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Jackson, MS vs Memphis, MS
A 2-bedroom in Memphis costs $14 less per month than Jackson ($1,274 vs $1,288). Median income is $60,489 in Jackson and $64,743 in Memphis. That's a difference of $168 per year in housing costs.
Side-by-Side Comparison
| Metric | Jackson | Memphis |
|---|---|---|
| Studio FMR | $1,091 | $1,060 |
| 1BR FMR | $1,097 | $1,154 |
| 2BR FMR | $1,288 | $1,274 |
| 3BR FMR | $1,544 | $1,683 |
| 4BR FMR | $1,705 | $1,959 |
| Median Income | $60,489 | $64,743 |
| Rent Burden | 25.6% | 23.6% |
| Actual Median Rent | $1,034 | $1,153 |
| Median Home Value | $188,500 | $228,100 |
| Population | 616K | 1.3M |
| Renter % | 32.5% | 39.4% |
| Vacancy Rate | 12.6% | 10.2% |
| Poverty Rate | 17.4% | 16.3% |
| YoY Change | +11.1% | - |
| Min Wage | $7.25/hr | $7.25/hr |
Income Required to Afford a 2-Bedroom
Jackson, MS
Annual Income Needed
$51,520
Hourly Wage Needed
$25/hr
Min Wage Work Hours/Week
136.7 hrs
at $7.25/hr (MS min wage)
Memphis, MS
Annual Income Needed
$50,960
Hourly Wage Needed
$25/hr
Min Wage Work Hours/Week
135.2 hrs
at $7.25/hr (MS min wage)
Frequently Asked Questions
Memphis, MS is more affordable with a 2BR FMR of $1,274/mo, which is $14 less than Jackson at $1,288/mo. However, when considering local incomes, Jackson has a rent burden of 25.6% vs 23.6% in Memphis.
A 2-bedroom in Jackson, MS costs $1,288/mo at Fair Market Rent, while in Memphis, MS it's $1,274/mo, a difference of $14/mo or $168/year.
To afford a 2BR without spending more than 30% of income on rent: Jackson requires $51,520/year ($25/hr). Memphis requires $50,960/year ($25/hr).
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