Do you like what you've seen of Memphis so far? If so, you may want to consider selling your Scarborough, Ontario real estate and moving to Memphis. This is a big decision, however, so like all big decisions it's advisable that you do your research before you take the plunge. You'll want to know what sort of prices you'll be looking at in the city, where the best neighborhoods are, what the people are like, and where to go for help. This guide can give you an overview of these subjects and help you get started.

The most important aspect of a real estate market, from the prospective of a new buyer just coming in, is its affordability. Is this the type of city where you have to be a movie star or a top executive to afford a house that will fit all your family members? The answer, in Memphis' case is an emphatic "no." The cost of living in Memphis is well below the cost of living in Leslieville. It's about fifteen points below the national average, bringing living in the city down to a level that is affordable for most Americans.

Buying a home, condo, or renting a flat in Memphis is likewise a possibility for more people than say, buying Anaheim condos, Toronto harbourfront property, or even a house in many parts of Arizona. Housing values sat at an average of $97,000 in 2007, which was more than $30,000 less than the average for the state of Tennessee. Since the recession and sub-prime mortgage crisis, both the Memphis city and Tennessee state values have dropped, though are beginning to rise again, making it a great time to buy.

If you were to purchase a Toronto resale home in many of that city's neighborhoods, your neighbors would be mostly white and upper class. In Memphis, you're likely to find more diversity in terms of race, income bracket and religion. You'll also find more diversity in the housing styles as well. You'll find single and double homes, condos, flats, apartment buildings, town houses, and everything in between. Architectural styles represented range from modern metal and glass to Classical Revival, Antibellum, and Southern Vernacular.

Deciding where you want to live in Memphis will be a real challenge, because so many of the city's neighborhoods and districts have an interesting and unique character. Downtown has recently undergone modernization, making it a combination of historic and modern like you sometimes see in the Mississauga listings. For instance, the Beale Street historic district is also the main entertainment district. Midtown is the main residential district while East Memphis is the city's most affluent area, housing most of its largest homes.