Memphis is one of the most affordable major metros in the country. Housing, utilities, and healthcare all cost well below the national average, and Tennessee has no state income tax on wages.
| Overall Cost of Living | 11% below the national average |
|---|---|
| Housing | 16% below the national average |
| State Income Tax | None on wages |
| Sales Tax | 9.75% combined state and local rate |
| Metro | Overall vs. National Average | Housing vs. National Average |
|---|---|---|
| Memphis, TN | 11% below | 16% below |
| Dallas, TX | 2% below | 11% below |
| Nashville, TN | 2% below | 2% above |
| Chicago, IL | 18% above | 44% above |
| Category | Memphis vs. National Average |
|---|---|
| Housing | 16% below |
| Utilities | 16% below |
| Healthcare | 21% below |
| Transportation | 13% below |
| Groceries | 1% below |
| Goods and Services | 7% below |
Lower housing costs are the biggest difference you will notice. The same home costs far less in Memphis than in Nashville, Dallas, or Chicago, which leaves more room for savings, travel, or private school tuition.
Memphis offers a wide range of housing within a short drive of the medical district. You can choose a riverfront condo downtown, a historic home in Midtown, or a larger family home in East Memphis or Germantown.
| Memphis Median Sale Price | About $287,000 (early 2026) |
|---|---|
| U.S. Median Sale Price | About $430,000 (early 2026) |
| Housing Styles | Historic homes, riverfront condos, established ranches, new construction |
| Rental Options | Downtown, Harbor Town, and Midtown apartments and condos |
| Neighborhood | Character | Approximate Drive to Regional One |
|---|---|---|
| Downtown and South Bluffs | Condos and lofts, gated options | 5 minutes |
| Harbor Town | Planned riverfront community with a town square | 10 to 12 minutes |
| Central Gardens | Historic homes with a neighborhood security patrol | 10 minutes |
| Evergreen | Historic homes near Overton Park | 10 to 15 minutes |
| Cooper-Young | Walkable district with restaurants and shops | 10 to 15 minutes |
| East Memphis | Established neighborhoods near shopping and private schools | 20 minutes |
| Germantown | Suburban city with its own schools and parks | 25 to 30 minutes |
Harbor Town sits on Mud Island, about 10 to 12 minutes from Regional One. It has a small town square with a neighborhood grocery, restaurants, a boutique hotel, a Montessori school, parks, and walking trails along the river. Updated homes run about $250 per square foot, and larger homes in the original section generally range from the mid-$600,000s to the $800,000s. Condos and apartments are also available.
East Memphis neighborhoods such as High Point Terrace offer a mix of older and newer homes on tree-lined streets. The area is close to Laurelwood and Regalia shopping centers and several private schools.
Germantown is its own city, with its own schools, police, and fire departments. Most neighborhoods have a nearby park, and many homes sit on large, mature lots. Typical prices range from the mid-$400,000s to more than $900,000. The Highlands is a popular neighborhood with physicians, known for its large homes and lots.
Memphis has had higher crime rates than the national average, and it is important to look at the full picture. Crime has dropped sharply over the past two years, and many neighborhoods and suburbs have added their own public safety resources.
| 2025 vs. 2024 (Preliminary TBI Data) | Change |
|---|---|
| Memphis major violent crime rate | Down 27.6% |
| Memphis major property crime rate | Down 28.0% |
| Shelby County major violent crime rate | Down 27.1% |
| Shelby County major property crime rate | Down 27.3% |
Many physicians choose Harbor Town, Midtown historic neighborhoods, East Memphis, or Germantown. Each area offers a different balance of commute time, housing style, and neighborhood services.
