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City · 618,980 residents · Shelby County, Tennessee

Memphis , Tennessee

In Memphis, a typical home is worth $169,000 and typical rent is $1,181 a month. Compared with all of Shelby County, the typical home value is 32% lower, typical household income is 19% lower, and the share of households that own their home is 9 points lower.

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  • Typical home value

    $169,000

    32% below the county

    41% below Tennessee

    • Memphis
    • Shelby
    • Tennessee

  • Typical rent

    $1,181a month

    4% below the county

    About the same as Tennessee

    • Memphis
    • Shelby
    • Tennessee

  • Typical household income

    $51,736a year

    19% below the county

    26% below Tennessee

    • Memphis
    • Shelby
    • Tennessee

  • Households that own their home

    45%

    9 points below the county

    22 points below Tennessee

    • Memphis
    • Shelby
    • Tennessee

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$151,794
2.8% less than 12 months ago
Typical rent
$1,259 a month
1.7% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Memphis is in Shelby County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Shelby County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Memphis apart

What this place has that others do not, from public data, most unusual first.

  1. Memphis has the 5th lowest homeownership rate of the 113 cities in Tennessee with more than 5,000 people (45%).

  2. The typical home in Memphis is worth $169,000, 32% less than in Shelby County as a whole ($249,100).

  3. According to Zillow, in the 12 months to September 2026 the typical home value in Memphis fell 2.8%; in Tennessee, it rose 0.6%.

  4. The typical household income in Memphis is $51,736, 19% less than in Shelby County as a whole ($63,767).

Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data

The homes here

Housing in Memphis

What homes there are in Memphis, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Memphis, 6 in 10 homes are single-family detached houses; in Shelby County, 7.

Year built

Homes in Memphis are older: the typical year built is 1970; in Shelby County, 1977.

There are fewer big homes in Memphis than in Shelby County: 55% have 3 bedrooms or more, against 63%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for Shelby County is $541,287, and about 92% of owner-occupied homes in Memphis are worth less than that.

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Shelby County is $1,301: about 58% of rents in Memphis are below it.

With a mortgage

$1,420 a month

Shelby County: $1,682 a month

Without a mortgage

$540 a month

Shelby County: $602 a month

Owners with a mortgage

57%

Shelby County: 62%

In Memphis, 57% of owners have a mortgage, and their typical cost is $1,420 a month, against $1,682 in Shelby County. Without one it drops to $540.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Much as in Shelby County, the typical home value in Memphis rose 66% since 2015–2019.

Rents in Memphis rose at about the same pace as in Shelby County: 31% since 2015–2019, against 31%.

The typical household income in Memphis rose 26%: less than home values (+66%) and rent (+31%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMemphisShelby CountyTennesseeUnited States
Rental vacancy 8.1%7.9%6.1%5.5%
Homeowner vacancy 0.6%0.5%0.9%0.9%
More than one person per room 2.9%2.4%2.2%3.4%
People per household 2.392.492.452.53
Drive alone 76%77%76%69%
Carpool 10%9%8%9%
Public transit 1%1%0%3%
Walk or bike 2%1%1%3%
Work from home 9%11%13%15%
Other means 2%1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

In Memphis, the rental vacancy rate is 8.1%, about the same as in Shelby County.

Much as in Shelby County, 2.9% of households in Memphis have more than one person per room.

Much as in Shelby County, a household in Memphis has 2.39 people on average.

In Memphis, 76% of workers drive alone to work; in Shelby County, 77%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Memphis?

A typical home is tight for the typical income

We start with a typical home in Memphis, worth $169,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Memphis, which is $51,736 a year. For that payment to be 28% of income, a household would need to earn about $60,977 a year.

The calculator's FHA and conventional loan limits are those of all of Shelby County.

Your numbers

Local data
$

Starts at the typical home value in Memphis. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $5,915 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,423

at 7.18% · 30 years

Loan amount
$165,939
Total interest
$238,747
Paid off in
November 2056

Includes $2,854 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,207 a month

  • Tight

    $1,207 to $1,552 a month

    Your payment · 33%

  • Hard

    more than $1,552 a month

Compared with the typical household income in Memphis ($51,736 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,423
Principal & interest$1,124
Property tax$154
Home insurance$70
FHA mortgage insurance (MIP)$75

You need at least $5,915 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Memphis and Shelby County

Memphis is in Shelby County, Tennessee. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Memphis's own numbers

Typical home value
$169,000
Typical monthly rent
$1,181
Typical yearly household income
$51,736
Households that own their home
45%
Effective property tax rate
1.09%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Shelby County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,301
Price change over 5 years (FHFA)
+38%
Homes in a high flood-risk zone
1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Shelby County.

Everything about Shelby County

Buying

Buying a home in Memphis

A typical home in Memphis is worth $169,000: 32% below the county and 41% below Tennessee. With the typical household income in Memphis ($51,736 a year), a typical home costs 3.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Memphis 3.3 years
  • Shelby 3.9 years
  • Tennessee 4.1 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Shelby County

According to FHFA’s house price index, home prices in Shelby County rose 82% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Shelby County.

Period County Tennessee U.S.
Last year (2025) −0.1% +2.4% +2.9%
5 years (2020–2025) +38% +60% +47%
10 years (2015–2025) +82% +114% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Memphis next to Shelby County, Tennessee and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Memphis $169,000
  • Shelby $249,100
  • Tennessee $286,700
  • United States $332,700
Typical monthly rent
  • Memphis $1,181
  • Shelby $1,232
  • Tennessee $1,189
  • United States $1,413
Typical yearly household income
  • Memphis $51,736
  • Shelby $63,767
  • Tennessee $69,595
  • United States $80,734
See the full table
Memphis next to Shelby County and Tennessee
Measure Memphis Shelby County Tennessee U.S.
Typical home value $169,000 $249,100 $286,700 $332,700
Typical monthly rent $1,181 $1,232 $1,189 $1,413
Typical yearly household income $51,736 $63,767 $69,595 $80,734
Households that own their home 45% 54% 67% 65%
Typical yearly property tax $1,845 $2,429 $1,442 $3,119
Effective property tax rate 1.09% 0.98% 0.5% 0.94%
Renters with high rent for their income 56% 54% 49% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Shelby County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Memphis

For a typical $169,000 home in Memphis, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Memphis's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,423a month

    Least cash to close
    Down payment
    $5,915
    Cash to close
    $10,985
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $75

  • Conventional, 5% down $1,392a month

    Down payment
    $8,450
    Cash to close
    $13,520
    Rate
    7.18%
    Mortgage insurance
    PMI · $80

  • Conventional, 20% down, no PMI $1,140a month

    Down payment
    $33,800
    Cash to close
    $38,870
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,296a month

    Down payment
    $25,350
    Cash to close
    $30,420
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Memphis and for Shelby County.

Property tax

Effective rate in Memphis

1.09%of the home’s value each year

$1,845 a year for the typical owner in Memphis.

  • Memphis 1.09%
  • Shelby 0.98%
  • Tennessee 0.5%

What Tennessee publishes Property tax relief for older, disabled and disabled-veteran homeowners (Tennessee Comptroller of the Treasury, 2026 Property Tax Relief Program brochure)

Exemptions and deadlines in Tennessee

Flood risk in Shelby County

FEMA does not publish these numbers by city: they are for all of Shelby County.

Homes in the high-risk zone
1%
3,036
Of those, with NFIP insurance
18%
County Tennessee U.S.
Homes in the high-risk zone 1% 1.6% 3.5%
Of those, with NFIP insurance 18% 25% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Memphis

Typical rent in Memphis is $1,181 a month: 4% below the county. In Memphis, 56% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Shelby County, by unit size. To pay the 2-bedroom one ($1,301 a month) without spending more than 30% of your income, you would need to earn $25.02 an hour working full time.

HUD fair market rent for all of Shelby County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,095 $21.06 $43,800
1 bedroom $1,191 $22.90 $47,640
2 bedrooms $1,301 $25.02 $52,040
3 bedrooms $1,717 $33.02 $68,680
4 bedrooms $1,981 $38.10 $79,240

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Memphis

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Memphis has 27 ZIP codes with their own.

For 2 bedrooms it runs from $1,000 in 38126 to $1,780 in 38018.

10 of the 27 are above the fair market rent for Shelby County ($1,301).

6 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Memphis when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Memphis

HUD lists 190 buildings with rents for lower incomes in Memphis. These are the largest.

  • City View Towers 256 S Camilla St, Memphis 38104 430 low-income homes · For older adults (901) 521-1104
  • Summit Park Apts 1770 Piping Rock Dr, Memphis 38116 402 low-income homes · 1 bd: 64 · 2 bd: 266 · 3 bd: 56 · 4 bd: 16 · In service since 2007
  • Millcreek Apts 4595 Water Mill Dr, Memphis 38116 448 homes, 397 low-income · 1 bd: 104 · 2 bd: 336 · 3 bd: 8 · In service since 1995
  • Parkway Village Apts 4104 Tarry Park, Memphis 38118 344 low-income homes · 1 bd: 56 · 2 bd: 174 · 3 bd: 114 · In service since 2006
  • Peppertree Apartments 4243 Graceland Dr, Memphis 38116 306 low-income homes · For families (901) 332-4212

See all 194 buildings in Shelby County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Memphis

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 5 HUD-approved agencies with an office in Shelby County; 1 says it serves in Spanish.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in Memphis

1 program is for Memphis or Shelby County, by its own record: they come first, each with what its official page says about being open. The ones below are statewide in Tennessee: they work in Memphis the same as in the rest of the state.

Which programs do I qualify for? All programs in Tennessee

  • Citywide DPA

    For Memphis

    City of Memphis help with the down payment and closing costs of a new or existing home within the city, for incomes up to 80% of the area median; the page does not state the amount. Offered by City of Memphis Office of Down Payment Assistance (DPA).

    Type not stated

    See the program Official page

  • Great Choice Plus

    Statewide in Tennessee

    Tennessee state agency help with the down payment and closing costs alongside the Great Choice mortgage: $6,000 or $10,000 forgivable over 10 years with no payments, or up to 5% of the price (maximum $15,000) as a 30-year second mortgage. Offered by Tennessee Housing Development Agency (THDA).

    ForgivableRepayable

    See the program Official page

Housing counselors near Memphis

The HUD-approved agencies closest to the center of Memphis, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • NSC (naca Counseling Subsidiary) - Memphis, TN

    2400 Poplar Ave. Suite 500, Memphis · 2 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (901) 348-0115

  • United Housing, Inc.

    2750 Colony Park Dr, Memphis · 4 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (901) 272-1122

  • Operation Hope - Memphis TN - Raines RD

    1222 E Raines Rd, Memphis · 6 miles away

    • Budget and financial counseling
    • Budget and credit workshops
    • and 2 more
    (901) 273-4547

Every agency in Shelby County All counseling agencies in Tennessee

Help in Spanish near Memphis

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Memphis

HUD’s record names them for Memphis or Shelby County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Memphis Housing Authority Public housing and Section 8 vouchers (901) 544-1102

One other authority has an office in Shelby County: see the list Source: HUD

Cities

Other cities in Shelby County

These cities are also in Shelby County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Shelby County Housing in Tennessee

Nearby cities

The cities closest to Memphis, with the typical home value.

Neighboring counties

If Shelby County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Memphis.

All guides
A mother holds her laughing daughter on a grey sofa.

Questions

Housing questions about Memphis

Short answers with the numbers for Memphis and all of Shelby County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Memphis?

The typical home value in Memphis is $169,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Shelby County it is $249,100.

How much does it cost to rent in Memphis?

Typical rent in Memphis is $1,181 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Shelby County is $1,301.

What is the FHA loan limit in Memphis?

Memphis uses the FHA limit for all of Shelby County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Memphis?

The typical homeowner in Memphis pays $1,845 a year, according to the U.S. Census Bureau. That is 1.09% of the home’s value; in Shelby County, the rate is 0.98%.

Where can I find free help to buy or rent in Memphis?

There are 5 HUD-approved counseling agencies with an office in Shelby County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).