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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 $262,253, higher than the Indiana average of $232,932.
The average cost of rent is $965/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. In Memphis, 7.34% of households rent, and 34.27% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $9,865 per month. Households that rent pay about 9.78% of their income on rent here. Memphis’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Speed, IN: equally priced homes
- Carwood, IN: equally priced homes
- Henryville, IN: equally priced homes
- Broom Hill, IN: equally priced homes
- Sellersburg, IN: higher priced homes
- Charlestown, IN: equally priced homes
- River Ridge, IN: less expensive homes
- Otisco, IN: equally priced homes
- Daisy Hill, IN: less expensive homes
- Borden, IN: less expensive homes
Cities with Similar Populations
- Howe, TX: higher priced homes
- Southampton, MA: higher priced homes
- Southgate, KY: less expensive homes
- Southold, NY: higher priced homes
- Southport, CT: higher priced homes
- Sparta, IL: less expensive homes
- Hurley, NY: higher priced homes
- Sparta, NC: equally priced homes
- Spencer, TN: less expensive homes
- Hubertus, WI: higher priced homes
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