Total monthly cost of ownership
Cost to Own a Home in Memphis, Texas
A $75,000 home here costs
$795per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $386. The real number is $409 higher every month — 106% 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 Hall County and Texas
| Measure | Memphis | Hall County |
|---|---|---|
| Median home value | $74,700 | $80,200 |
| Median property tax | $971 | $972 |
| Effective tax rate | 1.300% | 1.212% |
| Median gross rent | $608 | $610 |
| Population | 2,231 | 2,827 |
The weather behind that power bill
Memphis sits in Hall County, which averages a high of 95.9°F in its hottest month and a low of 29.0°F in its coldest, with 23.67" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 2,265 cooling and 3,072 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Hall County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hall County
No other places of this size are published in Hall County.
Common questions
How much does it cost to own a home in Memphis?
A $75,000 home in Memphis, Texas costs approximately $795 per month with 20% down at 6.66%. That is $386 principal and interest, $81 property tax, $50 homeowners insurance, $216 utilities and $63 set aside for maintenance.
What is the property tax rate in Memphis?
Memphis has an effective property tax rate of 1.300%, based on a median home value of $74,700 and median real estate taxes of $971. That is higher than the Hall County average of 1.212%.
What is the average home price in Memphis?
The median owner-occupied home value in Memphis, Texas is $74,700, against $80,200 across Hall County.
Is it cheaper to rent or buy in Memphis?
Median gross rent in Memphis is $608 a month, against $795 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 Texas.
- 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.