Renters across the United States continue to scramble to find affordable housing as rents reach new highs each month. The median one-bedroom rent is now $1,414 a month, while the median rent for a two-bedroom unit comes in at $1,758 a month.
This represents a 12.8 percent increase for one-bedrooms and a 13.9 percent increase for two bedrooms over the last year. That’s according to rental platform Zumper, which reported the newest data in its May 2022 National Rent Report.
However, not all major U.S. cities are experiencing huge rent increases. Memphis, Tennessee, for example, is one of the most affordable large rental markets in the state and the nation.
Median rent for a one-bedroom in Memphis is $900 a month, which is down 1.1% over the previous month. Median rent for a two-bedroom unit is $950 a month. This is down 5% from the previous month.
Compared to other cities in Tennessee, rent in Memphis is much lower. Here are the median one-bedroom rents in three other cities in the state:
- Nashville, TN: $1,730 per month (up 36.2 percent over the last year)
- Knoxville, TN: $1,170 per month (up 30 percent over the last year)
- Chattanooga, TN: $1,140 per month (up just 0.9 percent over the last year)
Cost of living in Memphis
Rocket Homes lists Memphis as one of the most affordable big cities in the nation. The cost of living is 20.6 percent lower than the national average, making Memphis the sixth cheapest U.S. city in their survey.
This low cost of living is offset by the fact that average wages in the city are low as well. Median household income in Memphis is 35 percent lower than the rest of the United States. So, while the cost of living is low, it can still be challenging to make ends meet because of the number of low-paying jobs in the area.
Memphis problem areas
One of the downsides of living in Memphis might be its local government. WalletHub recently ranked Memphis as one of the worst-run cities in America. Out of 150 major U.S. metro areas, Memphis ranked number 135. The city ranked low for its quality of city services.
The city ranks poorly for overall safety. This category includes such factors as the city’s violent crime rate, property crime rate, and perception of safety. Memphis also ranks at the bottom of the list in the infrastructure and pollution category.
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