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Cost of Living · Tennessee

Memphis Cost of Living

Memphis, Tennessee costs approximately 11.0% below the US national average. Compare with 99 other major US cities.

0.89×
cost-of-living index (1.00 = US national average)
Memphis ranks 3 of 3 cities in Tennessee by cost of living.
Cities MORE expensive than Memphis (91)
San Francisco, CA
+62.9% more expensive
Oakland, CA
+51.7% more expensive
New York City, NY
+48.3% more expensive
Honolulu, HI
+46.1% more expensive
Irvine, CA
+46.1% more expensive
Los Angeles, CA
+37.1% more expensive
Boston, MA
+37.1% more expensive
San Diego, CA
+36.0% more expensive
Yonkers, NY
+34.8% more expensive
Anchorage, AK
+34.8% more expensive
Seattle, WA
+32.6% more expensive
Long Beach, CA
+32.6% more expensive
Anaheim, CA
+32.6% more expensive
Scottsdale, AZ
+32.6% more expensive
Chula Vista, CA
+29.2% more expensive
Miami, FL
+25.8% more expensive
Portland, OR
+23.6% more expensive
Newark, NJ
+23.6% more expensive
Sacramento, CA
+23.6% more expensive
Riverside, CA
+23.6% more expensive
Denver, CO
+21.3% more expensive
Chicago, IL
+18.0% more expensive
Austin, TX
+18.0% more expensive
Baltimore, MD
+18.0% more expensive
Stockton, CA
+18.0% more expensive
Aurora, CO
+18.0% more expensive
Hialeah, FL
+18.0% more expensive
Frisco, TX
+18.0% more expensive
Las Vegas, NV
+16.9% more expensive
Minneapolis, MN
+16.9% more expensive
Plano, TX
+16.9% more expensive
Chandler, AZ
+16.9% more expensive
Phoenix, AZ
+14.6% more expensive
Philadelphia, PA
+14.6% more expensive
Atlanta, GA
+14.6% more expensive
Tampa, FL
+14.6% more expensive
Henderson, NV
+14.6% more expensive
Reno, NV
+14.6% more expensive
Gilbert, AZ
+14.6% more expensive
Charleston, SC
+14.6% more expensive
Salt Lake City, UT
+14.6% more expensive
Orlando, FL
+13.5% more expensive
Wilmington, DE
+12.4% more expensive
Raleigh, NC
+12.4% more expensive
Virginia Beach, VA
+12.4% more expensive
St. Paul, MN
+12.4% more expensive
Chesapeake, VA
+12.4% more expensive
North Las Vegas, NV
+12.4% more expensive
Boise, ID
+12.4% more expensive
Fresno, CA
+12.4% more expensive
Worcester, MA
+12.4% more expensive
Dallas, TX
+11.2% more expensive
Nashville, TN
+11.2% more expensive
Colorado Springs, CO
+11.2% more expensive
Bakersfield, CA
+11.2% more expensive
St. Petersburg, FL
+11.2% more expensive
Madison, WI
+11.2% more expensive
Norfolk, VA
+10.1% more expensive
Jacksonville, FL
+9.0% more expensive
Charlotte, NC
+9.0% more expensive
Mesa, AZ
+9.0% more expensive
Houston, TX
+7.9% more expensive
Fort Worth, TX
+7.9% more expensive
Tucson, AZ
+7.9% more expensive
Glendale, AZ
+7.9% more expensive
Garland, TX
+7.9% more expensive
Spokane, WA
+7.9% more expensive
Pittsburgh, PA
+6.7% more expensive
Arlington, TX
+6.7% more expensive
Tallahassee, FL
+6.7% more expensive
Milwaukee, WI
+5.6% more expensive
Albuquerque, NM
+5.6% more expensive
New Orleans, LA
+5.6% more expensive
San Antonio, TX
+4.5% more expensive
Grand Rapids, MI
+4.5% more expensive
Columbus, OH
+3.4% more expensive
Detroit, MI
+3.4% more expensive
Cincinnati, OH
+3.4% more expensive
Kansas City, MO
+3.4% more expensive
Lexington, KY
+3.4% more expensive
Corpus Christi, TX
+3.4% more expensive
Buffalo, NY
+3.4% more expensive
Greensboro, NC
+3.4% more expensive
Knoxville, TN
+3.4% more expensive
El Paso, TX
+2.2% more expensive
Cleveland, OH
+2.2% more expensive
St. Louis, MO
+2.2% more expensive
Winston-Salem, NC
+2.2% more expensive
Indianapolis, IN
+1.1% more expensive
Louisville, KY
+1.1% more expensive
Omaha, NE
+1.1% more expensive
Cities CHEAPER than Memphis (6)
Birmingham, AL
−1.1% cheaper
Toledo, OH
−1.1% cheaper
Lubbock, TX
−1.1% cheaper
Wichita, KS
−3.4% cheaper
Fort Wayne, IN
−3.4% cheaper
Mobile, AL
−3.4% cheaper

What living in Memphis costs

Memphis carries a cost index of 0.89x the national baseline, placing it above 6 of the 99 metros tracked and below 91. Rent runs about $950 monthly; the median home is near $215,000.

Price-to-rent sits around 19 — the middle band where buying and renting are close enough that the decision turns on how long you will stay and what else you would do with the down payment.

Working and living here

Memphis is a metro of roughly 1.3M and roughly flat, running on logistics/air cargo, healthcare & biotech, distribution/warehousing. Larger employers include FedEx (global SuperHub), AutoZone, St. Jude Children's Research Hospital.

Tennessee levies no state income tax and Memphis adds no local one, so the only income tax withheld here is federal. That is worth several thousand dollars a year against a comparable salary in a taxing state — though property and sales taxes in no-income-tax states tend to run above average, so the advantage narrows once you buy.

Getting around: Memphis is effectively car-dependent. Budget for a car — around $9,000 a year all-in once insurance, fuel, maintenance and parking are counted, a cost the index assumes but does not itemise.

Climate: Humid subtropical climate: January lows near 33°F, July highs near 92°F with heavy humidity.

No state income tax; FedEx's global SuperHub at Memphis International Airport makes overnight package-sorting one of the region's largest employment categories.

Related tools

Paycheck calculator — take-home after federal, state and local tax. Salary calculator — pay by job and state. Compare against another metro.

Frequently Asked Questions

Is Memphis expensive to live in?▾
Relative to the US average, no — the cost index is 0.89x, above 6 and below 91 of the 99 other metros tracked here. A one-bedroom averages $950 a month and the median home $215,000.
What salary do you need to live comfortably in Memphis?▾
A common rule keeps rent under 30% of gross income, which at $950 a month implies about $38,000 a year for a one-bedroom. That is a floor rather than a comfortable figure — it leaves nothing for savings or the car this metro effectively requires.