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 93, which is 0.9x lower than the national index of 100.
Compared to Tennessee, Memphis has a cost of living index that's 1.0x lower than Tennessee's index of 94.
The standard of living in Memphis ranks as #47 most affordable out of the 109 places we measured in Tennessee. By definition, that implies Memphis ranks as the #62 most expensive place in the Volunteer State.
For more reading on life in Memphis, check out:
Memphis Cost Of Living Vs. Tennessee
Six factors go into calculating the cost of living index in Memphis. Here is how it fares on each of the criteria:
The Services index in Memphis is 102.
The Groceries index in Memphis is 94.
The Health index in Memphis is 71.
The Housing index in Memphis is 102.
The Transportation index in Memphis is 99.
The Utilities index in Memphis is 103.
| Living Expense | Memphis | Tennessee | National Average |
|---|---|---|---|
| Overall | 93 | 94 | 100 |
| Services | 102 | 99 | 100 |
| Groceries | 94 | 96 | 100 |
| Health | 71 | 82 | 100 |
| Housing | 102 | 95 | 100 |
| Transportation | 99 | 99 | 100 |
| Utilities | 103 | 98 | 100 |
Memphis Cost Of Living Compared To Tennessee Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Tennessee, check out:
Protect your home budget Compare home warranties in Memphis Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Memphis is $144,710.
The Median Rent in Memphis is $1,181.
The Median Income in Memphis is $51,736.
The Home Value To Income in Memphis is 2.8x.
The Rent To Monthly Income in Memphis is 0.27x.
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
Memphis SnackAbility
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 102, 1.1x Memphis.
Southaven, MS has a cost of living index of 95, 1.0x Memphis.
Collierville, TN has a cost of living index of 118, 1.3x Memphis.
| City | Population | Cost Of Living | Vs. Memphis |
|---|---|---|---|
| Bartlett, TN | 56,876 | 102 | 1.1x |
| Southaven, MS | 56,226 | 95 | 1.0x |
| Collierville, TN | 51,515 | 118 | 1.3x |
| Olive Branch, MS | 47,019 | 103 | 1.1x |
| Germantown, TN | 40,673 | 121 | 1.3x |
| Horn Lake, MS | 26,647 | 89 | 1.0x |
| West Memphis, AR | 23,929 | 85 | 0.9x |
| Hernando, MS | 17,949 | 102 | 1.1x |
| Lakeland, TN | 14,192 | 113 | 1.2x |
| Marion, AR | 13,623 | 97 | 1.0x |
