Memphis vs Richmond
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Memphis is 25% cheaper for renters. A 2-bedroom rents for $819/mo vs $1,021/mo in Richmond — saving $2,424/year.
Rent by Unit Size
| Unit Size | Memphis | Richmond | Difference |
|---|---|---|---|
| Studio | $560 | $669 | $109 |
| 1 Bedroom | $682 | $842 | $160 |
| 2 Bedrooms | $819 | $1,021 | $202 |
| 3 Bedrooms | $1,011 | $1,317 | $306 |
| 4 Bedrooms | $1,184 | $1,453 | $269 |
| Median Income | $44,652 | $69,914 | $25,262 |
Memphis
- Studio
- $560/mo
- 1 BR
- $682/mo
- 2 BR
- $819/mo
- 3 BR
- $1,011/mo
- 4 BR
- $1,184/mo
- Median Income
- $44,652/yr
Richmond
- Studio
- $669/mo
- 1 BR
- $842/mo
- 2 BR
- $1,021/mo
- 3 BR
- $1,317/mo
- 4 BR
- $1,453/mo
- Median Income
- $69,914/yr
Frequently Asked Questions
Is Memphis or Richmond cheaper to rent in?
Memphis is cheaper — a 2-bedroom Fair Market Rent is $819/mo vs $1,021/mo in Richmond. That's $202/mo or $2,424/year more expensive in Richmond (25% higher).
What is the 2-bedroom rent in Memphis vs Richmond?
The HUD Fair Market Rent for a 2-bedroom in Memphis is $819/month. In Richmond, a 2-bedroom FMR is $1,021/month.
How do incomes compare between Memphis and Richmond?
The median household income in Memphis is $44,652/year. In Richmond it is $69,914/year. Richmond has the higher median income.
What is the studio rent in Memphis vs Richmond?
A studio apartment Fair Market Rent in Memphis is $560/mo. In Richmond it is $669/mo.