Affordable & Income-Based Housing in Memphis

Affordability in Memphis

According to Census ACS 5-Year data (as of 2024), the median monthly rent in Memphis is $1,181 and the median household income is $51,736 annually. With 55% of residents renting their homes, affordable housing options play a significant role in the city.

Lease Lantern tracks 68 HUD-assisted and income-based properties in Memphis, offering a combined 7,841 units across the city.

Safety

According to FBI Crime Data Explorer, the Memphis Police Department reported a violent crime rate of 2,507 per 100,000 residents in 2024. Note that methodological differences mean violent crime rates are not directly comparable across cities.

Getting Around Memphis

The area around assisted properties in Memphis scores a 64 (Somewhat Walkable) Walk Score, a 33 (Some Transit) Transit Score, and a 59 Bike Score, according to Walk Score. These scores reflect conditions near the assisted housing locations in the city, not Memphis as a whole.

Schools

Memphis is served by 223 schools across 4 districts, including 128 elementary, 33 middle, 54 high, and 8 other schools, according to NCES Common Core of Data. Quality and resources vary by school and district, so renters should check the assigned schools for their specific address before making a decision.

Cost of Living in Memphis

Memphis is a majority-renter city, with 55% of households renting according to Census ACS 5-Year data. The median household income is $51,736 per year, and the citywide median rent is $1,181 per month, according to Census ACS 5-Year estimates.

Affordable and income-based housing can make a meaningful difference for renters here. Lease Lantern lists 68 HUD-assisted or income-restricted properties in Memphis, covering 7,841 units across the city.

Flood and Environmental Exposure

All 68 affordable properties in Memphis were mapped for flood risk. Only 1 is located in a high-risk flood zone, meaning the vast majority of HUD-assisted and income-based housing in the city sits outside federally designated high-risk areas.