How Much House You Can Buy for $1,000,000 in Memphis, TN
If you’re going to invest a million dollars or more in real estate, you want to make sure you get the most bang for your buck. There are plenty of affordable housing options for home buyers in every city – it’s just a matter of knowing where to look and what to avoid. This is just one more reason to use a Realtor. Their knowledge and expertise can make this process much less stressful.
If you have $1 million to spend on a home and you live somewhere like Memphis, TN, where the average home is listed at $157,382, then investing that kind of money means you can get into some really high end properties.
Regardless of your unique situation as a potential home buyer, learning about how much house you can buy for $1M in Memphis, TN might help inform your next real estate decision.
How Much Does a Million Dollars Buy You in Memphis?
Investing nearly a million dollars in real estate in Memphis will get you a very nice house. It may not be able to get you the exorbitantly priced mansions in the absolute best neighborhoods, but with that kind of money, you can still buy a very high-end luxury home and a nice piece of property in a highly sought after area.
What’s that worth in terms of a monthly mortgage payment? That all depends on your down payment. Investing in a smaller down payment will increase your monthly payment.
Features of a million dollar house in Memphis
The average home in Memphis, Tennessee that sells for a millions dollars has 5,784 square feet, 4.7 bedrooms, and 5.3 bathrooms. Most of these homes have lavish backyards with built-in swimming pools, outdoor kitchens, and other amenities that transform the outdoor living space into even more useable square footage for the homeowners.
Cost of a $1,000,000 home in Memphis, TN
For a $1 million mortgage in Memphis, TN, a 30-year fixed rate mortgage with 20% down and a 6% interest rate, you can expect to pay around $4,796 in principal and interest. This number does not include your homeowners’ insurance or the property taxes.
Property taxes for a home that has an appraised value of $1,000,000 will be about $27,130. The insurance can vary greatly depending on the area in which the home is located and your insurance coverages.
Neighborhoods with Million Dollar Homes in Memphis, TN
- White Station
- The Village
- Chickasaw Gardens
- Annesdale Park
- South Bluffs
- Central Gardens
All of these Memphis neighborhoods listed above have beautiful homes with expertly manicured lawns and are great places to live.
The Bottom Line
Investing in real estate is a great way to grow your wealth. It’s important to remember that the house you buy today will more than likely be worth significantly more in the distant future. So you can build equity through both paying down your mortgage and through the appreciation of the home.
If you’re looking to buy a home in Memphis, TN, you have a lot of options. You could buy an existing home or a piece of land and build the house of your dreams.
When buying the house you’re going to be living in, there is one thing to remember. You and your family will be spending a lot of time in the home. So make sure that, first and foremost, it is a home that truly makes you happy. And you definitely don’t need a million dollars to do that!