Mortgage payment estimates, closing cost breakdowns, and homebuying data for Memphis, Tennessee.
Pre-filled with Memphis median home price and Tennessee tax/insurance rates. Adjust for your property.
Estimated closing costs based on Tennessee rates and fees applied to Memphis prices.
The median home price in Memphis is $185,000, 46% below the Tennessee state median of $340,000. With a population of 633,104, Memphis is a major metro area where home prices tend to be more accessible than in many parts of Tennessee.
Property taxes in Tennessee average 0.56% annually. This low property tax rate is a significant advantage for Memphis buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Tennessee runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Memphis is $1,080/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Memphis over the long term.
Memphis offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Tennessee's THDA Great Choice Home Loan program.