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 $186,591, lower than the Tennessee average of $218,916.
The average cost of rent is $1,160/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. While nearly 37.40% of residents own their homes outright in Memphis, 36.99% rent.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $5,857 per month. Households that rent pay about 19.80% of their income on rent here. Memphis's most expensive areas are in the eastern regions, while the cheapest areas are in the western parts of the city.
Nearby Cities
- Germantown, TN: higher priced homes
- Bartlett, TN: higher priced homes
- Cordova, TN: higher priced homes
- Woodstock, TN: higher priced homes
- West Memphis, AR: less expensive homes
- Gammon, AR: higher priced homes
- Lakeland, TN: higher priced homes
- Collierville, TN: higher priced homes
- Marion, AR: less expensive homes
- Arlington, TN: higher priced homes
Cities with Similar Populations
- Marietta, GA: higher priced homes
- Maple Grove, MN: higher priced homes
- Lehigh Acres, FL: equally priced homes
- Lawrence, MA: higher priced homes
- Lima, OH: less expensive homes
- Layton, UT: higher priced homes
- Las Cruces, NM: equally priced homes
- Las Vegas, NV: higher priced homes
- Lawrenceville, GA: higher priced homes
- Loganville, GA: higher priced homes
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