The 10 Cheapest Memphis, TN Neighborhoods To Live In For 2022


We used science and data to determine which neighborhoods in Memphis are the cheapest of the cheap.

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Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.

I'd much rather pay $500/mo in rent than $1,000. And I'd rather pay $2 for coffee than $5.

And while every neighbhorhood in Memphis might be more expensive than living in rural Tennessee, there are certain neighborhoods that are definitely cheaper.

So what exactly are those Memphis neighborhoods where your dollar goes a little further -- you can get that one bedroom instead of the studio?

Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Memphis are the cheapest.

What's the cheapest neighborhood to live in Memphis for 2022? According to the most recent census data, Parkway Village-Oakhaven looks to be the cheaptest Memphis neighborhood to live in.

At this point we should make it clear that you do get what you pay for -- some of these neighborhoods might not be the best places to live in Memphis. You could be sacrificing location or crime rates in return for more space and cheaper groceries.

Read on to see how we determined the places around Memphis that deserve a little bragging rights or maybe you're interested in the worst neighborhoods in Memphis.

Once you're done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.

For more Tennessee reading, check out:

The 5 Cheapest Neighborhoods To Live In Memphis For 2022

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Population: 39,436
Cost Of Living Index: 76 (cheapest)
Home Value To Income Ratio: 1.8 (cheapest)
Rent To Income Ratio: 0.025 (10th cheapest)
More on Parkway Village-Oakhaven: Homes For Sale | Data

Berclair-Highland Heights Memphis, TN

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Population: 33,880
Cost Of Living Index: 77 (3rd cheapest)
Home Value To Income Ratio: 1.8 (2nd cheapest)
Rent To Income Ratio: 0.026 (11th cheapest)
More on Berclair-Highland Heights: Homes For Sale | Data

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Population: 88,153
Cost Of Living Index: 78 (6th cheapest)
Home Value To Income Ratio: 2.0 (5th cheapest)
Rent To Income Ratio: 0.021 (6th cheapest)
More on White Haven-Coro Lake: Homes For Sale | Data

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Population: 54,460
Cost Of Living Index: 78 (6th cheapest)
Home Value To Income Ratio: 1.8 (3rd cheapest)
Rent To Income Ratio: 0.023 (9th cheapest)
More on Raleigh: Homes For Sale | Data

Overall SnackAbility

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Population: 92,024
Cost Of Living Index: 82 (8th cheapest)
Home Value To Income Ratio: 2.0 (4th cheapest)
Rent To Income Ratio: 0.023 (8th cheapest)
More on Hickory Ridge-South Riverdale: Homes For Sale | Data

Methodology: How We Determined The Cheapest Memphis Hoods In 2022

In order to rank the cheapest places to live in Memphis, we had to determine what criteria defines "cheap".

Using census and extrapolated BLS data, we arrived at the following set of criteria:

  • Overall Cost Of Living
  • Rent To Income Ratio
  • Median Home Value To Income Ratio

We then ranked each neighborhood with scores from 1 to 13 in each category, where 1 was the cheapest.

Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.

And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the "Cheapest City Neighborhood In Memphis." We're lookin' at you, Parkway Village-Oakhaven.

Read on below to learn more about what it's like to live in the cheapest places Memphis. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.

Summary: Lowest Cost Places To Live In Memphis

If you're measuring the neighborhoods in Memphis where prices are low and it's cheap to live, this is an accurate list.

As we mentioned earlier, the neighborhoods in Memphis aren't all cheap. Windyke-Southwind takes the title of the most expensive neighborhood to live in Memphis.

We ranked the neighborhoods from cheapest to most expensive in the chart below.

For more Tennessee reading, check out:

Detailed List Of The Cheapest Neighborhoods To Live In Memphis For 2022

Rank Neighborhood Cost Of Living Index
1 Parkway Village-Oakhaven 76
2 Berclair-Highland Heights 77
3 White Haven-Coro Lake 78
4 Raleigh 78
5 Hickory Ridge-South Riverdale 82
6 Cordova-Appling 90
7 Downtown 77
8 River Oaks-Kirby-Balmoral 87
9 Shelby Forest-Frayser 77
10 East Memphis-Colonial-Yorkshire 83
11 Midtown 82
12 Eads-Fisherville 98
13 Windyke-Southwind 102

Editor's Note: We updated this article for 2022. This is our third time ranking the cheapest neighborhoods to live in Memphis.

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.