Homes for Rent in Memphis, TN: What You Need to Know
Memphis is famous as the birthplace of rock and roll and the keeper of Elvis Presley’s legacy.
A Storied Local History
Chickasaw Native Americans originally settled in the area that was eventually named Memphis, after the ancient Egyptian city. During the Civil War, Memphis was captured by Union forces and remained occupied until the end of the war. The city gained notoriety as the place where civil rights leader Martin Luther King Jr. was assassinated by a sniper on April 4, 1968. He was in the city to support a sanitation workers’ strike.
Things to Do in Memphis
Elvis Presley’s Graceland Mansion, where the king of rock and roll died on August 16, 1977, is the number one tourist attraction in Memphis. Learn about Presley’s life through an extensive collection of artifacts and memorabilia. Graceland is located on a 14-acre estate.
Another must-see destination is the National Civil Rights Museum featuring educational exhibits about the civil rights movement and its impact on human rights movements throughout the world. The museum is located at the Lorraine Motel where Dr. Martin Luther King Jr. was killed. For family fun, visit the Mud Island River Park showcasing the Mississippi River through a museum and a river-walk model.
The Cost of Living in Memphis
Memphis, in southwestern Tennessee, is an affordable large city (population: 651,073). The city’s cost of living is 21.5% lower than the national average. Likewise, food and housing costs are 26.2% and 34.1% lower than the national average. The city’s median gross rent is $884 while the median rent for a two-bedroom apartment is $793.
Tennessee has no income tax on salaries and wages, but it levies a 2% rate on all income from interest and dividends. The state’s sales tax rate of 7% to 9.75% is among the highest in the country.
Know Your Neighborhoods
Downtown Memphis is composed of fast-growing residential neighborhoods, including Victorian Village; the Pinch, which is the city’s earliest commercial district; and the Medical District, teeming with low-rise and high-rise apartment buildings. It’s easy to get around downtown, thanks to a trolley shuttle system and a network of walking paths and bike lanes. In the suburbs, Germantown is popular among retirees for its serenity, as well as families for its great schools. Lakeland attracts many newcomers for its affordability and beautiful parks.
A Vibrant Local Culture
Memphis has a rich heritage influencing the whole musical gamut, from rock and roll to blues and gospel to jazz and soul. Sun Studio, founded in 1950, and Stax Records, established in 1957, were instrumental in developing the Memphis soul and the Delta blues. Elvis Presley, Johnny Cash, B.B. King, Jerry Lee Lewis, and Ike Turner all recorded songs in Memphis.