Quick facts: Memphis, MI

Quick Facts

94.9
Cost of Living
below US average
1,063
Population
5.64
Crime Rate per 1000
below US average
$58,423
Median Income
below US average
$145,000
Median House Price
above US average
$6000.0
Average Rent
above US average
10%
Poverty Rate
below US average
4.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,423.

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Income Needed to Buy

βœ“ Affordable
$45k/year
Based on $145,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,423) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$257k/year
Based on $6000.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $257k vs median $58,423
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Memphis, MI

Memphis, Michigan is a quaint small town situated in St. Clair County, approximately 50 miles north of Detroit. With a population of around 1,500 residents, it captures a tight-knit community atmosphere. The town boasts a rich history, originally incorporated in 1855, and features charming local architecture. Outdoor enthusiasts will appreciate Memphis's proximity to natural beauty, including parks and rivers for recreational activities like fishing, hiking, and picnicking. The town hosts several annual events that foster community spirit, such as the Memphis Community Fair, which showcases local talents and agriculture. Local amenities include small businesses, cafes, and classic diners that reflect the town's friendly vibe. Education is provided through the Memphis Community School District, offering quality schooling for families in the area. Additionally, the town's location makes it convenient for residents to access larger urban facilities and entertainment options in nearby cities. Overall, Memphis, MI embodies the allure of small-town living while remaining connected to the larger Southeast Michigan region.

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