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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 $161,371, lower than the Missouri average of $246,641.
The average cost of rent is $481/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. In Memphis, 21.76% of households rent, and 47.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $5,215 per month. Households that rent pay about 9.22% of their income on rent here. Memphis’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Granger, MO: higher priced homes
- Azen, MO: higher priced homes
- Bible Grove, MO: higher priced homes
- Arbela, MO: less expensive homes
- Downing, MO: higher priced homes
- Gorin, MO: less expensive homes
- Greensburg, MO: less expensive homes
- South Gorin, MO: less expensive homes
- Cantril, IA: equally priced homes
- Rutledge, MO: higher priced homes
Cities with Similar Populations
- Toms Brook, VA: higher priced homes
- Mansfield, AR: equally priced homes
- Owensville, OH: higher priced homes
- Parkside, PA: higher priced homes
- Pelham, NC: less expensive homes
- Pleasantdale, WV: higher priced homes
- Pomaria, SC: higher priced homes
- Smithfield, KY: higher priced homes
- Smyrna Landing, DE: higher priced homes
- Stuyvesant, NY: higher priced homes
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