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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 $83,617, lower than the Texas average of $322,096.
The average cost of rent is $535/mo in Memphis, primarily driven by the current value of real estate in the Memphis area. In Memphis, 26.68% of households rent, and 75.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Memphis is $4,195 per month. Households that rent pay about 12.76% of their income on rent here. Memphis’s most expensive areas are in the northeastern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Newlin, TX: higher priced homes
- Lakeview, TX: higher priced homes
- Hedley, TX: less expensive homes
- Rolla, TX: higher priced homes
- Lelia Lake, TX: equally priced homes
- Wellington, TX: higher priced homes
- Samnorwood, TX: higher priced homes
- Brice, TX: higher priced homes
- Dodson, TX: higher priced homes
- Hollis, OK: less expensive homes
Cities with Similar Populations
- Alto, TX: higher priced homes
- West Dennis, MA: higher priced homes
- Wawaka, IN: higher priced homes
- Wakeeney, KS: higher priced homes
- Trumbauersville, PA: higher priced homes
- Sun Valley, ID: higher priced homes
- Stuart, IA: higher priced homes
- Smithonia, GA: higher priced homes
- Saratoga, WY: higher priced homes
- Rock Hall, MD: higher priced homes
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