Memphis
Tennessee · Ranked #265 of 373 metros
62Moderate
💡
Housing in Memphis costs 4.14× the median income, below the national average of 4.5×. The median home price is $265K and median rent is $1,200/month. Memphis ranks #265 of 373 metros for affordability.
Median Home Price
🏠$265K
Need $65K income
Median Rent
🔑$1,200
Need $44K income
Housing Shortage
📉22,000
units needed
Building Permits
🔨4,240
annual
Median Income
💰$64K
Pop: 1,337,779
Rent Burden
⚠️33.5%
of renters paying >30%
Price Change (YoY)
📈+3%
Homeownership
🏡61.0%
Rent Burden
vs. National Average
Key Facts vs. National Average
| Metric | Memphis | National |
|---|---|---|
| Price-to-Income Ratio | 4.14x | 6.1x |
| Rent Burden | 33.5% | 31.5% |
| Homeownership Rate | 61.0% | 65.5% |
| YoY Price Change | +3% | +3.5% |
| YoY Rent Change | +2.5% | +2.8% |
| Mortgage Denial Rate | 17.0% | 13.5% |
| Eviction Rate | 8.5% | 3.6% |
House Price Index (2000–2025)
FHFA All-Transactions HPI
Since 2019: +51.5%Since 2000: +119.8%
HUD Fair Market Rents (FY2026)
Section 8 voucher payment standards
Studio$1,060/mo
1 Bedroom$1,154/mo
2 Bedroom$1,274/mo
3 Bedroom$1,683/mo
4 Bedroom$1,959/mo
Zillow Market Data
Home Value (ZHVI)
$241K
1yr: -0.3%5yr: +27.5%
Rent (ZORI)
$1,421/mo
1yr: +1.2%5yr: +26.2%
Note: ZORI reflects current listing prices and may differ from the Census ACS median rent shown above, which captures what renters actually pay including below-market and subsidized units.
Redfin Market Activity
Median Sale Price
$170K
Active Inventory
82
Days on Market
41
Sold Above List
9.1%
Price Drops
17.1%