Rent to own Homes in Memphis, TN
Memphis, Tennessee, is the largest city on the Mississippi River and the second-largest city in Tennessee. With a population of a little over 600,00, it still maintains a small town feel, thanks to its legendary Southern hospitality. One of the biggest draws to Memphis has always been music, and this is the city we can thank for several specific genres, including Rock 'n' Roll, Memphis Blues, Gospel, and even Crunk.
Memphis, TN is a great place for affordable rent-to-own homes! With a median household income of over $41,864 and a median rent of $915, the Memphis, TN rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Memphis, TN. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Memphis, TN Property Resources
Rent to own Homes in Cities Near Memphis, TN
- Arlington
- Atoka
- Bartlett
- Braden
- Bridgetown
- Byhalia
- Collierville
- Cordova
- Drummonds
- Eads
- Gallaway
- Germantown
- Hernando
- Horn Lake
- Independence
- Lake Cormorant
- Lakeland
- Lamar
- Lynchburg
- Memphis
- Millington
- Mount Pleasant
- Munford
- Nesbit
- Oakland
- Olive Branch
- Piperton
- Pleasant Hill
- Red Banks
- Rossville
- Somerville
- Southaven
- Victoria
- West Memphis
Neighborhoods in Memphis, TN
Snowden - Claybrook Block Club rent to own homes South Main Historic District rent to own homes Speedway Terrace Neighborhood Association rent to own homes North Parkway Galloway Neighbor Watch rent to own homes Annesdale Park Association rent to own homes Prospect Park - Rayner - Eloise Block Club rent to own homes Cameron Street Block Club rent to own homes Fountain Court Block Club rent to own homes Riverview Community Association rent to own homes South Memphis Citizens United for Action rent to own homesBuying a Home in Memphis, TN
Memphis, TN is seeing rapid growth and Memphis, TN's' housing market remains optimal with an average home price that is -51% below the 2024 national average. Memphis, TN is part of Shelby county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Shelby is 1.38% which is above the national average, which is 0.99%.
Median Home Price in Memphis, TN
Median Rent in Memphis, TN
Top Reasons to Live in Memphis TN
Housing Statistics The number of homes sold in Memphis in a recent 12-month period was 1,828. The average listing price was $178,093, but the the median home sale price was $99,500. The majority of residents -- 53.73% -- own their homes. Of those that do intend to rent--or rent to own--it's worth noting that the apartment vacancy rate hovers around 17.06%.
Local Events and Festivals If you are looking for a city with something to offer every member of your family, Memphis is just the place. The local events kick off in May each year with the Memphis in May Extravaganza. This is a month long event that features four main parts:
Nightlife Memphis really does have something for everyone and it's evident in the nightlife variety it offers. This city has far more than just bars and dance clubs. If you are looking for something musical, try B.B. King's Blues Club on Beale Street. You can get some great food and listen to incredible music at this friendly and inviting club. Dying to catch the big game? Try Brookhaven Pub and Grill on Brookhaven Circle. Fantastic food can be found here, with plenty of games on the large plasma screens.
Neighborhoods Memphis has many neighborhoods, each with unique features. Here, a few of the more notable ones within the city:
Memphis, TN Frequently Asked Questions
Like any city, there are safer parts than others. As of right now, the level of crime in Memphis is considered "very high," with crime steadily increasing over the past three years. Check out the safer areas like Midtown, Downtown, Oakland, Brighton, Munford, Millington, and Horn Lake.
In addition to music, BBQ, and other cultural attractions, Memphis also has affordable housing and great schools.
The median housing cost in Memphis, Tennessee, is $857,700.
Memphis has been historically attached to both music and food. Not only is Graceland, Elvis' home, a grand attraction, but people come from all over to listen to Soul, Blues, Jazz, and Rock in one of many of Memphis' music venues. The other thing Memphis is known for? BBQ! People travel from all over the world to taste Memphis' famous BBQ.