About Memphis, TN
With the word Memphis meaning established and beautiful, there might not be any better-named city. The mighty Mississippi River flows through this vibrant metropolis where there is no shortage of music, amazing food (bring stretchy clothes: food portions here come in “whoa” and “oh my gosh, okay”), and plenty of history—some of it heartbreaking as only the underbelly of human history can be.
John Overton, Andrew Jackson, and James Winchester founded Memphis in 1818 (presumably) having no idea that they were establishing a town that would be mentioned in more songs than any other city in the world. Take that, Paris! Sorry, New York! Visitors and residents wouldn’t be surprised at that fact either; there’s something special in the air that’s difficult to articulate. Perhaps it’s the spirit of perseverance, the willingness to create beauty and music and food and continue to celebrate even when unimaginable heartbreak that impacts the entire world is carried out in your city limits.
The assassination of Reverend Dr. Martin Luther King Junior happened in Memphis on April 4, 1968, the day after he delivered his “I’ve Been To The Mountaintop” speech. Memphis serves as an exploratory nexus for those wishing to understand the civil rights movement even more.
But, as it’s been mentioned, it serves as a locale to inspire, connect, eat, and for some, live and/or invest. And with a mild southern climate and an average of 238 sunny days a year, it’s almost always a good day to go find some music or an adventure.
Interesting facts about Memphis, TN
- To no one’s surprise “The Father of the Blues”, W.C. Handy called Memphis home. George Gershwin once told W.C. Handy “Your work is the grandfather of mine.” Not too shabby!
- The first black millionaire from the South, Robert Church, was from Memphis.
- Memphis is referred to as “Hollywood South.” Many movies have been filmed there, with some of the highlights including “The Firm,” “21 Grams,” “Walk The Line,” and “The People vs. Larry Flynt.”
- Industrial development has been an important part of Memphis’ economy since the end of World War II.
Facts and figures about Memphis
The Memphis population has slightly decreased from 646,889 in 2010 to 633,104 according to the US Census Bureau. It could be worth speculating that this trend could reverse as Nashville continues its real estate boom and eventually populations start searching nearby cities with the same great climate and music-driven lifestyle. Only future Memphis real estate market trends and time will tell for sure.
Housing remains remarkably affordable, a plus for investors who want to invest what we think is an underrated gem and for renters who want to be a part of a city that has plenty of room to grow. We’re particularly excited to see how the Memphis real estate market continues to unfold.
Cost of living
- Median list price: $105,900
- Median household income: $41,228
- Per capita income: $25,605
- Median selected monthly owner costs (with a mortgage): $1,191
- Median selected monthly owner costs (without a mortgage): $450
- Average rent for a 3-bedroom unit: $1,500
Employment
Memphis has implemented major initiatives to support local and newcomer entrepreneurs to help grow their local job economy. This is resulting in homegrown infill projects to create inviting local destinations in the city’s neighborhoods. In addition, any companies moving to Memphis receive major incentives around permits, codes, taxes, and other considerations. What’s more, Ford Motor company has been pushing forward to build an electric vehicle motor plant less than an hour away from Memphis which is anticipated to impact the greater area in a hugely positive way. Add in the FedEx headquarters located in Memphis, and it’s not surprising to find a promising trend of unemployment decreasing to 4.1% in December 2021 from 6.9% in December 2020.
Major industries include:
- Advanced manufacturing.
- Agribusiness and agtech.
- Supply chain and logistics.
- Healthcare and medical innovation.
- Corporate HQ and tech.
- Food and beverage.
Memphis, TN housing market trends
Memphis remains an affordable, but growing city, and is considered to be a seller’s market.
- Median list price: $105,900
- Price per square foot: $80
- Average days on market: 66
- Average rent for a 3-bedroom unit: $1,500
Top sights and things to do in Memphis
From light-hearted bar crawls to sobering memorials and historic sites, Memphis is a multi-layered city, rich in experiences for visitors and residents alike.
Tour Sun Studio
This studio is considered the birthplace of Rock ‘n’ Roll. Sign up for the guided tour for a journey through the history of the blues, the discovery of Elvis and other blues heroes. The tour ends in the legendary studio where music lovers are sure to relish standing on the same worn floors that legends stood on while recording some of the most celebrated music ever made.
Visit Graceland
Graceland is the famed home of Elvis Presley. If you can make it there during the week in the offseason, that’s ideal as it’s one of the most visited private homes in the United States, second only to the White House.
I AM A MAN Plaza
An integral part of the Memphis experience is exploring civil rights history. So much of it happened here. You can visit various sites on the Civil Rights Trail, and one not to be missed is the I AM A MAN Plaza. It’s situated around the Clayborn Temple which was the headquarters for the sanitation worker’s strike which started after two African-American sanitation workers were killed in an accident on a city truck.
Visit the Lorraine Motel, site of Dr. Martin Luther King Jr.’s Assassination
This is another stop on the Civil Rights Trail. This is the site where Reverend Dr. Martin Luther King Junior was shot and the motel now serves as a civil rights museum.
Witness the marching of the Peabody ducks
Grab a cocktail and watch the marching of the Peabody Ducks in the Peabody Hotel for a reminder of all things good in the world. Every day, the ducks that live in the Peabody Penthouse are escorted by their very own Duck Master to a lobby fountain via a red carpet. When they’ve splashed, played, and frolicked, back on the red carpet to their penthouse they go. It’s truly a silly delight.
Party on Beale Street
You won’t have trouble finding information on where to find this famous strip of blues bars where you can walk into any bar and bear witness to the best guitar player you’ve seen in your life again and again and again.
