Memphis
Tennessee · Ranked #24 of 102 metros
62Moderate
Median Home Price
🏠$225K
Need $65K income
Median Rent
🔑$1K
Need $44K income
Housing Shortage
📉22,000
units needed
Building Permits
🔨7,500
annual
Median Income
💰$53K
Pop: 1,337,779
Rent Burden
⚠️33.5%
of renters paying >30%
Price Change (YoY)
📈+3%
Homeownership
🏡58.0%
Rent Burden
vs. National Average
Key Facts vs. National Average
| Metric | Memphis | National |
|---|---|---|
| Price-to-Income Ratio | 4.3x | 6.1x |
| Rent Burden | 33.5% | 31.5% |
| Homeownership Rate | 58.0% | 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% |