Mortgage payment estimates, closing cost breakdowns, and homebuying data for Memphis, Tennessee.
Median Home Price
$185K
Population
633K
Avg Monthly Rent
$1,080
Property Tax Rate
0.56% *
* Property tax shown is the Tennessee state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Memphis.
Memphis vs Tennessee Median
The median home price in Memphis is $185,000, which is 46% below the Tennessee state median of $340,000.
Mortgage Calculator — Memphis, TN
Pre-filled with Memphis median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$1,500/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $86
Insurance: $200
PMI: $103
10% Down
$1,436/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $86
Insurance: $200
PMI: $97
20% Down (No PMI)
$1,222/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $86
Insurance: $200
Income needed (28% rule): $52K/year with 20% down, $62K/year with 10% down.
Rent vs Buy in Memphis
Rent
$1,080/mo
vs
Buy (10% down)
$1,436/mo
Price-to-rent ratio: 14.3 — With a ratio under 15, buying in Memphis is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $356 more than renting, but you build equity with every payment.
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.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Memphis.