Living in Memphis, Tennessee
Cost of living, income, home prices, rent and demographics of Memphis · Census data 2020–2024
Memphis has 618,980 residents with a median age of 34.2. The median household income is $51,736 (26% lower than the Tennessee median), the median home value is $169,000, the median rent is $1,181/month.
Memphis at a glance
- Population
- 618,980
- Median age
- 34.2State: 38.9
- Median household income
- $51,736State: $69,595
- Median home value
- $169,000State: $286,700
- Median rent
- $1,181/moState: $1,189
- Homeowners
- 44.9%
- Bachelor's degree or higher
- 28%
- Average commute
- 21 min
Is Memphis a good place to live?
Pros: Home values 41% lower than the state median; an average commute of 21 minutes.
Cons: Median household income 26% lower than the Tennessee median; unemployment of 8.3%; a poverty rate of 23.1%.
The weather is best in April–May and September–October.
Cost of living in Memphis
Housing is the biggest part of the cost of living. In Memphis the median home value is $169,000, 49% lower than the U.S. median. Renters pay a median of $1,181 per month, which is 33.2% of household income. Homeowners with a mortgage pay $1,420 a month in housing costs.
Memphis median household income
The median household income in Memphis is $51,736 and the income per person is $33,100. 23.1% of residents live below the poverty line (Tennessee: 13.8%).
Housing in Memphis: homes for sale and rent
- Housing units
- 289,887
- Owner-occupied
- 44.9%
- Renter-occupied
- 55.1%
- Vacant
- 12.7%Includes seasonal homes
- Median year built
- 1970
- Average household size
- 2.39
Memphis demographics
- Population
- 618,980
- Median age
- 34.2
- Under 18
- 25.2%
- 65 and older
- 14.4%
- Households
- 253,120
- Foreign-born
- 7.7%
- Veterans
- 5.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Memphis ›
Education in Memphis
28% of adults 25 and older in Memphis have a bachelor's degree or higher (Tennessee: 31.1%), and 11.3% have a graduate or professional degree.
Jobs and commute in Memphis
- Unemployment rate
- 8.3%State: 4.7%
- Average commute
- 21 minState: 26 min
- Work from home
- 9.2%
- Drive alone
- 76.2%
- Public transit
- 0.8%
- Walk to work
- 1.7%
- Homes with broadband
- 87.5%
Memphis vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Memphis | 618,980 | $51,736 | $169,000 | $1,181 |
| Germantown | 40,673 | $149,920 | $470,800 | $1,816 |
| Southaven | 56,226 | $78,483 | $236,300 | $1,445 |
| Horn Lake | 26,647 | $53,311 | $171,400 | $1,435 |
| Bartlett | 56,876 | $102,070 | $310,400 | $1,638 |
| Olive Branch | 47,019 | $100,606 | $290,000 | $1,829 |
| Lynchburg | 2,161 | $88,750 | $222,300 | $1,915 |
| West Memphis | 23,929 | $42,674 | $120,100 | $870 |
| Marion | 13,623 | $78,330 | $212,400 | $1,148 |
More for people moving to Memphis
Memphis ZIP code ›Weather and climate ›Living in Memphis: FAQ
What is the median household income in Memphis, TN?
The median household income in Memphis is $51,736, 26% lower than the Tennessee median of $69,595 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Memphis?
The median home value in Memphis is $169,000, compared with $286,700 in Tennessee.
How much is rent in Memphis?
The median gross rent in Memphis is $1,181 per month, about 33.2% of household income.
Is Memphis, TN a good place to live?
Pluses: home values 41% lower than the state median; an average commute of 21 minutes. Minuses: median household income 26% lower than the Tennessee median; unemployment of 8.3%; a poverty rate of 23.1%.
What is the median age in Memphis?
The median age in Memphis is 34.2 years (Tennessee: 38.9).
How long is the commute in Memphis?
The average commute to work in Memphis is 21 minutes; 9.2% of workers work from home.
What is the unemployment rate in Memphis?
The unemployment rate in Memphis is 8.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Memphis?
28% of adults in Memphis have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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