Memphis, TN home prices
Typical home $242,102 · +0.1% in a year · income needed $69,500
The Memphis, TN metro area ranks 484 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +0.1% in a year and +15.5% over five years. With 20% down at 7.11%, the typical home costs about $1,621 a month including 0.98% property tax (Shelby County rate).
Mortgage on the typical Memphis home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $48,420 | $193,681 | $1,303 | $0 | $318 | $1,621 | $69,500 |
| 10% down | $24,210 | $217,892 | $1,466 | $91 | $318 | $1,874 | $80,300 |
| 5% down | $12,105 | $229,997 | $1,547 | $96 | $318 | $1,961 | $84,000 |
| 3.5% down (FHA) | $8,474 | $237,717 | $1,599 | $107 | $318 | $2,024 | $86,700 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.98% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Memphis area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Shelby County, TN | $215,732 | -1.2% | 0.98% |
| DeSoto County, MS | $299,861 | +1.4% | 0.6% |
| Tipton County, TN | $268,759 | +1.1% | 0.5% |
| Crittenden County, AR | $166,826 | +5.6% | 0.62% |
| Fayette County, TN | $367,601 | -0.8% | 0.33% |
| Marshall County, MS | $216,006 | +0.4% | 0.72% |
| Tate County, MS | $248,358 | +4.9% | 0.65% |
| Tunica County, MS | $161,344 | +5.3% | 0.53% |
What can you afford in Tennessee on your salary? · Tennessee home prices · Salaries in Tennessee
Frequently asked questions
How much is a house in Memphis?
The typical home in the Memphis, TN metro area is worth $242,102 (Zillow, September 2026).
What salary do you need to buy a house in Memphis?
About $69,500 a year for the typical home with 20% down at 7.11%.