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 Florida, 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 93, with 100 being the average.
The cost of living index in Memphis is 0.9x lower than the national average.
Memphis ranks as the #128 cheapest in Florida out of 459.
Memphis ranks as the #2,137 cheapest out of 6,412 in the US.
The median home value in Memphis is $182,500.
The median income in Memphis is $59,613.
According to the most recent data on the cost of living, Memphis has an overall cost of living index of 93, which is 0.9x lower than the national index of 100.
Compared to Florida, Memphis has a cost of living index that's 0.9x lower than Florida's index of 101.
The standard of living in Memphis ranks as #128 most affordable out of the 459 places we measured in Florida. By definition, that implies Memphis ranks as the #331 most expensive place in the Sunshine State.
For more reading on life in Memphis, check out:
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 100.
The Groceries index in Memphis is 111.
The Health index in Memphis is 103.
The Housing index in Memphis is 70.
The Transportation index in Memphis is 107.
The Utilities index in Memphis is 87.
|Living Expense||Memphis||Florida||National Average|
Housing swings affordability the most between places in Florida, 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 $182,500.
The Median Rent in Memphis is $1,123.
The Median Income in Memphis is $59,613.
The Home Value To Income in Memphis is 3.1x.
The Rent To Monthly Income in Memphis is 0.23x.
|Median Home Value||$182,500||$248,700||$244,900|
|Home Value To Income||3.1x||4.0x||3.5x|
|Rent To Monthly Income||0.23x||0.25x||0.2x|
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:
St. Petersburg, FL has a cost of living index of 95, 1.0x Memphis.
Bradenton, FL has a cost of living index of 95, 1.0x Memphis.
Sarasota, FL has a cost of living index of 103, 1.1x Memphis.
|City||Population||Cost Of Living||Vs. Memphis|
|St. Petersburg, FL||258,245||95||1.0x|
|South Bradenton, FL||24,972||84||0.9x|
|Apollo Beach, FL||24,790||107||1.2x|
|Bayshore Gardens, FL||19,720||87||0.9x|
|Sarasota Springs, FL||12,366||101||1.1x|