Memphis

Le Bonheur Children's Hospital and St. Jude Children's Research Hospital make Memphis a vital national hub for pediatric medicine.
The Memphis music powerhouse, Sun Studios.
Sunrise Memphis is a popular breakfast and brunch spot on Jefferson Avenue.
Aerial view of Downtown and Midtown.
The Medical District has been Memphis' center of medicine since the mid-1800s.

Memphis, TN Area Guide

Avg Rent

$1,044

Population

629,404

Renter Mix

57% Rent

Walk in the footsteps of legends in the Bluff City

Airport Music Food College Affordable Historic Waterfront

Memphis sits on a high bluff above the Mississippi River, carrying the weight of American musical history alongside a present-day economy that moves at a serious pace. FedEx, AutoZone, and International Paper all call the city home, giving the metro area a broad commercial foundation that extends well beyond tourism. The University of Memphis and St. Jude Children's Research Hospital add major educational and medical anchors that draw people from across the country. Known as the birthplace of rock and roll and the cradle of the blues, Memphis shaped the soundtrack of a nation — Sun Studio, Graceland, and the Stax Museum of American Soul Music stand as living proof.

Neighborhoods here each carry their own personality. Midtown offers tree-lined streets and proximity to Overton Park, while Downtown and South Main attract those who want converted warehouse lofts close to the riverfront and the National Civil Rights Museum. Crosstown Concourse anchors its namesake district with a mixed-use creative hub, and East Memphis delivers quieter, more suburban settings near Shelby Farms Park. The rental landscape reflects that range — garden-style apartment communities, historic bungalows, high-rise options Downtown, and spacious townhomes spread across a city that remains notably affordable compared to most major metros.

Explore the City

Sunrise Memphis is a popular breakfast and brunch spot on Jefferson Avenue.

Health Sciences Park serves as a quiet getaway for the medical students and health professionals that live and work in the area.

This sculpture titled, "RESPECT" was crafted by Tootsie Bell in 2013.

The homes that now make up Victorian Village were constructed in the mid-1800s.

Aerial view of Downtown and Midtown.

The Medical District has been Memphis' center of medicine since the mid-1800s.

Demographics

Median Household Income

$45,276

Average: $67,300

Education

138,317

Residents Have a Degree

Job Market

293,171

Workers Employed

Age Distribution
Get a sense of this area's population profile.

Median Age

36 Years

Largest Age Group

25-34 Years

Approximately 15% of Residents

Under 20

27%

Over 65

16%

Housing Distribution

Memphis has more renters than homeowners.

Renters
57%
Non-Renters
43%

Education Distribution

Review this city's overall education levels.

Bachelor's or Higher
17%
Other Education
83%

Rent Trends

As of May 2026, the average apartment rent in Memphis, TN is $951 for a studio, $1,044 for one bedroom, $1,078 for two bedrooms, and $1,291 for three bedrooms. Apartment rent in Memphis has decreased by -0.6% in the past year.

Property Type
Average Rent
Average Sq Ft
Apartment
$1,044/month
707 Sq Ft
House
$1,635/month
1,381 Sq Ft
Condo
$1,704/month
968 Sq Ft
Townhome
$1,210/month
955 Sq Ft
See Rental Market Trends in Memphis, TN

Cost of Living

The cost of living in Memphis, TN is 10.8% lower than the national average. Generally, housing in Memphis is 16.4% less expensive than the national average, with rent falling between $951 - $1,291. You can expect to pay 1.2% less for groceries, 15.5% less for utilities, and 13.2% less for transportation.

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Learn More About Memphis

Getting Around

Fairly Walkable

Walkability

50 / 100

Limited Public Transit

Transit

20 / 100

Moderately Drivable

Drivability

70 / 100

Fairly Bikeable

Bikeability

50 / 100

Schools

Richland Elementary School

Public

Grades PK-5

870 Students

Richland Elementary

Public

Grades PK-5

870 Students

Southwind Elementary

Public

Grades PK-5

686 Students

Southwind Elementary School

Public

Grades PK-5

686 Students

Newberry Elementary

Public

Grades PK-5

403 Students

Maxine Smith Steam Academy

Public

Grades 6-8

364 Students

University Middle

Public

Grades 6-8

271 Students

White Station Middle

Public

Grades 6-8

1,099 Students

White Station Middle School

Public

Grades 6-8

1,099 Students

John P. Freeman Optional School

Public

Grades K-8

548 Students

East High

Public

Grades 9-12

568 Students

Middle College High

Public

Grades 9-12

311 Students

University High School

Public

Grades 9-12

96 Students

White Station High School

Public

Grades 9-12

1,840 Students

White Station High

Public

Grades 9-12

1,840 Students

Points of Interest

Parks and Recreation

  • Children's Museum of Memphis
  • Sharpe Planetarium
  • Memphis Zoo
  • Memphis Botanic Garden
  • Dixon Gallery and Gardens

Commuter Rail

Airports

  • Memphis International

Top Apartments in Memphis

Houses for Rent in Memphis

Property Management Companies in Memphis, TN

Living in Memphis

History

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Memphis rises from the Chickasaw Bluffs overlooking the Mississippi River, a strategic site first explored by Spanish conquistador Hernando de Soto in 1541 and later contested through colonial times for its natural protection from flooding. The city's historic layers remain visible across neighborhoods where Craftsman and colonial-style homes line residential streets, while Downtown's preserved warehouse buildings have found new purpose as lofts and creative spaces. The Peabody Hotel still operates as a celebrated landmark, and structures like the Pyramid of Memphis anchor the riverfront skyline. Sun Studio preserves the rooms where rock and roll was born, and Graceland draws visitors to the estate where Elvis Presley lived and recorded. The Stax Museum of American Soul Music stands on the original studio site, while the National Civil Rights Museum occupies the Lorraine Motel, marking the city's central role in the civil rights movement.

Restaurants

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Memphis is synonymous with barbecue, and the city's slow-smoked, dry-rubbed ribs and pulled pork are recognized as a distinct American tradition. Charlie Vergos' Rendezvous has anchored Downtown since 1948, drawing locals and visitors alike with its signature dry-rub ribs. The broader food scene stretches well beyond the pit, with restaurants serving Southern soul food, Indian, Thai, and Ethiopian cuisine spread across neighborhoods from Midtown to East Memphis. The Memphis in May World Championship Barbecue Cooking Contest draws competitors and food lovers from around the world each spring, cementing the city's status as a barbecue capital.

Transportation

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Driving is the primary way residents get around Memphis, with major highways including I-40, I-240, and I-55 forming the backbone of the road network and connecting the city to regional destinations. The Main Street Trolley links Downtown's business district to the St. Jude campus, offering a public transit option in the urban core. The Broad Avenue Arts District in Binghampton features dedicated bike lanes, and the Shelby Farms Greenline trail system gives cyclists and pedestrians a car-free route connecting Midtown to the massive Shelby Farms Park. Memphis International Airport sits in the southeastern part of the city, providing convenient access for travelers and supporting the massive FedEx World Hub that makes Memphis a global freight center.

Parks

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Memphis delivers impressive outdoor options for residents who love green space. Shelby Farms Park, one of the largest urban parks in the country, sits on the eastern edge of the city and offers trails, lakes, and extensive recreation opportunities connected to the broader Shelby Farms Greenline trail system. Overton Park in Midtown provides a beloved urban retreat with forest trails and open lawns, while Tom Lee Park stretches along the Mississippi riverfront Downtown with sweeping views of the river. Harbor Town on Mud Island features Greenbelt Park, a quieter waterfront escape with walking trails and scenic river panoramas. Outdoor enthusiasts can also make easy weekend trips to Holly Springs National Forest just across the state line in Mississippi.

Cost

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Memphis sits well below the national average for overall cost of living, with housing costs running notably lower than what renters find in most major U.S. cities. Average rent for a one-bedroom apartment is around $1,041, while rents across bedroom sizes generally fall within the $960 to $1,292 range. Utilities and transportation also come in below national norms. Rent levels can vary across the city's distinct neighborhoods, from Midtown and Cooper-Young to East Memphis and Downtown, reflecting differences in housing stock, walkability, and proximity to amenities.

Shopping

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Memphis offers a range of retail destinations spread across its distinct neighborhoods. Overton Square in Midtown anchors a lively mixed-use district with shops, boutiques, and entertainment all within a walkable stretch. The Cooper-Young neighborhood draws browsers to its eclectic independent shops along its tree-lined streets, and the area hosts the long-running Cooper-Young Festival each fall, which brings together local vendors, artists, and makers. The Broad Avenue Arts District in Binghampton has grown into a browsing destination with local retail alongside galleries and studios. East Memphis along the Poplar Avenue corridor offers more traditional retail, while the South Main Arts District Downtown blends storefronts with galleries in a compact, pedestrian-friendly setting.

Highlights

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Sun Studio, Graceland, Fuller State Park, Shelby Farms Park, riverfront, Handy Park, Beale Street, FedEx Forum, Schwab Drugstore, Liberty Bowl Memorial Stadium, Peabody Hotel, Pyramid of Memphis, AutoZone Park, Arcade Restaurant, Memphis in May festival, Memphis Brooks Museum of Art

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Methodology

† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.

Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.

Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.