About the Memphis Housing Market
Memphis, Tennessee, is a city that has been experiencing a period of growth in recent years. The city’s population has grown by 2.4% since 2010, and the economy has also seen strong growth. In 2021, the city’s population grew by 0.6%, which was faster than the national average of 0.3%.
Memphis has a diverse economy with key sectors including healthcare, logistics, manufacturing, and tourism. The city is home to several major corporations and has a significant transportation and distribution industry due to its location on the Mississippi River and its well-connected transportation infrastructure. Memphis is also known for being a hub for the music and entertainment industry, with a rich musical heritage.
In recent years, there have been efforts to revitalize downtown Memphis, focusing on attracting new businesses, residents, and improving the overall livability of the area. Projects such as the redevelopment of the Memphis riverfront, renovation of historic buildings, and the expansion of the medical district have been aimed at stimulating growth and investment in the city center.
Median Household Income: $43,981
Metro Population: 1.3 Million
11-Year Population Growth: -1.5%
Median Home Price: $149,639
Median Rent Per Month: $1,069
1-Year Equity Growth: 8.3%
8-Year Equity Growth : 68%
1-Year Rent Growth: 8%
8-Year Rent Growth (January 2014 – December 2022): 8%
Job Growth: +2,000 CES jobs created over the last year
1-Year Job Growth Rate: 2.06%
Unemployment Rate: 4.6% (36% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Low cost of living
Solid price-to-rent ratios
Large, stable rental population
No state income or capital gains tax
What to Watch Out For
Lack of public transport
Higher crime in some areas
Traffic
Severe weather
Hot/humid summers
– Memphis is a relatively affordable city to live in, especially when compared to other major cities in the United States. This makes it an attractive destination for people who are looking to save money on housing, transportation, and other expenses.
– Memphis is a diverse city with a rich culture, which includes a number of historical landmarks, museums, and art galleries. This makes it an attractive destination for people who are looking for a vibrant and exciting place to live.
– Memphis has a diversified economy, which means that it is not reliant on a single industry. This makes it a less risky place to invest in real estate, as you are not as exposed to the ups and downs of a single industry.
– Memphis is located in the heart of the Mississippi River Valley, which makes it a convenient base for people who want to explore the region. The city is also within driving distance of several major cities, including Nashville, St. Louis, and Little Rock.
– Memphis is also a city with a rich culture and history. The city is home to the National Civil Rights Museum, which is a museum dedicated to the history of the civil rights movement. Memphis is also home to the Beale Street Music District, which is a historic district that is home to a number of blues clubs and restaurants.
Population growth
Memphis is a growing city, with a population of over 650,000. This growth is being driven by a number of factors, including the city’s affordable housing, strong job market, and central location. This growth is likely to continue in the coming years, which will make Memphis an even more attractive place to invest in real estate.
Strong job growth
Memphis has a strong job market, with a low unemployment rate of 3.4%. This is due in part to the city’s location along the Mississippi River, which makes it a major transportation hub. There are also a number of large employers in Memphis, including FedEx, AutoZone, and International Paper.
Affordable housing
Memphis has some of the most affordable housing in the country. The median home value in Memphis is just $121,161, which is significantly below the national average of $375,300. This makes it a great place to invest in rental properties, as you can expect to generate a high return on your investment.
Purchasing Property in Memphis
The city of Memphis is making a concerted effort to revitalize its downtown area. This includes the development of new hotels, restaurants, and entertainment venues. This revitalization is making Memphis a more attractive place to live and work, which is likely to drive demand for real estate in the city.
There are a number of factors that have contributed to Memphis’ growth. The city is home to a number of Fortune 500 companies, including FedEx, AutoZone, and International Paper. These companies have helped to create a strong job market in Memphis.
In addition, Memphis is a major transportation hub. The city is home to the Memphis International Airport, which is the 19th busiest airport in the United States. Memphis is also a major rail and trucking hub. This transportation infrastructure has helped to attract businesses to Memphis and has made it a convenient place for businesses to do business.
Memphis, Texas
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