Cost of Living in Memphis, TN (2026)

Memphis's cost of living is 8% below the US average. $100,000 here is worth about $108,485 nationally. Rent, homes and monthly costs.

Memphis has a cost-of-living index of 92 against a US average of 100 — about 8% below average. $100,000 of income here is worth roughly $108,485 at the national average.

What it costs to live in Memphis

MeasureMemphisUS average
Cost-of-living index92100
Median rent$1,123/mo-
Median home value$157,100-
Median household income$51,211-
Population629,063-

Monthly cost breakdown in Memphis

Estimates use BLS Consumer Expenditure Survey shares scaled by the local cost-of-living index. Housing uses the city’s median rent; the owning column uses a 30-year mortgage at 6.7% with 10% down on the median home.

CategoryRentingOwning
Housing$1,123$912
Transport$645$645
Food$507$507
Healthcare$319$319
Other$1,133$1,133
Total$3,727$3,517

Affordability in Memphis

Median rent takes about 26.3% of the median household income in Memphis — comfortably inside the 30% rule of thumb.

The median home costs 3.1x the median household income. Three times income is the traditional comfort line; five times is where affordability usually breaks down.

Highest-paying roles in Memphis

RoleTypical salaryWorth nationally
Marketing Manager$132,720$143,981
Software Developer$113,500$123,130
Data Scientist$101,120$109,700
Physical Therapist$100,220$108,723
Mechanical Engineer$99,990$108,474
Financial Analyst$82,390$89,380
Registered Nurse$77,290$83,848
Web Developer$76,940$83,468

“Worth nationally” adjusts each salary for Memphis’s cost of living, so you can compare offers between cities on equal terms.

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Frequently asked questions

Memphis has a cost-of-living index of 92 against a US average of 100, so it is about 8% below the national average. In practical terms, $100,000 of income in Memphis has roughly the purchasing power of $108,485 at the national average.

A common benchmark is keeping rent at or under 30% of gross income. At Memphis's median rent of $1,123/month that implies about $44,920 a year before tax. The median household in Memphis earns $51,211.

Renting, a single household spends roughly $3,727 a month in Memphis across housing, transport, food, healthcare and everything else. Buying at the median home price, the estimate is about $3,517 a month including a 30-year mortgage at 6.7% with 10% down.

The median home in Memphis costs $157,100, which is 3.1x the median household income of $51,211. Lenders traditionally treat 3x as comfortable and about 5x as stretched, so Memphis is manageable but tight.