Memphis is one of the South’s more unique cities. From the excitement surrounding Grizzlies basketball to the oversized beers and wailing blues guitars of Beale Street, the Bluff City has its own atmosphere, deep-rooted history and distinct culture. It’s the place defining moments of the Civil Rights Movement took shape, and revolutionary musicians like Otis Redding, Elvis Presley and Johnny Cash shook the world despite humble beginnings.
Today’s Memphis celebrates its past while marching towards a bright future, reviving many historic neighborhoods and playing host to multiple Fortune 500 Companies and an ever-expanding commercial sector. There’s an opportunity here for those willing to hustle for it, and the city is growing as a result.
One of the best parts about Memphis is that many of its most popular neighborhoods aren’t the most expensive. Despite these areas being in high demand, the level of accessibility is still high, meaning there’s a good chance you can get into the neighborhood that perfectly fits your lifestyle.
What is the average rent in Memphis?
The average one-bedroom rent in Memphis is $988, which is up 6.44 percent from last year. By comparison, the national average is $1,589, which is 61 percent higher than in Memphis. The national average one-bedroom rent also rose only 1.8 percent in 2020, so while Memphis’s rent is much lower than average, it’s rising more quickly.
Like most of the country, rent in Memphis has gone up in the past year. And across the South, the larger the unit, the larger the rent increase. For example, one-bedroom rent has risen 4.5 percent, while three-bedroom units have risen nearly twice as fast, at 8.1 percent. This reflects an increasing demand for larger units as seen across the country — Tennessee included.
How much do I need to make to live in Memphis?
Here’s a handy planning tip: Experts recommend spending no more than 30 percent of your pre-tax income on housing. At $988 a month, the average one-bedroom renter in Memphis will spend $11,856 per year on housing. That means you’ll need to make roughly $39,520 on average to live comfortably in Memphis.
We can calculate it at the extremes, too. For the most expensive neighborhoods in Memphis, you’d ideally want to make at least $66,520. For the least expensive, you’ll be covered with at least $20,680.
You can use our handy rent calculator to plan your desired rent range based on city and income level.
The cost of living in Memphis
Memphis has long been known for its low cost of living, which extends well beyond housing costs. Thankfully, this applies citywide, from the downtown neighborhoods to the suburbs and beyond.
If you’re thinking of moving to Memphis and are planning your budget, make sure to factor in costs beyond housing — you might save money in many other areas, depending on where you’re moving from.
Overall, the cost of living in Memphis is 12.7 percent lower than the national average. Here’s how it all breaks down:
- Housing: The cost of housing in Memphis is 20.7 percent below the national average.
- Healthcare: The cost of healthcare in Memphis is 16.5 percent below the national average.
- Transportation: The cost of transportation in Memphis is 14.9 percent below the national average.
- Utilities: The cost of utilities in Memphis is 10.6 percent below the national average.
- Groceries: The cost of groceries in Memphis is 10.1 percent below the national average.
- Miscellaneous goods and services: The cost of miscellaneous goods and services in Memphis is 7 percent below the national average.
The most and least expensive neighborhoods in Memphis
The most expensive neighborhoods in Memphis vary in terms of atmosphere and style, from quiet enclaves filled with unique historic homes to highrise-filled urban blocks. Whether you want something near the city’s largest university (The University of Memphis), easy access to the gorgeous bike paths and hiking trails at the massive Shelby Farms Park or you want to dance the night away downtown at a hot spot, there’s a neighborhood for you.
Most of Memphis’s priciest neighborhoods are near the Downtown and Midtown areas, including the Memphis neighborhoods with rents rising most quickly.
On average, the highest one-bedroom rent is in Evergreen Historic District ($1,663), and it’s rising at a year-over-year rate of 5.4 percent. Also on the higher end are the Core ($1,506) and East Buntyn ($1,343).
On the least expensive end, we’ve got Whitehaven clocking in at an average one-bedroom rent of $517 a month, North Parkway Village at $524 and Southeast Memphis at $532.
The most expensive Memphis neighborhoods
The most expensive neighborhood in Memphis is Evergreen Historic District, part of what’s colloquially referred to as Midtown. Evergreen is one of the city’s oldest neighborhoods, and it features an eclectic mixture of both new and historic homes.
This is due in part to attempts years back to split the district (as well as Overton Park) in half to make way for Interstate 40, an effort that residents fought. The case eventually reached the U.S. Supreme Court, where Evergreen residents prevailed.
Like several other neighborhoods in that area, it’s listed on the National Register of Historic Places. The average rent in Evergreen is $1,663 per month, and it’s risen 5.4 percent. You’ll find all types of rental properties here as well as easy access to many beloved Midtown Memphis businesses.
“The Core” refers to the center of Memphis’s Downtown area, spanning from Peabody Place North to Interstate 40 and East as far as 4th Avenue. This includes the area around the Peabody Memphis and AutoZone Park, Chickasaw Bluffs along the Wolf River Harbor and down toward the bridge to Mud Island, a sizable chunk of Downtown populated mostly by businesses.
Residences are virtually all apartment buildings and condos with easy access to Downtown’s attractions by foot or bicycle. Average rent is slightly declining year-over-year in this area.
East Buntyn’s inclusion in this list may surprise locals, but it makes perfect sense. Tucked between the University of Memphis and the Memphis Country Club, East Buntyn contains part of the Highland Strip and the area immediately east. The average one-bedroom rent is $1,343 per month, down 3.07 percent in 2020. It’s also just a short drive from the popular Cooper-Young area, Overton Square and other schools (including Christian Brothers University and Rhodes College).
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Evergreen Historic District | $1,663 | 5.40% |
| 2 | The Core | $1,506 | -1.66% |
| 3 | East Buntyn* | $1,343 | -3.07% |
| 4 | Edge District | $1,321 | -6.04% |
| 5 | River Oaks | $1,312 | 24.09% |
| 6 | Mud Island | $1,290 | -0.83% |
| 7 | Windyke | $1,264 | 6.90% |
| 8 | Countrywood | $1,221 | 7.98% |
| 9 | South Main | $1,219 | 6.38% |
| 10 | South Bluffs | $1,186 | 10.94% |
*May not be a true market representation due to insufficient inventory
The least expensive Memphis neighborhoods
The three least expensive neighborhoods in Memphis are all in the southern portion of the city. Whitehaven, nestled along the city’s border with Mississippi, has a one-bedroom average rent of only $517 per month. The neighborhood is probably most well-known for housing Graceland, Elvis Presley’s home for two decades, beginning in 1957. Whitehaven hosts Elvis Week, one of Memphis’s largest tourist events. Residents also enjoy the benefits of being near Southland Mall, the area’s commercial hub, and David Carnes Park, which features everything from a splash pad and playground equipment to picnic areas and fitness equipment.
East of Memphis International Airport lies North Parkway Village, where rent is only $524 on average. North Parkway Village (and its accompanying neighbor, Parkway Village) transformed in the 1950s when developers replaced farmland with cozy suburban homes.
In the 1980s, crime rates began to rise and property values fell. But as a result, homes are extremely competitively priced, both for renters and buyers. Today, the neighborhood is also home to several popular apartment complexes, offering a range of options for those interested in the area. North Parkway Village is also conveniently located near many amenities along bustling Poplar Avenue, including the pleasant Sea Isle Park, popular with families as well as pet owners, given its expansive dog park.
In Southeast Memphis, one-bedroom rent averages $532 per month. This area comprises the communities north of Interstate 240, stretching as far north as Cooper-Young and the Midtown area. It’s a stone’s throw from much of Memphis’s best music history, particularly where Stax Records is (which is technically part of neighboring South Memphis). It’s also conveniently situated for those who want to be near LeMoyne-Owen College.
While this area has seen economic depression and crime issues for decades, exciting things are happening to revitalize and uplift the community. It also offers easy access to some of the best food in Memphis, from Interstate BBQ to the Four Way.
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Whitehaven | $517 | -5.75% |
| 2 | North Parkway Village | $524 | -5.36% |
| 3 | Southeast Memphis | $532 | 4.55% |
| 4 | Whitehaven View | $550 | 0.03% |
| 5 | Fox Meadows | $581 | 2.01% |
| 6 | Capleville | $594 | 5.14% |
| 7 | Gardenview | $595 | 3.35% |
| 8 | Parkway Village | $615 | 0.68% |
| 9 | Raleigh | $615 | 6.86% |
| 10 | Normal Station | $660 | 0.00% |
Average rent prices in Memphis neighborhoods
No matter what price range you’re looking for, Memphis has options for you. See the table below to compare average rental rates.
| Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|
| Autumn Ridge | $678 | 0.69% |
| Capleville | $594 | 5.14% |
| Central Gardens | $914 | -26.05% |
| Countrywood | $1,221 | 7.98% |
| Downtown | $1,168 | 3.05% |
| East Buntyn* | $1,343 | -3.07% |
| East Central Shelby* | $977 | 0.69% |
| East Memphis | $909 | 11.26% |
| Edge District | $1,321 | -6.04% |
| Evergreen Historic District | $1,663 | 5.40% |
| Fox Meadows | $581 | 2.01% |
| Gardenview | $595 | 3.35% |
| Gray's Creek* | $977 | 0.69% |
| Hickory Hill | $675 | 2.76% |
| Hunters Hollow North | $1,091 | 18.16% |
| Idlewild Historic District | $771 | -9.07% |
| Medical District | $813 | -3.25% |
| Midtown | $1,184 | -2.24% |
| Mud Island | $1,290 | -0.83% |
| Normal Station | $660 | 0.00% |
| North Parkway Village | $524 | -5.36% |
| Parkway Village | $615 | 0.68% |
| Raleigh | $615 | 6.86% |
| Richwood | $1,176 | -3.46% |
| River Oaks | $1,312 | 24.09% |
| South Bluffs | $1,186 | 10.94% |
| South Main | $1,219 | 6.38% |
| Southeast Memphis | $532 | 4.55% |
| Southwind | $1,134 | 1.57% |
| The Core | $1,506 | -1.66% |
| UDistrict | $713 | -1.24% |
| Uptown | $761 | -2.19% |
| Victorian Village | $941 | N/A |
| Whitehaven View | $550 | 0.03% |
| Whitehaven | $517 | -5.75% |
| Windyke | $1,264 | 6.90% |
*May not be a true market representation due to insufficient inventory
Find your Memphis neighborhood
There’s no place quite like Memphis. Residents embrace the city’s “grit and grind” can-do attitude with pride, and the city’s positively brimming with culture and history. It feels both quintessentially Southern and yet unlike anywhere else in the South, all at the same time. Its unique vibe (not to mention unbeatable music and food) make it a match for many. Check out what homes and apartments Memphis has to offer right now. You never know — you just might find an ideal new rental for you.
