What is the cost of living in Memphis, TN?

Cost of living in Memphis centers on housing: median home value runs $139,600, median rent runs $1,050/month, and the typical household earns $48,090 a year. Data via the US Census Bureau ACS 5-Year (2022).

How much do you need to earn to live comfortably in Memphis?

To keep rent under the commonly recommended 30% of income in Memphis, where median rent runs $1,050/month, you'd want to earn about $42,000 annually. See the full salary breakdown (renting and buying) for Memphis.

Is it better to rent or buy in Memphis?

Buying at Memphis's median home value of $139,600 takes about $31,940 a year in principal-and-interest income (20% down, 30-year fixed, current mortgage rates), compared with roughly $42,000 a year to comfortably rent at the median $1,050/month. Down payment and expected length of stay usually settle the question.

FBI data puts Memphis's violent crime rate at 1852.9 per 100,000 residents for 2025 — a useful benchmark alongside other cities you're weighing.

Memphis, TN Relocation Guide (2026)

Cost of living, housing, and income data for Memphis, sourced from the US Census Bureau.

Salary needed to live in Memphis →

630,027

Population

$48,090

Median household income

-33% vs tracked median

$139,600

Median home value

-57% vs tracked median

$1,050/mo

Median rent

-25% vs tracked median

Source: US Census Bureau ACS 5-Year (2022). Last updated July 2026.

Memphis counts roughly 630,027 residents, and the median household brings in $48,090 annually — -33% relative to the cities in our dataset, putting incomes here below the pack.

In Memphis, the median home is valued at $139,600 — below the median across the cities we track (-57%) — and typical rent runs $1,050 a month. Factor in mortgage rates and property taxes when sizing up whether buying pencils out.

The ratio of median home value to median household income in Memphis — roughly 2.9× — signals relatively affordable housing relative to local pay. Memphis's home prices have softened modestly, down roughly 0.1% from a year earlier. FEMA rates Memphis's overall natural-hazard risk as Relatively High — worth factoring into home insurance costs.

Personal Affordability Check

Your annual household income: $48,090

Comfortable

Renting at $1,050/mo in Memphis would take 26.2% of your income.

$152/mo under the 30% guideline.

Within Budget

Buying the median home ($139,600) would take 18.6% of your income toward principal & interest.

$377/mo under the 28% guideline.

Cost of housing in Memphis

Median home value is $139,600 and median gross rent is $1,050/month. For buyers, monthly costs depend heavily on current mortgage rates — worth checking before you commit.

FHFA's county-level home price index for Shelby fell 0.1% over the past year (as of 2025).

HUD's FY 2026 Fair Market Rent for a 2-bedroom unit in the surrounding county is $1,274/month.

Climate & home insurance

FEMA rates Memphis's overall natural-hazard risk as Relatively High. Risk level is a major driver of home insurance premiums.

Safety

Memphis reported a violent crime rate of 1852.9 per 100,000 residents in 2025, per FBI data.

Moving to Memphis

Planning a move to Memphis? Compare licensed movers and get quotes based on your origin and move date.

Cost estimates for moving between Memphis and nearby popular destinations:

Moving from Memphis to Nashville-Davidson metropolitan government (balance)

Frequently asked questions

What is the cost of living in Memphis, TN?: Cost of living in Memphis centers on housing: median home value runs $139,600, median rent runs $1,050/month, and the typical household earns $48,090 a year. Data via the US Census Bureau ACS 5-Year (2022).
How much do you need to earn to live comfortably in Memphis?: To keep rent under the commonly recommended 30% of income in Memphis, where median rent runs $1,050/month, you'd want to earn about $42,000 annually. See the full salary breakdown (renting and buying) for Memphis.
Is it better to rent or buy in Memphis?: Buying at Memphis's median home value of $139,600 takes about $31,940 a year in principal-and-interest income (20% down, 30-year fixed, current mortgage rates), compared with roughly $42,000 a year to comfortably rent at the median $1,050/month. Down payment and expected length of stay usually settle the question.
Is Memphis safe?: FBI data puts Memphis's violent crime rate at 1852.9 per 100,000 residents for 2025 — a useful benchmark alongside other cities you're weighing.

See the full salary breakdown for Memphis →