The numeric address where a value is stored can be gotten with the id() function.

>>> id('Howdy')
139712390384112

Strings are immutable and if you change a string a new string object is created in memory.

>>> bacon = 'Hello'
>>> id(bacon)
139712390384240
>>> bacon += ' world!' # A new string is born
>>> id(bacon)
139712390384368 # bacon now refers to a different string

Note, Python has automatic garbage collection which deletes any values not being referred to by any variables to free up memory.