Compare Memphis, TN mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Memphis.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Memphis. Plus, shopping lenders is free and there is no obligation.
June 26, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Memphis. Understand how much you need to earn to afford a home in Memphis, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Memphis fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Memphis is right for you.
The median home value for Memphis, TN (Shelby County) is $214,992
Based on current mortgage rates and a 10% down payment, you need to make $35,226 per year to buy the median priced home in Memphis
With this income, you could qualify for a $193,493 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Memphis is $816
The median household income for Memphis, TN (Shelby County) is $56,869
Based on this income, you can afford a home valued at approximately $347,088
The home price you can afford to buy based on household income in Memphis is 161% of the median home value which means housing prices are average. Memphis (Shelby County) ranks 71 out of 95 counties in Tennessee and 2,435 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Memphis, TN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Memphis (Shelby County) below.
Conforming loan limits for Memphis, TN
FHA loan limits for Memphis, TN
VA loan limits for Memphis, TN