The Memphis metro is home to 1,341,606 people (down 0.3% over five years), with a median household income of $64,743. Typical rent of $1,393/month works out to 25.8% of the median household income — near the 30% affordability threshold (Census ACS + Zillow, September 2026).
The share of Memphis's workforce by sector — the base of tenant demand:
| Sector | % of workforce |
|---|---|
| Education & health care | 21.9% |
| Transportation & utilities | 13.7% |
| Retail trade | 10.6% |
| Manufacturing | 10.0% |
| Professional & management | 10.0% |
Education & health care is the metro's largest employment base — sectors like education and health care are recession-resilient anchors for rental demand.
Rents at 25.8% of median income leave moderate headroom; underwrite rent growth conservatively. Market pricing, yields and the Star Score live on the Memphis market page; run a deal in the calculator.
At the 30%-of-income affordability rule, typical rent of $1,393/month suggests a household income around $56,000/year. The metro's median household income is $64,743.
By workforce share: Education & health care (21.9%), Transportation & utilities (13.7%), Retail trade (10.6%) (Census ACS 5-year).