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City · 14,192 residents · Shelby County, Tennessee

Lakeland , Tennessee

In Lakeland, a typical home is worth $388,900 and typical rent is $1,755 a month. Compared with all of Shelby County, typical household income is 82% higher, the typical home value is 56% higher, and the share of households that own their home is 25 points higher.

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  • Typical home value

    $388,900

    56% above the county

    36% above Tennessee

    • Lakeland
    • Shelby
    • Tennessee

  • Typical rent

    $1,755a month

    42% above the county

    48% above Tennessee

    • Lakeland
    • Shelby
    • Tennessee

  • Typical household income

    $116,250a year

    82% above the county

    67% above Tennessee

    • Lakeland
    • Shelby
    • Tennessee

  • Households that own their home

    79%

    25 points above the county

    12 points above Tennessee

    • Lakeland
    • Shelby
    • Tennessee

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$446,748
1% less than 12 months ago
Typical rent
$1,709 a month
2.8% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Lakeland is in Shelby County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Shelby County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lakeland apart

What this place has that others do not, from public data, most unusual first.

  1. The typical household income in Lakeland is $116,250, 82% more than in Shelby County as a whole ($63,767).

  2. 79% of households in Lakeland own their home, against 54% in Shelby County.

  3. The typical home in Lakeland is worth $388,900, 56% more than in Shelby County as a whole ($249,100).

  4. Nearby, in Millington, the typical home value is $207,300: 47% less than in Lakeland ($388,900).

  5. The typical rent in Lakeland is $1,755 a month, 42% more than in Shelby County as a whole ($1,232).

  6. Nearby, in Millington, the typical rent is $1,111: 37% less than in Lakeland ($1,755).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lakeland

What homes there are in Lakeland, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Lakeland, 8 in 10 homes are single-family detached houses; in Shelby County, 7.

Year built

Homes in Lakeland are newer: the typical year built is 2000; in Shelby County, 1977.

Homes in Lakeland are bigger: 87% have 3 bedrooms or more; in Shelby County, 63%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,318 a month

Shelby County: $1,682 a month

Without a mortgage

$806 a month

Shelby County: $602 a month

Owners with a mortgage

70%

Shelby County: 62%

In Lakeland, 70% of owners have a mortgage, and their typical cost is $2,318 a month, against $1,682 in Shelby County. Without one it drops to $806.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Lakeland gained value more slowly than in Shelby County: 51% since 2015–2019, against 66%.

Since 2015–2019, the typical rent in Lakeland rose 46%, more than in Shelby County (31%).

Housing prices ran ahead of income in Lakeland: typical income rose 13%, against +51% for home values and +46% for rent.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLakelandShelby CountyTennesseeUnited States
Rental vacancy Unreliable estimate7.9%6.1%5.5%
Homeowner vacancy Unreliable estimate0.5%0.9%0.9%
More than one person per room Unreliable estimate2.4%2.2%3.4%
People per household 2.672.492.452.53
Drive alone 80%77%76%69%
Carpool 5%9%8%9%
Public transit Unreliable estimate1%0%3%
Walk or bike Unreliable estimate1%1%3%
Work from home 15%11%13%15%
Other means Unreliable estimate1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

More people live in each home here: 2.67 on average, against 2.49 in Shelby County.

Many people here do not commute at all: 15% work from home; in Shelby County, 11%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lakeland?

A typical home is tight for the typical income

We start with a typical home in Lakeland, worth $388,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Lakeland, which is $116,250 a year. For that payment to be 28% of income, a household would need to earn about $139,070 a year.

The calculator's FHA and conventional loan limits are those of all of Shelby County.

Your numbers

Local data
$

Starts at the typical home value in Lakeland. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $13,612 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,245

at 7.18% · 30 years

Loan amount
$381,856
Total interest
$549,401
Paid off in
November 2056

Includes $6,568 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,713 a month

  • Tight

    $2,713 to $3,488 a month

    Your payment · 33%

  • Hard

    more than $3,488 a month

Compared with the typical household income in Lakeland ($116,250 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,245
Principal & interest$2,587
Property tax$324
Home insurance$162
FHA mortgage insurance (MIP)$172

You need at least $13,612 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lakeland and Shelby County

Lakeland is in Shelby County, Tennessee. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lakeland's own numbers

Typical home value
$388,900
Typical monthly rent
$1,755
Typical yearly household income
$116,250
Households that own their home
79%
Effective property tax rate
1%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Shelby County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,301
Price change over 5 years (FHFA)
+38%
Homes in a high flood-risk zone
1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Shelby County.

Everything about Shelby County

Buying

Buying a home in Lakeland

A typical home in Lakeland is worth $388,900: 56% above the county and 36% above Tennessee. With the typical household income in Lakeland ($116,250 a year), a typical home costs 3.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lakeland 3.3 years
  • Shelby 3.9 years
  • Tennessee 4.1 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Shelby County

According to FHFA’s house price index, home prices in Shelby County rose 82% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Shelby County.

Period County Tennessee U.S.
Last year (2025) −0.1% +2.4% +2.9%
5 years (2020–2025) +38% +60% +47%
10 years (2015–2025) +82% +114% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lakeland next to Shelby County, Tennessee and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lakeland $388,900
  • Shelby $249,100
  • Tennessee $286,700
  • United States $332,700
Typical monthly rent
  • Lakeland $1,755
  • Shelby $1,232
  • Tennessee $1,189
  • United States $1,413
Typical yearly household income
  • Lakeland $116,250
  • Shelby $63,767
  • Tennessee $69,595
  • United States $80,734
See the full table
Lakeland next to Shelby County and Tennessee
Measure Lakeland Shelby County Tennessee U.S.
Typical home value $388,900 $249,100 $286,700 $332,700
Typical monthly rent $1,755 $1,232 $1,189 $1,413
Typical yearly household income $116,250 $63,767 $69,595 $80,734
Households that own their home 79% 54% 67% 65%
Typical yearly property tax $3,880 $2,429 $1,442 $3,119
Effective property tax rate 1% 0.98% 0.5% 0.94%
Renters with high rent for their income 53% 54% 49% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Shelby County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lakeland

For a typical $388,900 home in Lakeland, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lakeland's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,245a month

    Least cash to close
    Down payment
    $13,612
    Cash to close
    $25,279
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $172

  • Conventional, 5% down $3,174a month

    Down payment
    $19,445
    Cash to close
    $31,112
    Rate
    7.18%
    Mortgage insurance
    PMI · $185

  • Conventional, 20% down, no PMI $2,594a month

    Down payment
    $77,780
    Cash to close
    $89,447
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,953a month

    Down payment
    $58,335
    Cash to close
    $70,002
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lakeland and for Shelby County.

Property tax

Effective rate in Lakeland

1%of the home’s value each year

$3,880 a year for the typical owner in Lakeland.

  • Lakeland 1%
  • Shelby 0.98%
  • Tennessee 0.5%

What Tennessee publishes Property tax relief for older, disabled and disabled-veteran homeowners (Tennessee Comptroller of the Treasury, 2026 Property Tax Relief Program brochure)

Exemptions and deadlines in Tennessee

Flood risk in Shelby County

FEMA does not publish these numbers by city: they are for all of Shelby County.

Homes in the high-risk zone
1%
3,036
Of those, with NFIP insurance
18%
County Tennessee U.S.
Homes in the high-risk zone 1% 1.6% 3.5%
Of those, with NFIP insurance 18% 25% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lakeland

Typical rent in Lakeland is $1,755 a month: 42% above the county. In Lakeland, 53% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Shelby County, by unit size. To pay the 2-bedroom one ($1,301 a month) without spending more than 30% of your income, you would need to earn $25.02 an hour working full time.

HUD fair market rent for all of Shelby County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,095 $21.06 $43,800
1 bedroom $1,191 $22.90 $47,640
2 bedrooms $1,301 $25.02 $52,040
3 bedrooms $1,717 $33.02 $68,680
4 bedrooms $1,981 $38.10 $79,240

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lakeland

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lakeland is in ZIP code 38002.

For 2 bedrooms it is $1,860: $559 more than the fair market rent for Shelby County ($1,301).

  • 38002 $1,860$2,460

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lakeland when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lakeland

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 5 HUD-approved agencies with an office in Shelby County; 1 says it serves in Spanish.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in Lakeland

No down payment, repair or rent-help program on our list is for Lakeland or Shelby County. The ones below are statewide in Tennessee: they work in Lakeland the same as in the rest of the state.

Which programs do I qualify for? All programs in Tennessee

  • Great Choice Plus

    Statewide in Tennessee

    Tennessee state agency help with the down payment and closing costs alongside the Great Choice mortgage: $6,000 or $10,000 forgivable over 10 years with no payments, or up to 5% of the price (maximum $15,000) as a 30-year second mortgage. Offered by Tennessee Housing Development Agency (THDA).

    ForgivableRepayable

    See the program Official page

Housing counselors near Lakeland

The HUD-approved agencies closest to the center of Lakeland, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Operation Hope - Memph TN - Poplar Av

    6815 Poplar Ave Ste 100, Memphis · 13 miles away

    • Budget and financial counseling
    • Budget and credit workshops
    • and 2 more
    (571) 544-2282

  • Frayser Community Development Corporation

    3684 N Watkins St, Memphis · 16 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 6 more
    (901) 354-9401

  • NSC (naca Counseling Subsidiary) - Memphis, TN

    2400 Poplar Ave. Suite 500, Memphis · 17 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (901) 348-0115

Every agency in Shelby County All counseling agencies in Tennessee

Help in Spanish near Lakeland

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lakeland

In HUD’s record, no housing authority with an office in Shelby County is named for Lakeland or Shelby County.

2 other authorities have an office in Shelby County: see the list Source: HUD

Cities

Other cities in Shelby County

These cities are also in Shelby County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Shelby County Housing in Tennessee

Nearby cities

The cities closest to Lakeland, with the typical home value.

Neighboring counties

If Shelby County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lakeland.

All guides
Three women of one family lean in together to stir the pan.

Questions

Housing questions about Lakeland

Short answers with the numbers for Lakeland and all of Shelby County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lakeland?

The typical home value in Lakeland is $388,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Shelby County it is $249,100.

How much does it cost to rent in Lakeland?

Typical rent in Lakeland is $1,755 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Shelby County is $1,301.

What is the FHA loan limit in Lakeland?

Lakeland uses the FHA limit for all of Shelby County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Lakeland?

The typical homeowner in Lakeland pays $3,880 a year, according to the U.S. Census Bureau. That is 1% of the home’s value; in Shelby County, the rate is 0.98%.

Where can I find free help to buy or rent in Lakeland?

There are 5 HUD-approved counseling agencies with an office in Shelby County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).