Total monthly cost of ownership
Cost to Own a Home in Memphis, Tennessee
A $157,000 home here costs
$1,356per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $807. The real number is $549 higher every month — 68% 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 Shelby County and Tennessee
| Measure | Memphis | Shelby County |
|---|---|---|
| Median home value | $157,100 | $229,700 |
| Median property tax | $1,848 | $2,376 |
| Effective tax rate | 1.176% | 1.034% |
| Median gross rent | $1,123 | $1,170 |
| Population | 629,063 | 922,195 |
The weather behind that power bill
Memphis sits in Shelby County, which averages a high of 91.9°F in its hottest month and a low of 33.3°F in its coldest, with 54.94" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 2,314 cooling and 2,875 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Shelby County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shelby County
Full Shelby County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Memphis?
A $157,000 home in Memphis, Tennessee costs approximately $1,356 per month with 20% down at 6.66%. That is $807 principal and interest, $154 property tax, $66 homeowners insurance, $198 utilities and $131 set aside for maintenance.
What is the property tax rate in Memphis?
Memphis has an effective property tax rate of 1.176%, based on a median home value of $157,100 and median real estate taxes of $1,848. That is higher than the Shelby County average of 1.034%.
What is the average home price in Memphis?
The median owner-occupied home value in Memphis, Tennessee is $157,100, against $229,700 across Shelby County.
Is it cheaper to rent or buy in Memphis?
Median gross rent in Memphis is $1,123 a month, against $1,356 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 Tennessee.
- 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.