Direct Answer
Homeownership Cost in Memphis, TN averages approximately $19,763/year ($1,647/month) โ 23% below the US national average of $25,800. Typical range: $12,846โ$28,656 depending on household and provider.
Homeownership Cost Range in Memphis
How Memphis Compares
Memphis's cost of owning a home runs $6,037 less per year than the US national average. With a cost-of-living index of 82, Memphis is positioned among the more affordable US markets, with homeownership cost pricing well below national averages.
Homeownership Cost in Top US Cities (Annual)
| City | Cost Index | Annual Avg | vs. National |
|---|---|---|---|
| Memphis, TN This page | 82 | $19,763 | -23% |
| New York, NY | 187 | $54,980 | +113% |
| Los Angeles, CA | 166 | $47,936 | +86% |
| Chicago, IL | 107 | $28,148 | +9% |
| Houston, TX | 96 | $24,458 | -5% |
| Phoenix, AZ | 103 | $26,806 | +4% |
How to Save on Homeownership Cost in Memphis
Shop providers annually โ cost of owning a home pricing in Memphis varies meaningfully between vendors; getting 3 quotes typically saves 10-25%.
Consider neighboring zip codes โ even within TN, cost of owning a home can vary substantially by area.
Time purchases strategically โ off-peak periods see lower demand and better pricing for cost of owning a home.
Bundle services where possible โ many providers in Memphis discount combined services 10-20%.
Use city-specific assistance programs โ Memphis and TN may offer income-based reductions for cost of owning a home; check with local consumer-affairs offices.
Other Costs in Memphis
See how other major expenses look in Memphis, TN.
Memphis Homeownership Cost โ FAQ
What is the average cost of owning a home in Memphis, TN?
The average cost of owning a home in Memphis, TN is approximately $19,763 per year ($1,647/month), based on a cost-of-living index of 82 applied to the national baseline of $25,800.
Is homeownership cost expensive in Memphis?
No โ cost of owning a home in Memphis runs about 23% below the US national average, helped by a city-wide cost index of 82. The annual cost is roughly $6,037 less than the national figure.
How much does cost of owning a home cost per month in Memphis?
Monthly cost of owning a home in Memphis averages about $1,647. Households typically see $1,071โ$2,388 per month depending on size, provider choice, and lifestyle.
What drives cost of owning a home differences between cities?
Homeownership Cost pricing tracks local labor markets, commercial real-estate costs, and regulatory environments. Cities with higher overall cost-of-living indices (like 82 for Memphis) systematically see higher service prices. Local competition, climate, and demand-supply balance also play significant roles.