Is It Worth Buying a Home in Memphis, TN?
The decision to rent or buy in Memphis, Tennessee depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $185,000 and median monthly rent of $1,200, the math plays out differently depending on your personal situation.
Memphis has an average property tax rate of 1.34% annually, which adds approximately $207/month to the cost of homeownership on a median-priced home.
Historically, home values in Memphis have appreciated at roughly 2.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Memphis Buyers
- Down payment of 20% on a median home = $37,000
- Monthly mortgage (30yr at 6.99%) ≈ $984/mo
- Property tax ≈ $207/mo
- Estimated maintenance ≈ $154/mo