Home Price Key
Affordable
Average
Expensive
These days, finding an affordable place to live in the Memphis area can be challenging. Home prices in Memphis are now at a median cost of $143,066, lower than the Alabama average of $185,232.
The average cost of rent is $577/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. While nearly 58.50% of residents own their homes outright in Memphis, 48.52% rent.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $2,269 per month. Households that rent pay about 25.41% of their income on rent here. Memphis's most expensive areas are in the central regions, while the cheapest areas are in the southeastern parts of the city.
Nearby Cities
- McMullen, AL: less expensive homes
- Garden, AL: less expensive homes
- Prairie Point, MS: less expensive homes
- Pickensville, AL: less expensive homes
- Aliceville, AL: less expensive homes
- Cochrane, AL: less expensive homes
- Dancy, AL: higher priced homes
- Bigbee Valley, MS: less expensive homes
- Sapps, AL: less expensive homes
- Cunningham, AL: less expensive homes
Cities with Similar Populations
- Bay City, WA: higher priced homes
- Berlin, AR: less expensive homes
- Tiptop, KY: less expensive homes
- Trousdale, KS: less expensive homes
- Ben Arnold, TX: higher priced homes
- Trona, CA: less expensive homes
- Triplet, VA: less expensive homes
- Belmont, KS: less expensive homes
- Triangle Lake, OR: higher priced homes
- Tinkerville, MO: less expensive homes
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