Memphis, TN
Shelby County · Pop. 628,127
Ranked #48 of 243 cities
52Moderate
Median Home Price
🏠$190K
3.8% YoY
Median Rent
🔑$1,100
2.5% YoY
Median Income
💰$42K
Rent Burden
📊33.5%
% of income to rent
Income to Buy
🏦$55K
annual income needed
Income to Rent
📝$44K
annual income needed
Price-to-Income
⚖️4.5x
Homeownership
🏡50.0%
Rent vs. Buy
Buy
$1,011/mo
Est. mortgage (7%, 20% down)
Need $55K/yr income
Rent
$1,100/mo
Median rent
Need $44K/yr income
How Memphis Compares
| Metric | Memphis | Tennessee | National |
|---|---|---|---|
| Home Price | $190K | $307K | $410K |
| Rent | $1,100 | $1,214 | $1,500 |
| Income | $42K | $68K | $75K |
| Rent Burden | 33.5% | 30.5% | 30.0% |
Key Takeaways
- • Home prices in Memphis are 54% lower than the national average.
- • Rent is 27% lower than the national average.
- • You need an income of $55K to comfortably buy a home here.
- • The homeownership rate is 50.0%, compared to 65.0% nationally.