Moving to Memphis, Tennessee

Quick insights

• Memphis’ rich musical history and landmark status for civil rights gives the city a unique flavor for visitors and residents alike.
• The cost of living in Memphis, Tennessee is 10% below the national average, making it potentially more affordable for first-time homebuyers.ec-payscale-memphis
• Potential homebuyers may want to make note of Memphis’ job market, climate and potential for earthquakes.

Are you considering a big move to Memphis? If so, you may be wondering what it’s like to buy a home and live there. In this article, we’ll give an overview of life in Memphis, popular neighborhoods for homebuyers and other details you might want to know before committing to the move.

Living in Memphis, Tennessee

Memphis is a characteristically warm city situated on the Mississippi River, with high humidity that lingers all year long. The city has a vibrant cultural scene, with strong emphasis on music and culinary experiences. The city hosts the World Championship Barbecue Cooking Contest in the spring, offering a great opportunity to test BBQ from near and far.

With plentiful parks and access to the river, it’s common for residents to take up outdoor-oriented hobbies, such as fishing, golfing, kayaking and canoeing and participating in local sports leagues. Residents also have several professional sports teams to cheer on, including the Memphis Grizzlies (NBA) and Memphis Redbirds (Triple-A baseball).

Important places in Memphis

It would be impossible to describe Memphis without emphasizing its influence on blues, jazz and rock ‘n’ roll. The city is known to attract and nurture musical talent, including the likes of Elvis Presley, whose iconic Graceland Home is a short drive south of the city center. Music fans of today have a list of venues to explore on and off the famous Beale Street, plus the Memphis Rock ‘n’ Soul Museum.

Memphis residents played a historic role in organizing and supporting the Civil Rights Movement, which came to a climax when Dr. Martin Luther King Jr. was assassinated in the city at the Lorraine Motel. The motel has since become the centerpiece of The National Civil Rights Museum. It has operations in multiple cities and provides itineraries to guide visitors around other major locations of note.

Researching the best neighborhoods in Memphis

Wondering where to begin your search? Some of the most desirable locations to visit and live in include downtown, Midtown, South Memphis and Annesdale.

Downtown Memphis

Downtown Memphis can be a great place to live for individuals, couples and small families who prefer condo living in the center of it all. To live in this neighborhood generally means being close to job opportunities and alongside the iconic Mississippi River. Downtown also provides great access to many of the city’s museums. Many of the condominiums are updated properties in pre-war buildings, blending new and old characteristics.

Midtown Memphis

Midtown is a fun, eccentric neighborhood located to the east of the city’s downtown area. There’s a combination of historic streets and lively stretches of entertainment, including restaurants, theatres and musical venues. Homes in Midtown come in a mix of styles, including Foursquare, Greek Revival, Tudor and simple bungalows. It can be easy to get just about anywhere from this neighborhood because of its central location.

South Memphis

South Memphis is sometimes referred to as “Soulsville” due to its deep connection to soul music, notably being the birthplace of legendary vocalist Aretha Franklin and original site of Stax Records. Homes in this neighborhood tend to be ranch-style builds from the 1950s and 1960s with a small lawn. On a walk around the neighborhood, one is bound to notice the many vibrant murals decorating the area’s buildings.

Annesdale

This historic neighborhood sits between downtown and Midtown Memphis and features some of the most ornate and unique homes you’ll find in the city. Most buildings in this area were built between 1900 and the mid-1920s in Victorian and Colonial styles. This neighborhood has a ramp to Interstate 69 (helping with trips to the airport) and the Methodist University Hospital for care close to home.

Things to know before moving to Memphis

Before you move to Memphis, you may want to consider how things like the city’s weather, job market and transportation options will work with your lifestyle.

• Weather and climate: Summer temperatures can soar above 90°F, which can lead to high spending on cooling costs for homeowners. Winters in Memphis are mild, and snowfall is generally light and infrequent.
• Natural hazards: Memphis is situated in the New Madrid Seismic Zone, leading to earthquakes in this area, although most are subtle or unnoticeable. The area is also prone to flooding and occasional tornadoes. 
• Proximity to work centers: Major employment centers are downtown and in the East Memphis business district. The business district is home to several of the city’s major employers, including corporate headquarters and public-facing retail businesses.
• Hospitals: Major facilities in the city include Methodist Hospitals of Memphis, Baptist Memorial Hospital and St. Francis Hospital, all known for providing comprehensive care.

Average cost of living and Memphis’s job market

The cost of living in Memphis is 10% lower than the national average, making it an affordable option for many, especially first-time homebuyers.ec-payscale-memphis Located on the edge of the Mississippi River, Memphis has long been a hub for many types of essential work. The city’s diverse job market has opportunities in a variety of sectors, including logistics, healthcare, finance and banking, retail and consumer goods, education and manufacturing.

Transportation options in Memphis, Tennessee

When it comes to getting around Memphis, residents tend to take public transit or drive. Options include:

• Driving: Driving is the dominant form of commuting in Memphis. Outside of peak hours, traffic is probably manageable. Interstate 40 cuts through downtown and across the Mississippi River, and Interstate 69 runs North-South beside it. Interstate 240 traces the south and east sides of the city.
• Public transit: The Memphis Area Transit Authority (MATA) offers bus and trolley services throughout the city.
• Biking in Memphis: Memphis has a few notable biking and walking trails but is not generally bike-friendly for daily commuting.
• Catching a flight: Memphis International Airport is a civil and military airport south of downtown Memphis.

Housing resources in Memphis, Tennessee

First-time homebuyers and those with low-to-moderate incomes may qualify for local programs meant to make housing more accessible in Memphis (availability and information subject to change).

• Tennessee Housing Development Agency (THDA): Current residents and those planning to move to Memphis may be able to take advantage of THDA home-buying programs. The THDA Great Choice mortgage program provides fixed, low rate 30-year loans with reductions for active and retired members of the military and first responders.ec-payscale-memphis
• Shelby County Down Payment Assistance (DPA) program: The Shelby County DPA program assists low- and moderate-income individuals with homebuying. The program can cover a portion of down payment and closing costs on homes with a purchase price of $400,000 and below for eligible buyers. Requirements include (but are not limited to) having a good credit history, stable employment and the completion of a homebuyer education course.ec-dev901-homeown-prgms

Living in Memphis: The pros and cons

So, is Memphis a good place to live? Naturally, this will depend on what you personally value and how the city fits in with your lifestyle. Let’s recap some of the highlights.

Pros of living in Memphis

• Affordable cost of living and broad job market
• Rich cultural and musical heritage
• Outdoor recreational opportunities

Cons of living in Memphis

• Warm weather and high humidity
• Car-dominated infrastructure
• Potential for earthquakes

In summary

Living in Memphis may be a good choice for someone who wants to be immersed in Southern culture—food, meaningful history, music—and doesn’t mind some heat. If you’re thinking about buying a home and would like to discuss your loan options, consider reaching out to a Chase Home Lending Advisor for personalized support.