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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.
The Cheapest Neighborhoods In Memphis For 2022
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:
- Best Places To Live In Tennessee
- Cheapest Places To Live In Tennessee
- Cheapest Cities To Live In America
- Cheapest States To Live In America
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
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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
/10
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
/10
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
/10
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:
- Most Dangerous Cities In Tennessee
- Richest Cities In Tennessee
- Safest Places In Tennessee
- Worst Places To Live In Tennessee
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 |
