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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 $429,470, higher than the Nebraska average of $252,353.
The average cost of rent is $1,118/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. In Memphis, 12.37% of households rent, and 31.22% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $7,777 per month. Households that rent pay about 14.37% of their income on rent here. Memphis’s most expensive areas are in the southwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Ashland, NE: less expensive homes
- Wann, NE: equally priced homes
- Ithaca, NE: less expensive homes
- Greenwood, NE: less expensive homes
- Ceresco, NE: less expensive homes
- Venice, NE: higher priced homes
- Mead, NE: less expensive homes
- South Bend, NE: equally priced homes
- Yutan, NE: less expensive homes
- Gretna, NE: equally priced homes
Cities with Similar Populations
- Linville, NC: less expensive homes
- Royal, IL: less expensive homes
- Roxbury, KS: less expensive homes
- Rover, MO: less expensive homes
- Rose, NY: less expensive homes
- Mechanicsville, PA: less expensive homes
- Mabie, WV: less expensive homes
- Lulaton, GA: less expensive homes
- Lowrys, SC: less expensive homes
- Lower Genegantslet Corner, NY: less expensive homes
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