It’s undeniable that
Memphis is a pretty awesome place to live. Memphis is known for its great entertainment, succulent barbecue, and beautiful location on the banks of the Mississippi River.
The only downside of living in Memphis is that things tend to get a little pricey. If you’re looking to save a few bucks while still enjoying the city life, there are several affordable nearby suburbs worth checking out.
Here are the 5 most affordable suburbs in the Memphis region.
1. Horn Lake, MS
Key Stats:
- Median household income: $46,322
- Median home value: $94,300
If Horn Lake is good enough for the King of Rock & Roll, it must be a pretty awesome place to call home. This town tops our list of most affordable Memphis suburbs thanks to an extremely low cost of living, well below the national average and the lowest among the cities on this list.
Horn Lake also has a thriving economy, partially thanks to the presence of a huge manufacturing plant owned by Newly Weds Foods.
Key Stats:
- Median household income: $61,948
- Income spent on rent: 23.2 percent
While the population of Marion has been dropping during recent years, it’s still one of the area’s best and most affordable alternatives to living in Memphis. The rent here is low and the median incomes are high, making it ideal for the young professional that doesn’t mind commuting.
And because of its close proximity to Memphis, residents are still able to get a nice mix of access to big city amenities and entertainment without missing out on the picturesque small town feel.
Key Stats:
- Median home value: $136,400
- Median household income: $59,290
Munford is the smallest affordable Memphis suburb on our list, meaning that living here will really give you a break from the hustle and bustle of downtown life.
Don’t let its small size fool you though, Munford has a very active local community that’s spearheaded by a group called “Celebrate Munford.” They’re responsible for bringing cool events to the town, like the Munford Arts and Crafts Fair and the Celebrate Independence 4th of July.
Key Stats:
- Median household income: $49,063
- Median home value: $132,900
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Millington is home to the Memphis International Raceway, which hosts events like the IHRA Nitro Jam and the ARCA Series. It’s also got the second lowest cost of living on our list.
Millington is another great suburb when it comes to a lively community as well, with events like Goat Days, featuring tractor pulls, goat chariot races, and tons of awesome food.
Key Stats:
- Income spent on rent: 28.6 percent
- Median household income: $57,483
Southaven has nearly 50,000 residents, but despite it’s larger size, it’s still pretty affordable for most budgets. Located just south of the Memphis neighborhood of
Whitehaven, Southaven has more of a big city feel than most other Memphis suburbs.
Southaven also has plenty of attractions that keep things here exciting, like the Mississippi RiverKings hockey team, the annual Dizzy Dean Baseball World Series, and the BankPlus Amphitheater, which is capable of holding 11,000 concert-goers and hosting huge acts like Dave Matthews Band, Kenny Chesney, and Jason Aldean.
Our Methodology
To create this list of affordable Memphis suburbs, we looked at the following criteria:
- Cost of living
- Median home value
- Percentage of income spent on rent
- Affordability ratio (median home value divided by median household income)
We then averaged those scores into one overall score and the places with the 5 lowest scores made up our list of the 5 most affordable Memphis suburbs.
For this list, we sourced data from
AreaVibes, business listings, and the 2013 U.S. Census American Community Survey.
Want to see how all 14 Memphis suburbs stacked up? Take a look at the table below:
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