Memphis vs Springfield
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Springfield is 8% cheaper for renters. A 2-bedroom rents for $756/mo vs $819/mo in Memphis — saving $756/year.
Rent by Unit Size
| Unit Size | Memphis | Springfield | Difference |
|---|---|---|---|
| Studio | $560 | $519 | $41 |
| 1 Bedroom | $682 | $612 | $70 |
| 2 Bedrooms | $819 | $756 | $63 |
| 3 Bedrooms | $1,011 | $923 | $88 |
| 4 Bedrooms | $1,184 | $1,067 | $117 |
| Median Income | $44,652 | $44,958 | $306 |
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
- $519/mo
- 1 BR
- $612/mo
- 2 BR
- $756/mo
- 3 BR
- $923/mo
- 4 BR
- $1,067/mo
- Median Income
- $44,958/yr
Frequently Asked Questions
Is Memphis or Springfield cheaper to rent in?
Springfield is cheaper — a 2-bedroom Fair Market Rent is $756/mo vs $819/mo in Memphis. That's $63/mo or $756/year more expensive in Memphis (8% 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 $756/month.
How do incomes compare between Memphis and Springfield?
The median household income in Memphis is $44,652/year. In Springfield it is $44,958/year. Springfield 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 $519/mo.