Memphis vs Springfield
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Springfield is 14% cheaper for renters. A 2-bedroom rents for $720/mo vs $819/mo in Memphis — saving $1,188/year.
Rent by Unit Size
| Unit Size | Memphis | Springfield | Difference |
|---|---|---|---|
| Studio | $560 | $490 | $70 |
| 1 Bedroom | $682 | $583 | $99 |
| 2 Bedrooms | $819 | $720 | $99 |
| 3 Bedrooms | $1,011 | $925 | $86 |
| 4 Bedrooms | $1,184 | $987 | $197 |
| Median Income | $44,652 | $37,539 | $7,113 |
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
Springfield
- Studio
- $490/mo
- 1 BR
- $583/mo
- 2 BR
- $720/mo
- 3 BR
- $925/mo
- 4 BR
- $987/mo
- Median Income
- $37,539/yr
Frequently Asked Questions
Is Memphis or Springfield cheaper to rent in?
Springfield is cheaper — a 2-bedroom Fair Market Rent is $720/mo vs $819/mo in Memphis. That's $99/mo or $1,188/year more expensive in Memphis (14% higher).
What is the 2-bedroom rent in Memphis vs Springfield?
The HUD Fair Market Rent for a 2-bedroom in Memphis is $819/month. In Springfield, a 2-bedroom FMR is $720/month.
How do incomes compare between Memphis and Springfield?
The median household income in Memphis is $44,652/year. In Springfield it is $37,539/year. Memphis has the higher median income.
What is the studio rent in Memphis vs Springfield?
A studio apartment Fair Market Rent in Memphis is $560/mo. In Springfield it is $490/mo.