YES
On $2,875,000/yr, the typical $247,229 home in Memphis, TN needs $73,014/yr ($1,704/mo). Your gap: +$2,801,986 — housing would be 0.7% of your gross income.
The math
247,229 price − 10% down (24,723) = 222,506 loan
30-yr fixed at 6.49% on 222,506 = 1,405/mo principal+interest
+ 299/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
1,704/mo PITI ÷ 0.28 = 6,085/mo → 73,014/yr required
against Zillow ZHVI 2026-05 and the 6.49% FRED 30-yr rate (2026-06-25).
What salary WOULD clear Memphis, TN?
You need about $73,014/yr for the typical home. On $2,875,000 you already clear it by $2,801,986.