Memphis, IN
Population 928 · Indiana
About Memphis, IN
Memphis is a small community located in Indiana with a population of 928 residents according to the latest US Census Bureau American Community Survey data. The median household income is $116,852 per year, which is 55% above the national median of $75,149. The median age of 35.8 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Memphis features a median home value of $233,600, which is 5% below the national median of $244,900. This positions Memphis in a moderately priced market relative to the rest of the country. Median monthly rent is $1,173, 1% above the national average of $1,163/month. Of the 376 total housing units, 88% are owner-occupied (332 units) and 12% are renter-occupied (44 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Memphis shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 0.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Memphis have an average one-way commute time of 26 minutes.
Education & Demographics
22.0% of Memphis residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 6.1% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
How Memphis Ranks in Indiana
Cost of Living in Memphis, IN
Compared to national averages, Memphis has a median household income of $116,852 (55% above the national median of $75,149). Home values average $233,600, which is 5% below the national median. Monthly rent at $1,173 is 1% above the US average of $1,163. Within Indiana, Memphis's income is 69% above the state average of $69,330, and home values are 43% above the state median of $163,409.
Why Live in Memphis, IN?
Memphis offers a strong local economy with a median household income of $116,852, well above the national average, and affordable housing with a median home value of $233,600, below the US average of $244,900, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a low poverty rate of 0.0%, better than the national average.
Memphis has a population of 928 with a median age of 35.8 years. Compare Memphis with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Memphis
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Gilmer Park | 929 | $61,184 | $142,600 | Compare |
| Colfax | 926 | $61,964 | $114,300 | Compare |
| Palestine | 925 | $89,924 | $134,900 | Compare |
| Goodland | 923 | $56,438 | $92,200 | Compare |
| Converse | 912 | $54,167 | $101,700 | Compare |
| Hamlet | 910 | $68,750 | $109,300 | Compare |
| Fish Lake | 954 | $69,417 | $181,300 | Compare |
| Shipshewana | 902 | $57,679 | $255,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Memphis With Other Cities
Frequently Asked Questions about Memphis
What is the population of Memphis, IN?
The population of Memphis, IN is 928 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Indiana.
What is the median household income in Memphis?
The median household income in Memphis, IN is $116,852 per year, which is 55% above the national median of $75,149.
What is the median home value in Memphis?
The median home value in Memphis, IN is $233,600, which is 5% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Memphis?
The median monthly rent in Memphis, IN is $1,173, which is 1% above the national average of $1,163/month.
What is the unemployment rate in Memphis?
The unemployment rate in Memphis, IN is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Memphis, IN a good place to live?
Memphis offers above-average incomes, affordable housing, and a strong job market. With a population of 928 and a median age of 35.8, the city appeals to a broad range of residents.
How educated is Memphis, IN?
22.0% of residents in Memphis aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Memphis?
Key cost-of-living indicators for Memphis, IN: median home value is $233,600 (5% below national), median rent is $1,173/month, and median household income is $116,852. The home-value-to-income ratio is 2.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Memphis?
The poverty rate in Memphis, IN is 0.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Memphis, IN?
Memphis's population is 0.0% White, 6.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.