How Long to Save for a Home in Memphis, TN
Median home price, average rent, and a personalized savings timeline for Memphis — updated 2026-Q1.
Median Home Price
$220,000
Average Rent
$1,200/mo
Median Income
$48,000/yr
5yr Price Growth
+22%
Calculate for Memphis
Invest this % of your rent ($1,200/mo)
Down payment
Down Payment Scenarios in Memphis
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $7,700 | 4.5 years | 4.9 years |
| 10% Down | $22,000 | 10.1 years | 12 years |
| 20% Down | $44,000 | 15.6 years | 20 years |
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Buying a Home in Memphis, Tennessee
Memphis is one of the South's growing metro areas with a population of 630,000. The median home price of $220,000 makes it one of the more affordable major metros.
With average rent at $1,200/month, a renter in Memphis investing 10% of their rent ($120/month) into diversified REITs could accumulate a 20% down payment of $44,000 in approximately 15.6 years. The same monthly contribution in a high-yield savings account would take about 20 years.
Home prices in Memphis have grown 22% over the past five years, roughly in line with national trends. For renters, this means the down payment target continues to move — making it even more important to invest rather than just save, so your money grows alongside home prices.