Cost of Living in Memphis, FL
Population 10,626 · Florida · Data vintage 2023
(100 = US avg)
Memphis sits on the smaller end of the Florida city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. A poverty rate near 23% adds context to the income figures — well above the US average, and worth factoring into any comparison with cities on the coasts or in the Rockies.
Located 15 miles south of St. Petersburg, Memphis falls within that metro's commuting orbit. Median home values run roughly 12% lower than St. Petersburg's $332,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Memphis
The median home value in Memphis is $292,200 — 4% below the national median of $305,000. Median rent runs $1,155/month, 12% lower than the national median of $1,314/month. The median household income of $71,967/year is 4% lower than the US median of $74,580. The local unemployment rate is 7.8%, above the national average of 4.8%. Florida charges no state income tax, a meaningful advantage for take-home pay. Overall, Memphis has a cost of living index of 93 versus the US average of 100, meaning it is 7% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Memphis, FL?
Memphis has a cost index of 93 (100 = national average). It is 7% below the national average.
What is average rent in Memphis, FL?
The median gross rent in Memphis is $1,155 per month based on 2023 Census data.
What is the average home price in Memphis?
The median home value in Memphis is $292,200 according to 2023 Census ACS data.
What is the median income in Memphis?
The median household income in Memphis is $71,967 per year (2023 ACS 5-year estimates).
What is the sales tax in Memphis, FL?
The combined state and local sales tax rate in Memphis is 7.0%. Florida has no state income tax.
Is Memphis, FL affordable?
Memphis is near the national average in terms of cost of living, with an index of 93 (100 = US average).
Memphis at a Glance
- Population
- 10,626
- Median Income
- $71,967
- Home Value
- $292,200
- Median Rent
- $1,155/mo
- Unemployment
- 7.8%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Florida Rankings
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Cities in other states with comparable housing costs