Memphis, TN
Population 629,063 · Tennessee
About Memphis, TN
Memphis is a major city located in Tennessee with a population of 629,063 residents according to the latest US Census Bureau American Community Survey data. The median household income is $51,211 per year, which is 32% below the national median of $75,149. The median age of 34.3 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 $157,100, which is 36% 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 $1,123, 3% below the national average of $1,163/month. Of the 292,290 total housing units, 46% are owner-occupied (117,061 units) and 54% are renter-occupied (137,469 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Memphis shows an unemployment rate of 8.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 22.5%, above the national average of 12.4%. Workers in Memphis have an average one-way commute time of 21.3 minutes.
Education & Demographics
28.2% of Memphis residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 5.7% White, 1.1% Hispanic or Latino, 0.3% Black or African American, and 3.9% Asian residents, with 7.4% of the population being foreign-born.
How Memphis Ranks in Tennessee
Cost of Living in Memphis, TN
Compared to national averages, Memphis has a median household income of $51,211 (32% below the national median of $75,149). Home values average $157,100, which is 36% below the national median. Monthly rent at $1,123 is 3% below the US average of $1,163. Within Tennessee, Memphis's income is 19% below the state average of $62,849, and home values are 27% below the state median of $214,371.
Why Live in Memphis, TN?
Memphis offers affordable housing with a median home value of $157,100, below the US average of $244,900, and rent that’s lower than the national average at $1,123/month, and short commute times averaging just 21.3 minutes.
Potential considerations include median household income ($51,211) that falls below the national average. However, as a major city, Memphis provides access to a wide range of amenities and services.
Memphis has a population of 629,063 with a median age of 34.3 years. Compare Memphis with other cities to see how it stacks up, or explore all cities in Tennessee.
Similar Cities Near Memphis
Cities in Tennessee with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Nashville-Davidson metropolitan government (balance), Tennessee | 684,298 | $75,197 | $383,100 | Compare |
| Knoxville | 193,721 | $50,994 | $214,000 | Compare |
| Chattanooga | 182,832 | $61,028 | $259,200 | Compare |
| Clarksville | 171,897 | $66,786 | $236,100 | Compare |
| Murfreesboro | 157,547 | $76,241 | $365,100 | Compare |
| Franklin | 85,575 | $115,000 | $646,300 | Compare |
| Johnson City | 71,455 | $55,429 | $238,000 | Compare |
| Jackson | 68,098 | $51,552 | $195,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Tennessee
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, TN?
The population of Memphis, TN is 629,063 according to the latest US Census Bureau American Community Survey estimates. This makes it a major city in Tennessee.
What is the median household income in Memphis?
The median household income in Memphis, TN is $51,211 per year, which is 32% below the national median of $75,149.
What is the median home value in Memphis?
The median home value in Memphis, TN is $157,100, which is 36% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Memphis?
The median monthly rent in Memphis, TN is $1,123, which is 3% below the national average of $1,163/month.
What is the unemployment rate in Memphis?
The unemployment rate in Memphis, TN is 8.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Memphis, TN a good place to live?
Memphis offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 629,063 and a median age of 34.3, the city appeals to young professionals and families.
How educated is Memphis, TN?
28.2% 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, TN: median home value is $157,100 (36% below national), median rent is $1,123/month, and median household income is $51,211. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Memphis?
The poverty rate in Memphis, TN is 22.5%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Memphis, TN?
Memphis's population is 5.7% White, 1.1% Hispanic or Latino, 0.3% Black or African American, 3.9% Asian, and 62.7% two or more races. 7.4% of residents are foreign-born.