Memphis, TN Cost Of Living
Cost Of Living In Memphis, TN Summary
Cost of living in Memphis research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Memphis is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Tennessee, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Memphis is 79, with 100 being the average.
The cost of living index in Memphis is 0.8x lower than the national average.
Memphis ranks as the #9 cheapest in Tennessee out of 105.
Memphis ranks as the #155 cheapest out of 6,412 in the US.
The median home value in Memphis is $113,700.
The median income in Memphis is $43,981.
Table Of Contents
Memphis's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Memphis, TN?
According to the most recent data on the cost of living, Memphis has an overall cost of living index of 79, which is 0.8x lower than the national index of 100.
Compared to Tennessee, Memphis has a cost of living index that's 0.9x lower than Tennessee's index of 90.
The standard of living in Memphis ranks as #9 most affordable out of the 105 places we measured in Tennessee. By definition, that implies Memphis ranks as the #96 most expensive place in the Volunteer State.
For more reading on life in Memphis, check out:
- Living In Memphis
- Memphis Crime Report
- Search Homes For Sale In Memphis, TN
In Tennessee
In America
Memphis Cost Of Living Vs. Tennessee
Six factors go into calculating the cost of living index in Memphis. Here is how it fairs on each of the criteria:
The Services index in Memphis is 92.
The Groceries index in Memphis is 87.
The Health index in Memphis is 80.
The Housing index in Memphis is 64.
The Transportation index in Memphis is 87.
The Utilities index in Memphis is 88.
| Living Expense | Memphis | Tennessee | National Average | |
|---|---|---|---|---|
| Overall | 79 | 90 | 100 | |
| Services | 92 | 93 | 100 | |
| Groceries | 87 | 96 | 100 | |
| Health | 80 | 88 | 100 | |
| Housing | 64 | 82 | 100 | |
| Transportation | 87 | 90 | 100 | |
| Utilities | 88 | 93 | 100 | |
Memphis, TN Housing Cost Breakdown
Housing swings affordability the most between places in Tennessee, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Memphis is $113,700.
The Median Rent in Memphis is $965.
The Median Income in Memphis is $43,981.
The Home Value To Income in Memphis is 2.6x.
The Rent To Monthly Income in Memphis is 0.26x.
| Statistic | Memphis | Tennessee | United States |
|---|---|---|---|
| Median Home Value | $113,700 | $193,700 | $244,900 |
| Median Rent | $965 | $951 | $1,163 |
| Median Income | $43,981 | $58,516 | $69,021 |
| Home Value To Income | 2.6x | 3.3x | 3.5x |
| Rent To Monthly Income | 0.26x | 0.2x | 0.2x |
Median Home Value
Median Rent
Median Income
Memphis, TN Costs By Category
Detailed Memphis Services Costs Vs. Tennessee
Detailed Memphis Groceries Costs Vs. Tennessee
Detailed Memphis Health Costs Vs. Tennessee
Detailed Memphis Transportation Costs Vs. Tennessee
Detailed Memphis Utilities Costs Vs. Tennessee
Memphis SnackAbility
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Cost Of Living In Cities Around Memphis
The cost of living varies in the cities and towns around Memphis. Here's a quick look at the cost of living in the most populous nearby places:
Bartlett, TN has a cost of living index of 93, 1.2x Memphis.
Southaven, MS has a cost of living index of 88, 1.1x Memphis.
Collierville, TN has a cost of living index of 107, 1.4x Memphis.
| City | Population | Cost Of Living | Vs. Memphis |
|---|---|---|---|
| Bartlett, TN | 57,639 | 93 | 1.2x |
| Southaven, MS | 54,141 | 88 | 1.1x |
| Collierville, TN | 50,669 | 107 | 1.4x |
| Germantown, TN | 40,955 | 108 | 1.4x |
| Olive Branch, MS | 39,136 | 94 | 1.2x |
| Horn Lake, MS | 26,623 | 83 | 1.1x |
| West Memphis, AR | 24,666 | 80 | 1.0x |
| Hernando, MS | 16,730 | 90 | 1.1x |
| Lakeland, TN | 13,693 | 103 | 1.3x |
| Marion, AR | 13,624 | 85 | 1.1x |
