Renting in Memphis costs about $1,370 a month, and the typical home is listed at $176,000. That puts the price-to-rent ratio at 10.7: a typical home costs as much as 10.7 years of rent.
Memphis now and in 2031
| Now | 2031 (projected) | |
|---|---|---|
| Typical asking rent | $1,370/mo | $1,335/mo |
| Typical list price | $176,000 | $197,000 |
| Price-to-rent ratio | 10.7 | — |
Rent is projected at -0.5% a year, the trend in RentCast's median rents for these ZIP codes since mid-2024. For home values: The first 2 years follow this year's change in list prices (-6.7%); later years use the Federal Housing Finance Agency's house price index average for these ZIP codes from 2020 to 2025 (+8.7% a year). These are trends carried forward, not predictions of the next market turn.
How to read the price-to-rent ratio
The ratio divides the typical list price by a year of typical rent. A higher ratio means buying is expensive relative to renting; a lower one means monthly rent is high compared with what a home costs. It's a quick way to compare cities, not a verdict for your situation.
By ZIP code
| ZIP | Median rent | Rental listings | Median list price | Sale listings |
|---|---|---|---|---|
| 38016 | $1,895/mo | 277 | $318,700 | 250 |
| 38128 | $1,295/mo | 216 | $139,999 | 263 |
| 38109 | $1,095/mo | 211 | $89,900 | 383 |
| 38111 | $1,135/mo | 290 | $184,901 | 345 |
| 38134 | $1,500/mo | 114 | $239,900 | 112 |
| 38116 | $1,120/mo | 79 | $154,900 | 141 |
What this doesn't account for
Mortgage rates, your down payment, property taxes, insurance, HOA fees, maintenance, and how long you'll stay decide more than any city-wide figure. These are area numbers built from active listings; they don't know the specific home or your finances.
Source: RentCast market data for 6 of Memphis's 25 ZIP codes (the most populous, home to 42% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 14, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
How much is rent in Memphis, TN?
Typical asking rent is $1,370 a month, across 1,187 active rental listings in 6 ZIP codes.
How much do homes cost in Memphis, TN?
The typical list price is $176,000, across 1,494 active sale listings in 6 ZIP codes. List prices are asking prices, not final sale prices.
What is the price-to-rent ratio in Memphis, TN?
About 10.7: the typical list price equals 10.7 years of typical rent. The higher the ratio, the more buying costs relative to renting.