The 10 Cheapest Memphis, TN Neighborhoods To Live In For 2019


We used science and data to determine which neighborhoods in Memphis are the cheapest of the cheap.

Editor’s Note: This is our first time ranking the cheapest neighborhoods to live in Memphis.
Cheapest Neighborhoods In Memphis

Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.

I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.

And while every neighbhorhood in Memphis might be more expensive than living in rural Tennessee, there are certain neighborhoods that are definitely cheaper.

So what exactly are those Memphis neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?

Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Memphis are the cheapest.

Here are the cheapest neighborhoods in Memphis for 2020:

  1. Berclair-Highland Heights (Homes)
  2. Parkway Village-Oakhaven (Homes)
  3. White Haven-Coro Lake (Homes)
  4. Raleigh (Homes)
  5. Downtown (Homes)

What’s the cheapest neighborhood to live in Memphis for 2020? According to the most recent census data, Berclair-Highland Heights looks to be the cheaptest Memphis neighborhood to live in.

At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Memphis. You could be sacrificing location or crime rates in return for more space and cheaper groceries.

Read on to see how we determined the places around Memphis that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Memphis.

Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.

For more Tennessee reading, check out:

How We Determined The Cheapest Memphis Hoods In 2020

In order to rank the cheapest places to live in Memphis, we had to determine what criteria defines “cheap”.

Using census and extrapolated BLS data, we arrived at the following set of criteria:

  • Overall Cost Of Living
  • Rent To Income Ratio
  • Median Home Value To Income Ratio

We then ranked each neighborhood with scores from 1 to 13 in each category, where 1 was the cheapest.

Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.

And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Memphis.” We’re lookin’ at you, Berclair-Highland Heights.

Read on below to learn more about what it’s like to live in the cheapest places Memphis. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.

The 5 Cheapest Neighborhoods To Live In Memphis For 2020

Berclair-Highland Heights Memphis, TN

Overall SnackAbility

4
/10

Population: 33,880
Cost Of Living Index: 77 (2nd cheapest)
Home Value To Income Ratio: 1.8 (2nd cheapest)
Rent To Income Ratio: 0.026 (11th cheapest)
More on Berclair-Highland Heights: Homes For Sale | Data

Berclair is a district of Memphis, Tennessee. It is named after a major street in this district.

The median income in Berclair-Highland Heights comes in at $29,979 and the median home value is $54,679 for 2020.

Overall SnackAbility

3
/10

Population: 39,436
Cost Of Living Index: 78 (4th cheapest)
Home Value To Income Ratio: 1.8 (1st cheapest)
Rent To Income Ratio: 0.025 (10th cheapest)
More on Parkway Village-Oakhaven: Homes For Sale | Data

Parkway Village is a predominantly African-American community in southeast Memphis, Tennessee. Parkway Village is bounded by Getwell Road and Lamar Avenue on the West, Winchester Road on the South, I-240 on the North, and Mendenhall Road on the East. The former Mall of Memphis was in the Parkway Village community.

The median income in Parkway Village-Oakhaven comes in at $34,723 and the median home value is $61,991 for 2020.

Overall SnackAbility

3
/10

Population: 88,153
Cost Of Living Index: 78 (4th cheapest)
Home Value To Income Ratio: 2.0 (5th cheapest)
Rent To Income Ratio: 0.021 (6th cheapest)
More on White Haven-Coro Lake: Homes For Sale | Data

Whitehaven is a predominantly African-American community in Memphis, Tennessee, first organized in the late 19th century as a neighborhood for upper-class families. Its current population is about 50,000.

The median income in White Haven-Coro Lake comes in at $34,319 and the median home value is $69,690 for 2020.

Overall SnackAbility

4
/10

Population: 54,460
Cost Of Living Index: 79 (6th cheapest)
Home Value To Income Ratio: 1.8 (3rd cheapest)
Rent To Income Ratio: 0.023 (9th cheapest)
More on Raleigh: Homes For Sale | Data

The median income in Raleigh comes in at $37,105 and the median home value is $68,098 for 2020.

Overall SnackAbility

3
/10

Population: 48,441
Cost Of Living Index: 76 (1st cheapest)
Home Value To Income Ratio: 2.2 (7th cheapest)
Rent To Income Ratio: 0.028 (12th cheapest)
More on Downtown: Homes For Sale | Data

Downtown Memphis, Tennessee is the central business district of Memphis, Tennessee and is located along the Mississippi River between Interstate 40 to the north, Interstate 55 to the south and I-240 to the east, where it abuts Midtown Memphis.

The median income in Downtown comes in at $25,786 and the median home value is $56,744 for 2020.

Summing Up The Cheapest Places In Memphis

If you’re measuring the neighborhoods in Memphis where prices are low and it’s cheap to live, this is an accurate list.

As we mentioned earlier, the neighborhoods in Memphis aren’t all cheap. Windyke-Southwind takes the title of the most expensive neighborhood to live in Memphis.

We ranked the neighborhoods from cheapest to most expensive in the chart below.

For more Tennessee reading, check out:

Detailed List Of The Cheapest Neighborhoods To Live In Memphis For 2020

Rank Neighborhood Cost Of Living Index
1 Berclair-Highland Heights 77
2 Parkway Village-Oakhaven 78
3 White Haven-Coro Lake 78
4 Raleigh 79
5 Downtown 76
6 Hickory Ridge-South Riverdale 83
7 Cordova-Appling 89
8 Shelby Forest-Frayser 77
9 River Oaks-Kirby-Balmoral 90
10 Midtown 81
11 East Memphis-Colonial-Yorkshire 86
12 Eads-Fisherville 98
13 Windyke-Southwind 102

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.

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