Cost of Living in Memphis, TN
2024 data from the Bureau of Economic Analysis
Cost Index
92.2
7.8% below avg
Housing Index
79.8
Median Income
$62,178
Median Rent
$1,091/mo
Cost Breakdown
Overall92.2 (-7.8%)
Housing79.8 (-20.2%)
Goods96.2 (-3.8%)
Utilities74.1 (-25.9%)
Other Services95.4 (-4.6%)
National average = 100
Income & Housing
Median Household Income
$62,178/year
Median Home Value
$207,500
Median Monthly Rent
$1,091/mo
Per Capita Income
$35,194/year
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Frequently Asked Questions
Is Memphis, TN expensive to live in?
Memphis, TN has a cost of living index of 92.2, which is 7.8% below the national average.
How much does housing cost in Memphis, TN?
Housing costs in Memphis, TN are indexed at 79.8 compared to the national average of 100. The median monthly rent is $1,091.
What is the average income in Memphis, TN?
The median household income in Memphis, TN is $62,178 per year.
What is the average home price in Memphis, TN?
The median home value in Memphis, TN is $207,500.