Cost of Living in Memphis, TN
Population 629,063 · Tennessee · Data vintage 2023
(100 = US avg)
Memphis is among the largest cities in Tennessee by population, with the kind of employment diversity and housing variation that comes with a major regional hub. Around 23% of residents live below the federal poverty line, a rate that tends to correlate with the income and housing figures above.
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 $157,100 — 48% below the national median of $305,000. Median rent runs $1,123/month, 15% lower than the national median of $1,314/month. The median household income of $51,211/year is 31% lower than the US median of $74,580. The local unemployment rate is 8.3%, above the national average of 4.8%. Tennessee charges no state income tax, a meaningful advantage for take-home pay. The climate averages highs of 73.0°F and lows of 53.8°F, with about 2.7" of annual snowfall. Overall, Memphis has a cost of living index of 65 versus the US average of 100, meaning it is 35% 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 51 | 56 | 64 | 73 | 82 | 89 | 92 | 92 | 86 | 75 | 63 | 53 |
| Low °F | 33 | 37 | 44 | 53 | 62 | 70 | 74 | 73 | 66 | 54 | 43 | 36 |
| Precip" | 4.14 | 4.55 | 5.74 | 5.87 | 5.27 | 3.99 | 4.82 | 3.37 | 3.03 | 3.98 | 4.69 | 5.49 |
| Snow" | 0.9 | 1.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Memphis, TN?
Memphis has a cost index of 65 (100 = national average). It is 35% below the national average.
What is average rent in Memphis, TN?
The median gross rent in Memphis is $1,123 per month based on 2023 Census data.
What is the average home price in Memphis?
The median home value in Memphis is $157,100 according to Zillow and Census data.
What is the median income in Memphis?
The median household income in Memphis is $51,211 per year (2023 ACS 5-year estimates).
What is the sales tax in Memphis, TN?
The combined state and local sales tax rate in Memphis is 9.6%. Tennessee has no state income tax.
Is Memphis, TN affordable?
Yes, Memphis is generally considered affordable, with a cost of living index of 65 — about 35% below the US national average of 100.
What is the weather like in Memphis?
Memphis has average high temperatures of 73.0°F and average lows of 53.8°F. Annual precipitation is 54.9". Average annual snowfall is 2.7". Data from NOAA 1991–2020 Climate Normals.
Memphis at a Glance
- Population
- 629,063
- Median Income
- $51,211
- Home Value
- $157,100
- Median Rent
- $1,123/mo
- Unemployment
- 8.3%
- Avg High Temp
- 73.0°F
- Sales Tax
- 9.6%
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