5 Most Affordable Neighborhoods in Memphis, TN
Experience all Memphis offers without breaking the bank. Explore our detailed guide to moving to Memphis on a budget.
Avg Rent
$1,044
Population
629,404
Renter Mix
57% Rent
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.
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.
Median Household Income
$45,276
Average: $67,300
Education
138,317
Residents Have a Degree
Job Market
293,171
Workers Employed
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.
Education Distribution
Review this city's overall education levels.
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.
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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5 Most Affordable Neighborhoods in Memphis, TN
Experience all Memphis offers without breaking the bank. Explore our detailed guide to moving to Memphis on a budget.
Best Neighborhoods in Memphis for Renters
Don’t know where to start your Memphis rental search? Here are five Memphis neighborhoods perfect for renters.
Utilities Included vs. Separate Bills: What Renters Should Know
From water to Wi-Fi, see which utilities landlords usually cover.
Explore how walkable, bikeable, drivable, and transit-friendly Memphis, TN is for everyday living.
Fairly Walkable
Walkability
Limited Public Transit
Transit
Moderately Drivable
Drivability
Fairly Bikeable
Bikeability
Public
Grades PK-5
870 Students
Public
Grades PK-5
870 Students
Public
Grades PK-5
686 Students
Public
Grades PK-5
686 Students
Public
Grades PK-5
403 Students
Public
Grades 6-8
364 Students
Public
Grades 6-8
271 Students
Public
Grades 6-8
1,099 Students
Public
Grades 6-8
1,099 Students
John P. Freeman Optional School
Public
Grades K-8
548 Students
Public
Grades 9-12
568 Students
Public
Grades 9-12
311 Students
Public
Grades 9-12
96 Students
Public
Grades 9-12
1,840 Students
Public
Grades 9-12
1,840 Students
The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process.
View GreatSchools Rating Methodology
Data provided by
GreatSchools.org
© 2026. All rights reserved.
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392
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3,063
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1,204
Units
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† 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.