How much do households in the Memphis, TN area spend on rent?
Refreshed annually
About $1,220, or 33.3% of their income, in 2020–2024. This is measured by comparing median, or average, rent and median monthly income for renting households.
$1.22K
median monthly rent in Memphis, TN area (2020–2024)
33.3%
average share of income spent on rent in Memphis, TN area (2020–2024)
Comparing rent to renter income provides one measure of rental affordability. The Memphis, TN area (Memphis, TN-MS-AR Metro Area)’s median rent was about $1,220 per month in 2020–2024. Typical monthly income among renting households was about $3,666 per month during that same period.
A typical household spent about $1,220 on rent in the Memphis, TN area.
Median gross rent and median renter household income, 2020–2024
Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates greater affordability.
The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of median monthly income, it means a typical household would meet the definition of housing cost-burdened.
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Do households in the Memphis, TN area spend more or less on rent than other Tennessee metros?
The Memphis, TN area’s rent-to-income ratio ranked 1 out of 10 Tennessee metros.
Ratio of median gross rent to median renter household income, 2020–2024
Compared to other metro areas in the state, the Memphis, TN area had the second highest median rent and fifth highest median renter-household income. (Metro areas are made up of economically interconnected counties that include at least one urban area. A single metro area can include multiple cities and cross state lines.) Out of the 10 metros in the state, the Memphis, TN area’s rent-to-income ratio ranked highest.
Do households in the Memphis, TN area spend more or less on rent than other large metros?
The large metro median rent-to-income ratio was 31.9%.
Ratio of median gross rent to median renter household income, 2020–2024
The Memphis, TN area is a large metro, which have over 1 million people. Compared to other large metros, the Memphis, TN area’s rent-to income ratio is higher than is typical. The average among large metros was 31.9% in 2020–2024, 1 percentage points lower than in the Memphis, TN area.
Renter income and rent, large metro areas (2020–2024)
| 1. | $10,148 | |
| 2. | $7,944 | |
| 3. | $6,827 | |
| 4. | $6,551 | |
| 5. | $6,501 | |
| 6. | $5,887 | |
| 7. | $5,874 | |
| 8. | $5,869 | |
| 9. | $5,709 | |
| 10. | $5,470 |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
