Affordable Storage Units in Memphis

Moving and storage go hand in hand. Whether traveling across town or the country, moving is an exciting and fresh start. While Storage Rentals of America is here to help you with all your storage needs, we also want to help you get familiar with the area. That's why we put together this resource guide for Memphis.

About Memphis, TN

Memphis is the county seat of Shelby County, with a population of 633,104 (2020 census). It is the second biggest city in Tennessee, following the greater number of people living in Nashville.

The first known explorer to reach the area from Europe came in 1541. He was a Spanish Conquistador named Hernando de Soto.

Modern Memphis was founded in 1819 by three men, John Overton, James Winchester, and Andrew Jackson, who went on to become President. From its beginning, it was a thriving city that was part of the new United States,

Due to the vast wealth of the cotton plantations in the area, based on using enslaved labor and the trade along the Mississippi River, the city thrived. It became one of the largest cities in Antebellum South. After the Civil War and with the freedom of the enslaved people, the city continued growing because of the cotton and lumber trade.

Memphis was where Martin Luther King Jr. was assassinated during the activities of the Civil Rights Movement in 1968.

In contemporary times, Memphis is an exciting city with great food and music and the center of commercial activities for the South. FedEx has its hub at the Memphis International Airport.

What to do in Memphis, TN

Memphis has many interesting attractions and amenities:

• Features: Beale Street is a lovely area with shops, restaurants, bars, and live music.
• Events: There are over 100 hundred annual events in Memphis.
• Museums: Museums to visit include the National Civil Rights Museum, the Children’s Museum of Memphis, the Memphis Music Hall of Fame, and the Stax Museum of American Soul Music.
• Destination: Elvis lovers must visit Graceland and Sun Studio, where “The King of Rock and Roll” recorded his first song.

Working in Memphis, TN

The Memphis local economy depends on transportation, retail, health care, hospitality, and education. The unemployment rate is very high at 8%. The median household income is $43,981 per year, which is about $25,000 lower than the national average of $69,021. The economy is growing slowly despite the high unemployment rate. Memphis's predicted job growth rate for the next decade is 36.6%, compared to the national average of 33.5%. Local traffic can be congested during workdays. The mean commute time is 19.3 minutes.

The industries offering the most jobs are healthcare (12.7%), hospitality services (7.8%), transportation (7.1%), education (7.0%), administration (6.7%), construction (5.4%), and professional services (4.6%).

Memphis, TN Neighborhoods

Memphis has many well-established neighborhoods. The best locations are on the eastern side of the city.

Here are the neighborhoods with the most expensive homes:

• River Oaks / Brierwood: This neighborhood is the most expensive. Most of the homes were built between 1940 and 1999. The median real estate price is $853,291. This price is more expensive than 96.5% of Tennessee. Most homes are owner-occupied. The houses are large, with at least three and up to six bedrooms.
• Belle Meade / Village: This nice neighborhood is on the city's eastern side. The median real estate price is $768,767. Apartments are available to rent for around $1,989 per month. The vacancy rate is 7%, so finding a place to rent is not very difficult.
• Red Acres / High Point Terrace: This area is on the eastern side of Memphis but closer to downtown than River Oaks. The median real estate price is $686,507. Rental homes are available for an average rent of $1,787 per month. The vacancy rate is high at 13.3%, so finding a rental is easy.
• Chickasaw Gardens / Lundee: This neighborhood's median real estate price is $654,978. This area has a mixture of homes, townhomes, and apartment buildings. The average rent is $2,098 per month.

Memphis, TN School District

The public school district is Memphis Shelby County Schools. The school district spends around $12,324 annually per student. The student-to-teacher ratio is 16 to one, which is a nice size for a class.

There are 76 private schools in the Memphis area. The top three private schools are Immanuel Lutheran School (NS to 8th), Memphis University School for all boys (7th to 12th), and Presbyterian Day School for all boys (PK to 6th).

The public four-year University of Memphis is in the city, and 19 other schools are within a 50-mile radius. There are a few technical colleges in Memphis and a private four-year Visible Music College.

Moving to Memphis, TN Resource Guide

Memphis’s municipal government consists of an elected mayor and 13 elected members serving on the City Council. They are elected for a four-year term with a two-term limit.

Memphis Parks manages over 150 parks with recreational facilities, trails, picnic areas, and playgrounds. There are many programs with activities for all ages.

The Accelerate Memphis program is a $75 million investment being made by the City of Memphis. The investment is being made to improve the parks, renovations, and other improvements to the sports facilities for youth, the walking paths, aquatics facilities, community recreation areas, golf courses, and senior centers. Almost every park will be positively enhanced by the improvements.

Memphis, TN Housing

The median home price in Memphis is $194,700, which has been trading down by -2.2% year-over-year. It is a seller’s market with fewer homes listed for sale than there are interested buyers.

The cost of living in Memphis is low. It is 7% lower than other cities in Tennessee and 18% lower than the national average across the United States.