Direct Answer
Memphis, TN has a CostOfCity index of 82, which is 18% below the national baseline. Average modeled rent is $1,181/month and the single-adult living cost estimate is $3,465/month.
How to Use This City Page
Cost of Living in Memphis: The Full Picture
Planning a move to Memphis or benchmarking your current costs? This page covers every metric we track for this TN large city — from roof replacements and HVAC work to insurance premiums and professional salaries. At a cost index of 82, you'll find prices below the national average across most categories. Year-round warmth is the draw, but it comes with trade-offs: mold, termites, and AC units that run 10 months a year.
Memphis has a manufacturing-to-services economy where job retraining programs gradually rebuild the middle class
The housing market features one of America's more affordable housing markets, where homeownership is within reach for most working families
Year-round warmth is the draw, but it comes with trade-offs: mold, termites, and AC units that run 10 months a year.. The lifestyle here is characterized by A rapidly urbanizing landscape where new mixed-use developments spring up next to century-old churches..
Memphis is among the most affordable cities in the US, with a cost index of just 82. Your money stretches 18% further than the national average across virtually every spending category.
💰 Purchasing Power in Memphis
Purchasing power adjusted to national average baseline. In Memphis, your dollar buys 22% more than the national average.
🔺 Where Memphis Costs More
🔽 Where Memphis Costs Less
💰 Salary Landscape
vs national average · higher = better
Monthly Living Expenses in Memphis
What it actually costs to live in Memphis each month — from tight budgets to comfortable lifestyles.
Estimates include housing, food, transportation, utilities, insurance, and discretionary spending. Based on Memphis's cost index of 82 applied to national spending surveys.
🏘️ Neighborhood Cost Variation
Don't let the metro-wide numbers fool you — Memphis is a city of micro-markets. The most expensive ZIP codes can cost twice as much as the most affordable ones for identical services. Shop around by neighborhood and you'll find genuine pockets of value.
Memphis vs U.S. Average Cost of Living
Category-by-category affordability grades — based on deviation from the national average.
🏠 Home Services in Memphis
What contractors charge for the most common repairs, installations, and remodels
Roof Replacement
-39%HVAC Installation
-40%Plumbing Services
-29%Electrical Work
-16%Kitchen Remodel
-45%Bathroom Remodel
-39%House Painting
-42%Flooring Installation
-25%Landscaping
-5%Fence Installation
-28%Window Replacement
-22%Solar Panel Installation
-30%Water Heater Replacement
-17%Deck Building
-14%Pool Installation
-45%Tree Removal
-14%Garage Door Repair
-21%💼 Business Startup Costs in Memphis
Full startup cost breakdowns — from lease deposits to working capital
Start a Restaurant
-14%Start a Coffee Shop
-23%Start a Food Truck
-28%Start a Gym
-35%Start a Daycare
-8%Start a Hair Salon
-32%Start a Laundromat
-22%Start a Bakery
-21%Start a Bar
-20%Start a Cleaning Business
+4%Start an Airbnb
-24%Start a Trucking Business
-6%📊 Cost of Living in Memphis
Monthly expenses for housing, food, transportation, and everyday necessities
Cost of Living
-13%Rent Prices
-16%Grocery Costs
-28%Utility Costs
0%Transportation Costs
-15%Childcare Costs
-13%Gym Membership
-23%🛡️ Insurance in Memphis
Annual and monthly premium estimates for major insurance categories
Car Insurance
-15%Home Insurance
-18%Health Insurance
-5%Business Insurance
+1%Life Insurance
-20%Renters Insurance
0%Pet Insurance
-24%Dental Insurance
-16%Motorcycle Insurance
-22%⚖️ Legal Services in Memphis
Attorney fees, court costs, and total legal service expenses
Personal Injury Lawyer
-5%Divorce Lawyer
-23%DUI Lawyer
-2%Immigration Lawyer
-7%Estate Planning Lawyer
-4%Workers Comp Lawyer
-25%Bankruptcy Lawyer
-14%💰 Salaries & Jobs in Memphis
Annual compensation by experience level, role, and specialization
Software Developer Salary
-14%Registered Nurse Salary
-8%Teacher Salary
-30%Electrician Salary
-22%Plumber Salary
-14%Accountant Salary
-26%Physical Therapist Salary
-28%Police Officer Salary
-1%Dentist Salary
-33%Real Estate Agent Salary
-24%How Much Income Do You Need in Memphis?
✅ Best For
- Outdoor enthusiasts
- Remote workers keeping coastal salaries
- Retirees on fixed incomes
- First-time business owners
⚠️ Not Ideal For
- Those seeking dense urban amenities
- Workers in highly specialized tech roles
Before moving to Memphis, compare your target salary against local costs using our calculator. You may be pleasantly surprised by how far your income goes.
CostOfCity Value Index
The CostOfCity Value Index combines cost-of-living data with median income, savings potential, and cost growth trends to produce a single score. Higher = better value for your money. Updated quarterly.
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Frequently Asked Questions About Memphis
What is the median household income in Memphis?
The median household income in Memphis is approximately $41,000 per year. Adjusted for local cost of living (index: 82), this goes further than in many US cities.
Is Memphis a good place to start a business?
Memphis's business environment is shaped by TN's regulatory framework and local commercial real estate costs. Below-average operating costs give businesses more runway to reach profitability. Check our business startup cost data for specific figures.
Is Memphis, TN expensive to live in?
Memphis's cost of living index is 82, which is 18% below the national average of 100. Memphis is one of the more affordable US cities.
Explore Memphis in Depth
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