Memphis, TN Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
79
Memphis's Overall Cost Of Living
0.8x
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:

9 out of 105
In Tennessee
155 out of 6,412
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
For more reading on cost of living around Tennessee, check out:
Memphis Cost of Living Vs. TN

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
Search Homes For Sale In Memphis, TN
$113,700
Median Home Value
$965
Median Rent
$43,981
Median Income

Memphis, TN Costs By Category

Detailed Memphis Services Costs Vs. Tennessee

Item Memphis Tennessee
Shampoo $0.91 $1.06
Movie $11.5 $10.68
Bowling $16.47 $14.67
Haircut $15.07 $18.62
Beauty Salon $36.63 $39.05

Detailed Memphis Groceries Costs Vs. Tennessee

Item Memphis Tennessee
Ground Beef $3.42 $4.22
Fried Chicken $0.98 $1.39
Milk $1.79 $2.05
Potatoes $3.62 $3.29
Pizza $10.37 $10.62
Beer $9.22 $9.38
Toothpaste $1.65 $2.34

Detailed Memphis Health Costs Vs. Tennessee

Item Memphis Tennessee
Optometrist $74.47 $108.57
Doctor $84.25 $116.17
Dentist $77.68 $99.13

Detailed Memphis Transportation Costs Vs. Tennessee

Item Memphis Tennessee
Gasoline $1.94 $2.22
Tire Balancing $40.73 $50.07

Detailed Memphis Utilities Costs Vs. Tennessee

Item Memphis Tennessee
All Electricity $133.97 $167.67
Phone $184.96 $175.64

Memphis SnackAbility

3
/10
Overall SnackAbility
Jobs
4/10
Housing
6
Affordability
6
Diversity
8.5
Safety
2
Amenities
9
Education
7
Commute
8.5

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

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