax returns filed, sorted by distance from Memphis.
| City | State | Avg AGI | Returns | ZIPs | Distance |
|---|---|---|---|---|---|
| Little Rock | AR | $97,622 | 96,220 | 12 | 140 mi |
| Clarksville | TN | $63,017 | 93,830 | 3 | 175 mi |
| Nashville | TN | $129,198 | 210,340 | 18 | 191 mi |
| Huntsville | AL | $87,067 | 96,740 | 10 | 192 mi |
| Jackson | MS | $54,893 | 61,210 | 10 | 195 mi |
| Murfreesboro | TN | $78,465 | 56,840 | 2 | 207 mi |
| Birmingham | AL | $51,611 | 65,650 | 16 | 209 mi |
| Springfield | MO | $71,463 | 107,710 | 7 | 234 mi |
| Evansville | IN | $61,857 | 77,320 | 8 | 239 mi |
| Saint Louis | MO | $63,724 | 129,450 | 19 | 243 mi |