Moving To Memphis, TN

Thinking about moving to Memphis?

You’ll be in good company. Between 2010 and 2016, more than 5,828 people have moved to Memphis, an increase of 0.9%. New residents are attracted to Memphis’s low cost of living, growing economy, and world-famous food and music.

Where Are All the New Residents of Memphis Moving From?

Memphis has long been a transportation and business hub, so it’s no surprise it’s attracting new residents from nearby locales. Although the metro area population grew just .07 percent from 2015 to 2016, the Memphis area has in fact attracted more than 34,000 residents from other places over the past five years. Between 2015 and […]

Living in Memphis

Memphis is home to 652,717 Memphians. With an area of 315.1 square miles, Memphis has a population density of 2,071 persons per square mile, which makes it less dense than many other cities of comparable size.

The Memphis, TN-MS-AR Metropolitan Statistical Area boasts a population of 1,342,842 people, of which Memphis proper’s population makes up 49%.

Memphis Housing Market

Affordable housing is one of best things Memphis has going for it. The median home value in Memphis is $81,700, -59% below the US median value, according to Zillow. The median price per square foot in Memphis is $55. Over the past 5 years, home values in Memphis have increased by 4%.

Renters in Memphis will also have an easy time finding affordable housing. The median rent in Memphis is $840 per month, which is 41% lower than the US median. Over the past year, rental rates in Memphis have decreased by 0.9%.

Memphis Economy

Memphis’s economy is growing strong. The Memphis metro area’s GDP grew by 15% between 2010 and 2015, from $62 billion in 2010 to $71 billion in 2015, a total increase of $9 billion. The metro area has a per capita GDP of $53,080. According to the US Census Bureau, the median household income in Memphis, TN is $47,552, 2% lower than the national median. Memphis’s unemployment rate is 4.9%.

Weather in Memphis

If hot weather isn’t your thing, you might want to think twice before moving to Memphis. Memphis winters are warm, with an average temperature of 47 degrees. Summers in Memphis are hot, with an average temperature of 80 degrees. The average temperature in Spring is 71 degrees and the average temperature in Fall is 54 degrees.

If you’re moving to Memphis, you better bring your umbrella! Memphis sees an average 108 rainy days per year, and had an average annual rainfall of 53.7 inches. Memphis is relatively dry, with an average annual relative humidity of 67. And don’t forget to bring your sunglasses and tanning lotion! Memphis gets an average of 2,888 sunny hours per year and 118 sunny days, more than much of the rest of the country.

Crime Rate in Memphis

Memphis does have some problems with violent crime, with a violent crime rate of 1,740 incidents per 100,000 persons according to the FBI, a higher rate than average. Property crime rates in Memphis are relatively high, with a rate of 5,631 incidents per 100,000 persons, a higher rate than average.

Traffic in Memphis

Ask anyone who lives in Memphis what the city’s biggest problems are and traffic will almost certainly be one of them. According to a survey conducted by INRIX, the average commuter in Memphis spends 21.2 hours in traffic each year, with about 6% of their time commuting in a traffic jam, a higher portion than average among US cities.

Memphis Cost of Living

Memphis is a relatively affordable place to live with a low cost of living. According to the Bureau of Economic Analysis‘s Regional Price Parity survey, which takes into account cost of living metrics including the price of goods and services and housing, Memphis has a regional price parity of 99.7, -8.9% below the average for US metro areas.

Education in Memphis

Memphis’s workforce is not as educated as comparable cities. Only 15% is in possession of a Bachelor’s degree, and 15% of the population did not complete High School. Only 8% of the population has a Graduate or Professional degree.

Memphis Demographics

The median age in Memphis is 35.2 years. 48.% of the population in the Memphis metro area is male, while 52.% is female. 5.1% of the metro population is foreign born.