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.
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:
- Best Places To Live In Tennessee
- Best Counties To Live In Tennessee
- Cheapest Cities To Live In America
- Cheapest States To Live In America
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”.
- 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 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.
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.
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.
The median income in Raleigh comes in at $37,105 and the median home value is $68,098 for 2020.
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:
- Cheapest Places To Live In Tennessee
- Best Places To Raise A Family In Tennessee
- Best Places To Retire In Tennessee
- Richest Cities In Tennessee
- Safest Places In Tennessee
- Worst Places To Live In Tennessee
Detailed List Of The Cheapest Neighborhoods To Live In Memphis For 2020
|Rank||Neighborhood||Cost Of Living Index|
|3||White Haven-Coro Lake||78|
|6||Hickory Ridge-South Riverdale||83|