Is Memphis expensive to live in?

Memphis is among the more affordable of the 50 US cities we track. Its one-bedroom rent of $948 per month ranks #44 of 50 and is 22% lower than the $1,223 median.

What is the average rent in Memphis?

Average rent in Memphis, TN runs a studio around $877, a one-bedroom around $948, a two-bedroom around $1,073, a three-bedroom around $1,281 per month (US Census ACS).

How much do you need to earn to live in Memphis?

To keep a one-bedroom rent of $948 near the recommended 30% of gross income, you'd want to earn roughly $38,000 a year. The median household income here is $51,211.

How much does it cost to live in Memphis per month?

A rough monthly baseline for one person in Memphis is about $1,110 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Two women standing in corner of street — Memphis, TN

Cost of Living in Memphis, TN

Population 618,639 · Tennessee

~$1,110/mo est.1BR $948Home $157,100

Photo: Joshua J. Cotten / Unsplash

Compare with:

The cost of living in Memphis, TN is driven mostly by housing. A one-bedroom apartment rents for around $948 a month — 22% lower than the $1,223 median across the 50 large US cities we track. Studios average $877 and two-bedrooms $1,073.

Median household income here is $51,211, 33% lower than the $75,900 median of the cities we track. Adding typical electricity and heating to one-bedroom rent, a rough monthly baseline for one person is about $1,110 before food and transport. Tennessee has no state income tax and a 7% state sales tax.

Rent1BR $948

Studio

$877

1 Bedroom

$948

2 Bedroom

$1,073

3 Bedroom

$1,281

Buying a Home$157,100

Median Home Value

$157,100

Income$51,211

Median Household Income

$51,211

Metro Median Wage (annual)

$46,890

Household income: Census ACS, city. Metro median wage: BLS OEWS, all occupations, 2025 (metro area).

GroceriesSouth

Milk (gal)

$4.16

Bread (lb)

$1.73

Eggs (doz)

$2.19

Ground Beef (lb)

$6.56

Chicken (lb)

$1.90

Bananas (lb)

$0.61

Average prices, South (BLS, 2026-04-01). Regional where available, otherwise U.S. average.

Utilities15.1¢/kWh

Electricity

15.1¢/kWh

Natural Gas

$15.54/MCF

Residential, state-level averages (EIA, 2026-03-01). MCF = 1,000 cubic feet.

Gas$4.35/gal

Regular Gasoline (Midwest (PADD 2))

$4.35/gal

EIA weekly retail average, week of 2026-05-25.

Public Transit$1.75

Base Fare (MATA)

$1.75

Adult base one-way fare on the primary agency (2026).

State Taxes (TN)7% sales

State Sales Tax

State Income Tax (top rate)

None

State-level rates. Local sales taxes may add more. Income tax shown is the top marginal rate; most filers pay less.

Crime2,507.5 violent

Violent Crime (per 100k/yr)

2,507.5

Property Crime (per 100k/yr)

6,965.8

FBI Crime Data Explorer, Memphis Police Department (2024). Offenses per 100,000 residents per year. Agency reporting practices vary, so cross-city comparisons are approximate.

People & LifestyleAge 34.3 yrs

Median Age

34.3 yrs

Homeownership

46.0%

Bachelor's+ (25+)

28.2%

Avg Commute

21.3 min

Climate63.1°F

Avg Annual Temperature

63.1°F

Annual Precipitation

53.7 in

Memphis cost of living — FAQ

Is Memphis expensive to live in?: Memphis is among the more affordable of the 50 US cities we track. Its one-bedroom rent of $948 per month ranks #44 of 50 and is 22% lower than the $1,223 median.
What is the average rent in Memphis?: Average rent in Memphis, TN runs a studio around $877, a one-bedroom around $948, a two-bedroom around $1,073, a three-bedroom around $1,281 per month (US Census ACS).
How much do you need to earn to live in Memphis?: To keep a one-bedroom rent of $948 near the recommended 30% of gross income, you'd want to earn roughly $38,000 a year. The median household income here is $51,211.
How much does it cost to live in Memphis per month?: A rough monthly baseline for one person in Memphis is about $1,110 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Compare Memphis with nearby cities

Memphis vs Nashville Memphis vs Louisville Memphis vs Atlanta Memphis vs New Orleans Memphis vs Kansas City Memphis vs Indianapolis

Nearby cities

Nashville, TN 196 mi Louisville, KY 320 mi Atlanta, GA 337 mi New Orleans, LA 359 mi Kansas City, MO 370 mi Indianapolis, IN 384 mi

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981-2010 (climate); EIA (gas, utilities); BLS Average Price Data (groceries) & OEWS (metro wage); transit agencies (fares); FBI Crime Data Explorer (crime); Tax Foundation 2026 (state taxes). Monthly estimate = 1BR rent + utilities; not a full cost of living.