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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 $182,998, lower than the Ohio average of $236,816.
The average cost of rent is $892/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. In Memphis, 25.15% of households rent, and 50.59% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $6,692 per month. Households that rent pay about 13.33% of their income on rent here. Memphis’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Lees Creek, OH: higher priced homes
- Samantha, OH: higher priced homes
- Highland, OH: equally priced homes
- Leesburg, OH: higher priced homes
- Reesville, OH: equally priced homes
- East Monroe, OH: equally priced homes
- Sabina, OH: less expensive homes
- New Martinsburg, OH: higher priced homes
- Jonesboro, OH: equally priced homes
- New Antioch, OH: higher priced homes
Cities with Similar Populations
- Rose City, AR: less expensive homes
- Old Kane, IL: less expensive homes
- Ongo, MO: higher priced homes
- Orange, MS: less expensive homes
- Orion, AL: less expensive homes
- Richardson, WI: higher priced homes
- Rocky Ford, KS: higher priced homes
- Rogers, KY: less expensive homes
- Rollersville, OH: equally priced homes
- Rollins, MT: higher priced homes
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