Total monthly cost of ownership
Cost to Own a Home in Memphis, Missouri
A $117,000 home here costs
$1,029per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $601. The real number is $427 higher every month — 71% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Memphis against Scotland County and Missouri
| Measure | Memphis | Scotland County |
|---|---|---|
| Median home value | $117,200 | $141,100 |
| Median property tax | $937 | $1,192 |
| Effective tax rate | 0.799% | 0.845% |
| Median gross rent | $491 | $516 |
| Population | 1,860 | 4,698 |
The weather behind that power bill
Memphis sits in Scotland County, which averages a high of 85.8°F in its hottest month and a low of 13.8°F in its coldest, with 37.34" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 958 cooling and 6,149 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Scotland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Scotland County
No other places of this size are published in Scotland County.
Full Scotland County cost breakdown · Every county in Missouri
Common questions
How much does it cost to own a home in Memphis?
A $117,000 home in Memphis, Missouri costs approximately $1,029 per month with 20% down at 6.66%. That is $601 principal and interest, $78 property tax, $61 homeowners insurance, $191 utilities and $98 set aside for maintenance.
What is the property tax rate in Memphis?
Memphis has an effective property tax rate of 0.799%, based on a median home value of $117,200 and median real estate taxes of $937. That is lower than the Scotland County average of 0.845%.
What is the average home price in Memphis?
The median owner-occupied home value in Memphis, Missouri is $117,200, against $141,100 across Scotland County.
Is it cheaper to rent or buy in Memphis?
Median gross rent in Memphis is $491 a month, against $1,029 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Memphis — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Missouri.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.