Quick facts: Memphis, TN

Quick Facts

95.2
Cost of Living
below US average
621,056
Population
96.47
Crime Rate per 1000
above US average
$48,090
Median Income
below US average
$352,000
Median House Price
above US average
$1156
Average Rent
below US average
20%
Poverty Rate
above US average
5.6%
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 $48,090.

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Income Needed to Buy

βœ— Stretch
$110k/year
Based on $352,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $110k vs median $48,090
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Income Needed to Rent

⚠ Stretch
$50k/year
Based on $1156/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $50k vs median $48,090
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Memphis, TN

Memphis, Tennessee, is a vibrant city located in the southwestern corner of the state along the Mississippi River. Known as the "Home of the Blues" and the "Birthplace of Rock 'n' Roll," Memphis has a rich musical heritage celebrated in its iconic Beale Street and renowned venues like Sun Studio and the Stax Museum of American Soul Music. The city is also famous for its barbecue cuisine, attracting food lovers to its festivals and local joints. Beyond its cultural landmarks, Memphis boasts significant historical sites, including the National Civil Rights Museum, which is situated at the former Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated. Memphis is home to major events and attractions, such as the annual Beale Street Music Festival and the Memphis in May International Festival. As a significant hub for transportation, notably through FedEx, the city also has a diverse economy rooted in healthcare, shipping, and education. With a blend of Southern charm, rich history, and a dynamic arts scene, Memphis offers residents and visitors a unique glimpse into American culture and heritage.

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