Memphis, TN Real Estate
According to census data in the year 2000 there were 271,723 housing units in Memphis.
This represents a 9.3% growth from 248,573 in 1990.
Of those housing units, 271,498 were located in either urbanized areas or urban clusters, and 225 were located in what is classified as a rural area.
Homeownership rate in Memphis is about 55.9%.
Memphis's vacancy rate, including seasonal lodging, is about 7.7%.
Average household size is 2.52 people.
The majority of houses, apartments or condos in Memphis were built after 1966.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 2.10% |
| One Bedroom | 14.40% |
| Two Bedrooms | 33% |
| Three Bedrooms | 38.50% |
| Four Bedrooms | 10% |
| Five Bedrooms or more | 2.10% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.65 |
| Median year structure was built | 1963 |
| Median Value of occupied units | $72,800 |
| Median Price asked for vacant units | $64,300 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.37 |
| Median year structure was built | 1970 |
| Median Monthly Rent asked for vacant units | $432 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.20% |
| Second Mortgage | 7.90% |
| Home Equity Loan | 5.30% |
| Simple Mortgage | 58.80% |
| Debt Free | 27.80% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 19.6% |
