Living in Memphis, Texas
Cost of living, income, home prices, rent and demographics of Memphis · Census data 2020–2024
Memphis has 2,174 residents with a median age of 40.6. The median household income is $47,639 (39% lower than the Texas median), the median home value is $77,300, the median rent is $491/month.
Memphis at a glance
- Population
- 2,174
- Median age
- 40.6State: 35.6
- Median household income
- $47,639State: $78,476
- Median home value
- $77,300State: $283,800
- Median rent
- $491/moState: $1,403
- Homeowners
- 72.8%
- Bachelor's degree or higher
- 20.5%
- Average commute
- 14 min
Is Memphis a good place to live?
Pros: Home values 73% lower than the state median; an average commute of 14 minutes.
Cons: Median household income 39% lower than the Texas median; unemployment of 10.3%; a poverty rate of 17.3%.
The weather is best in March to May and October.
Cost of living in Memphis
Housing is the biggest part of the cost of living. In Memphis the median home value is $77,300, 77% lower than the U.S. median. Renters pay a median of $491 per month, which is 24.3% of household income. Homeowners with a mortgage pay $1,150 a month in housing costs.
Memphis median household income
The median household income in Memphis is $47,639 and the income per person is $25,023. 17.3% of residents live below the poverty line (Texas: 13.8%).
Housing in Memphis: homes for sale and rent
- Housing units
- 1,097
- Owner-occupied
- 72.8%
- Renter-occupied
- 27.2%
- Vacant
- 18.1%Includes seasonal homes
- Median year built
- 1962
- Average household size
- 2.37
Memphis demographics
- Population
- 2,174
- Median age
- 40.6
- Under 18
- 22.9%
- 65 and older
- 25%
- Households
- 898
- Foreign-born
- 9.3%
- Veterans
- 5.6%Adults 18+
Hispanic or Latino can be of any race. Population history of Memphis ›
Education in Memphis
20.5% of adults 25 and older in Memphis have a bachelor's degree or higher (Texas: 33.8%), and 5.5% have a graduate or professional degree.
Jobs and commute in Memphis
- Unemployment rate
- 10.3%State: 5.3%
- Average commute
- 14 minState: 27 min
- Work from home
- 1.4%
- Drive alone
- 79.3%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 78.3%
Memphis vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Memphis | 2,174 | $47,639 | $77,300 | $491 |
| Hedley | 318 | $38,750 | $43,000 | $622 |
| Wellington | 1,883 | $57,050 | $87,400 | — |
| Clarendon | 1,859 | $57,250 | $103,300 | $798 |
| Childress | 5,834 | $57,644 | $85,900 | $910 |
| Howardwick | 412 | $64,688 | $90,000 | — |
| Turkey | 274 | $49,450 | $99,300 | $554 |
| McLean | 799 | $63,000 | $76,000 | $933 |
| Shamrock | 1,710 | $46,912 | $91,000 | $958 |
More for people moving to Memphis
Memphis ZIP code ›Weather and climate ›Living in Memphis: FAQ
What is the median household income in Memphis, TX?
The median household income in Memphis is $47,639, 39% lower than the Texas median of $78,476 (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 $77,300, compared with $283,800 in Texas.
How much is rent in Memphis?
The median gross rent in Memphis is $491 per month, about 24.3% of household income.
Is Memphis, TX a good place to live?
Pluses: home values 73% lower than the state median; an average commute of 14 minutes. Minuses: median household income 39% lower than the Texas median; unemployment of 10.3%; a poverty rate of 17.3%.
What is the median age in Memphis?
The median age in Memphis is 40.6 years (Texas: 35.6).
How long is the commute in Memphis?
The average commute to work in Memphis is 14 minutes; 1.4% of workers work from home.
What is the unemployment rate in Memphis?
The unemployment rate in Memphis is 10.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Memphis?
20.5% 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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