Cost of Living in Memphis, TN
Population 618,980 · Census ACS 2020–2024 5-year estimates
The median rent in Memphis, TN is $1,181/month, about the same as the Tennessee median and 16% lower than the U.S. median. The median home value is $169,000, 49% lower than the national median. Households earn a median of $51,736 a year, 26% lower than the state median.
Affordability
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Memphis vs. Tennessee vs. U.S.
| Memphis | Tennessee | U.S. | |
|---|---|---|---|
| Median rent | $1,181 | $1,189 | $1,413 |
| Median home value | $169,000 | $286,700 | $332,700 |
| Median household income | $51,736 | $69,595 | $80,734 |
| Homeownership rate | 44.9% | 66.9% | 65.2% |
| Bachelor's degree or higher | 28.0% | 31.1% | 35.7% |
| Poverty rate | 23.1% | 13.8% | 12.5% |
| Unemployment rate | 8.3% | 4.7% | 5.2% |
| Work from home | 9.2% | 12.9% | 15.1% |
| Median age | 34.2 | 38.9 | 38.9 |
FAQ
What is the average rent in Memphis, TN?
The median gross rent in Memphis, TN is $1,181 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Memphis, TN?
Using the common 30% rule, renting a median-priced home takes about $47,240 a year in gross income.
Is Memphis, TN expensive to live in?
Rent there is 16% lower than the U.S. median, and the median home costs about 3.3 times the median household income.
Other cities in Tennessee
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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