Chicago · Registered nurse · $98,500 · One adult, renting a 1-bedroomSaved on this device

Chicago · Registered nurse · $98,500 · One adult, renting a 1-bedroom

Memphis, TN

Housing in Memphis, TN: Rent, Home Prices & Property Tax

$1,045/mo (1 bd) in Memphis. Median home $228,100. Property tax 0.94%.

Compare vs Chicago Rank metros from MemphisHow we figure this

Rent (1 bd): $1,045; /mo
Buy: $1,541; Mortgage, tax, insurance
Buying costs more: $496; /mo

State tax and rent

To buy

20% down payment$45,620
Mortgage at 6.5%$1,153
Property tax (0.94% of value)$179/mo · $2,144/yr
Insurance and upkeep$209
Monthly total$1,541

48.2% of renters spend 30% or more of income on rent. Census ACS 2023.

Months to 20% down

$2,790 left each month. About 17 months (1.4 years) to save $45,620.

Asking rent. Census median home price. 30-year fixed, 6.5%, 20% down. Not lending advice.

Moving from Memphis

Memphis → Nashville · $117 less

Compare Memphis