Cost of Living Comparison for Memphis, TN
Updated 2026 · Local data pre-filled
Memphis's cost of living index is 84 — 16% cheaper than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
✓ Calculator below is pre-filled with Memphis local data
How Memphis Compares to the National Average
Understanding how Memphis stacks up helps you calibrate your financial planning.
| Metric | Memphis, TN | US Average | Difference |
|---|---|---|---|
| Median Home Price | $195,000 | $420,800 | -53.7% |
| Median Monthly Rent | $908 | $1,713 | -47.0% |
| Median Household Income | $50,200 | $74,580 | -32.7% |
| Property Tax Rate | 0.69% | 1.10% | -37.3% |
| Cost of Living Index | 84 | 100 | -16.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Memphis Financial Snapshot
- Population (Metro)
- 1,360,000
- Unemployment
- 5.4%
- Avg Commute
- 24 min
- Median Age
- 35.4
- Price-to-Rent Ratio
- 17.9x
- Annual Property Tax
- $1,346
Cost of Living Comparison in Other Tennessee Cities
Frequently Asked Questions — Memphis
What is the median home price in Memphis, TN?
The median home price in Memphis is $195,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Memphis?
Median monthly rent in Memphis is $908. That works out to $10,896/year, or 22% of the median household income — within the commonly recommended 30% of income guideline.
Is Memphis affordable?
Memphis's cost of living index is 84 vs. the national average of 100. With a median household income of $50,200/year and a median home price of $195,000, the price-to-income ratio is 3.9x. Memphis remains relatively affordable compared to many US metros.
What is the property tax rate in Memphis?
The effective property tax rate in Memphis is 0.69% of assessed value. On the median home of $195,000, that's roughly $1,346/year ($112/month).