Can you afford to live in Memphis?

Median household income, home values and rent in Memphis, TN — how they've changed since 2015 and how much of a typical paycheck housing takes compared with the rest of the country.

U.S. Census Bureau, American Community Survey 5-year estimates.

This story was assembled using AI and public data sources.

What it costs to live in Memphis.

Median household income: $51,211 — +40.5% since 2015 (not adjusted for inflation)

Median gross rent: $1,123/mo — +35.6% since 2015

Median home value, 2015 to 2023

• 2015: 94000
• 2023: 157100

Median household income

• Memphis: 51211
• Shelby County: 62337
• TN: 67097
• U.S.: 78538

Median gross rent

• Memphis: 1123
• Shelby County: 1170
• TN: 1122
• U.S.: 1348

Share of income a typical renter spends on rent: 32.9% — U.S.: 30.2%

What it means

The typical household here earns $51,211 — far lower than the national figure of $78,538.

The typical renter here spends 32.9% of household income on rent, above the 30% level housing agencies use to define cost burden.

Since 2015, income has kept pace with rent here (+40.5% versus +35.6%), before adjusting for inflation.