Memphis, TN: a city alive with the soulful beats of music, the aroma of mouthwatering barbecue, and the warmth of Southern hospitality. For those considering a move to this vibrant metropolis, there’s much to explore and uncover. With a population of more than 620,000, Memphis stands as a beacon of opportunity, offering a blend of cultural richness, affordable living, and diverse neighborhoods.
In this blog post, we’ll navigate the ins and outs of living in Memphis, TN, providing insights into its neighborhoods, cost of living, attractions, and much more. Whether you’re drawn to the bustling streets of downtown or the tranquil charm of the suburbs, Memphis has something to offer every aspiring resident. Let’s get started!
Living in Memphis, TN: Pros and Cons
Living in Memphis offers a unique blend of advantages and challenges that shape the city’s character. Let’s start by exploring the key pros and cons to consider when contemplating a move to this vibrant Tennessee city.
Pros
A vibrant entertainment scene defines Memphis, with iconic venues like Beale Street and the birthplace of rock ‘n’ roll, Sun Studio, drawing in music enthusiasts from around the globe. The city’s rich cultural heritage ensures there’s always something exciting happening, from live performances to festivals celebrating its musical legacy.
One of Memphis’s most appealing aspects is its affordability. With lower housing costs compared to national averages, residents enjoy a higher quality of life without breaking the bank.
Whether you’re renting or buying, there are plenty of housing options to suit various budgets, making Memphis an attractive destination for young professionals and families alike.
Cons
Despite its many charms, Memphis grapples with higher-than-average crime rates, particularly in certain neighborhoods. While efforts are being made to improve safety and security, it’s essential for residents to remain vigilant and take precautions to protect themselves and their property.
Navigating Memphis can be challenging due to limited public transportation options and traffic congestion, especially during peak hours. Reliance on personal vehicles is common, which can lead to longer commute times and increased stress for residents.
Memphis Neighborhoods
Choosing the right neighborhood is important if you are planning a move to Memphis. From historic districts to family-friendly neighborhoods, the city offers a diverse range of options to suit various preferences and budgets.
Popular Neighborhoods
Midtown stands out as a vibrant, diverse community known for its historic charm and cultural attractions. With tree-lined streets and a bustling arts scene, it’s a favorite among young professionals and families.
Cooper-Young, another eclectic neighborhood, boasts historic architecture and a strong sense of community, making it ideal for creatives and professionals seeking a connected lifestyle.
Suburban Retreats
For those craving a suburban lifestyle, East Memphis offers spacious homes, excellent schools, and convenient amenities. With well-maintained neighborhoods and lush parks, it’s perfect for families looking for tranquility without sacrificing urban conveniences.
Harbor Town, located on Mud Island, provides a suburban feel with waterfront views and access to the Mississippi River, appealing to those seeking a peaceful retreat close to downtown.
Upscale Living
The Lake District and Germantown cater to discerning residents seeking upscale amenities and top-rated schools. These prestigious neighborhoods boast beautifully designed homes, upscale shopping, and dining options, making them popular choices for affluent families and professionals.
Central Gardens, with its historical charm and elegant homes, offers a blend of sophistication and Southern hospitality, attracting residents seeking a timeless sense of community.
Emerging Areas
High Point Terrace and Downtown West are emerging neighborhoods with affordable housing options and a mix of historic and modern architecture. These areas appeal to young professionals and families looking for urban living at a reasonable cost.
Eads and Lakeland, located just outside the city, offer serene suburban lifestyles with spacious properties and tight-knit communities, perfect for those seeking a peaceful retreat from the urban hustle.
A Look at the Memphis Housing Market
Memphis boasts one of the most affordable housing markets in the United States. With housing expenses approximately 34% lower than the national average, and transportation costs, including bus fares and gas prices, sitting at 11% below the national average, it’s an enticing option for those looking to settle down without breaking the bank.
The median home rent in Memphis stands at a reasonable $825 per month, while the median home value is a modest $228,326, significantly lower than neighboring cities like Nashville.
For renters, the options are equally appealing. Studio apartments can be found for as low as $683 per month, with one-bedroom homes averaging $770. If you’re in the market for a bit more space, a two-bedroom residence typically rents for around $908 monthly, while a three-bedroom house averages $1,240.
For those considering homeownership, Memphis offers affordable options with a median home price of $124,779, well below the national average. However, it’s worth noting that home values have seen a notable increase, rising by 19.7% over the past year.
Despite this uptick, Memphis remains an attractive destination for individuals and families looking to invest in real estate without breaking the bank.
Things to Do in Memphis
Memphis is brimming with an array of activities and attractions to suit every interest. You can jump into the heart of the city’s musical heritage with visits to iconic sites like Beale Street and Sun Studio. Other options include the vibrant arts scene at the Memphis Brooks Museum of Art or catching a live performance at the Orpheum Theatre.
For outdoor enthusiasts, Shelby Farms Park offers endless opportunities for hiking, biking, and picnicking, while cultural events like the Memphis in May International Festival showcase the city’s rich heritage and diversity.
Are You Considering Moving to Tennessee?
The bottom line is that living in Memphis, TN offers a blend of affordability, vibrant culture, and rich history. From its renowned music scene to its diverse neighborhoods and array of attractions, Memphis provides a dynamic lifestyle filled with opportunities for exploration and enjoyment.
Whether you are planning to rent a property in Memphis or invest in real estate here, Reedy & Company is here to help. We are a leading property management company with more than 40 years of experience. Contact us today to learn more about how we can help you make the most of moving to Memphis.
