Cost of Living in Memphis, TN
Memphis, TN-MS-AR — prices, rents and what jobs really pay here after taxes.
Salary comparison calculator
What would you need to earn in Memphis, TN to keep the same lifestyle — after taxes — as in another city?
How expensive is Memphis, TN?
With a price level of 92.2 (U.S. average = 100), Memphis, TN is cheaper than average. In detail, housing costs are 20% below average; everyday goods are 4% below average; utilities are 26% below average; other services such as healthcare and dining are 5% below average. The biggest difference from the national average is in utilities.
Prices in Memphis, TN vs. the U.S. average
| Category | Index (U.S. = 100) | Difference |
|---|---|---|
| All items | 92.2 | −7.8% |
| Housing | 79.8 | −20.2% |
| Goods | 96.2 | −3.8% |
| Utilities | 74.1 | −25.9% |
| Other services | 95.4 | −4.6% |
Source: BEA Regional Price Parities, 2024.
Rent in Memphis, TN
| Unit | Monthly rent | Income needed (30% rule) |
|---|---|---|
| Studio | $1,047 | $41,880/yr |
| 1 bedroom | $1,137 | $45,480/yr |
| 2 bedrooms | $1,263 | $50,520/yr |
| 3 bedrooms | $1,662 | $66,480/yr |
| 4 bedrooms | $1,939 | $77,560/yr |
HUD Fair Market Rents, FY2026, population-weighted across the metro's counties.
Salary needed to live in Memphis, TN
To keep the same standard of living as in an average-priced U.S. city, you would need to earn roughly:
| Salary in an average U.S. city | Equivalent in Memphis, TN | Take-home here |
|---|---|---|
| $40,000 | $36,900 | $31,829 |
| $60,000 | $55,300 | $46,614 |
| $80,000 | $73,700 | $60,678 |
| $100,000 | $92,200 | $73,693 |
| $150,000 | $138,300 | $105,794 |
Scaled by the BEA price level (pre-tax). Take-home: single filer, Tennessee 2026 taxes. For a tax-aware comparison with a specific city, use the calculator above.
A monthly budget on the median wage
A single worker earning Memphis, TN's median wage of $46,890 takes home about $3,321 a month. A typical one-bedroom rents for $1,137, which is 34% of take-home pay — above the 30% guideline that financial planners suggest. That leaves about $2,184 a month for everything else.
Take-home pay in Memphis, TN
- Federal income tax$3,447
- Social Security (6.2%)$2,907
- Medicare (1.45%)$680
- Tennessee income tax$0
- Take-home pay$39,856
Marginal rate: 12% federal + 0.00% state
Highest-paying jobs in Memphis, TN
*In U.S.-average dollars after adjusting for local prices.
Pay and living costs in Tennessee cities
Half of Tennessee’s 3,278,760 workers earn less than $47,380 a year and half earn more; the middle 50% earn $35,830–$71,050 (BLS, May 2025). Prices vary a lot within the state: Jackson, TN stretches a paycheck furthest, while Cleveland, TN is the costliest.
| Metro area | Median pay | Price level | 1-BR rent | Rent share | Left after rent / mo | Buying power* |
|---|---|---|---|---|---|---|
| Nashville, TN | $50,390 | 96.3 | $1,530 | 43% | $2,026 | $44,290 |
| Memphis, TN | $46,890 | 92.2 | $1,137 | 34% | $2,184 | $43,238 |
| Knoxville, TN | $47,080 | 92.6 | $1,126 | 34% | $2,208 | $43,220 |
| Chattanooga, TN | $46,700 | 91.5 | $1,263 | 38% | $2,046 | $43,409 |
| Kingsport, TN | $45,240 | 86.4 | $818 | 25% | $2,393 | $44,571 |
| Clarksville, TN | $44,860 | 90.9 | $1,082 | 34% | $2,103 | $42,030 |
| Jackson, TN | $44,790 | 85.5 | $880 | 28% | $2,301 | $44,630 |
| Johnson City, TN | $43,480 | 87.9 | $893 | 29% | $2,200 | $42,212 |
| Morristown, TN | $44,280 | 86.4 | $887 | 28% | $2,260 | $43,721 |
| Cleveland, TN | $40,230 | 88.1 | $940 | 33% | $1,935 | $39,174 |
*Yearly take-home pay (on each metro’s median wage, single filer) in U.S.-average dollars. Price level: BEA RPP 2024 (U.S. = 100). Rent: HUD FY2026 one-bedroom fair market rent.
Memphis, TN vs. similar-size cities
| Metro area | Price level | 1-BR rent | Median wage | Jobs |
|---|---|---|---|---|
| Memphis, TN | 92.2 | $1,137 | $46,890 | 611,670 |
| Hartford, CT | 102.7 | $1,477 | $59,940 | 599,770 |
| Grand Rapids, MI | 95.5 | $1,242 | $47,570 | 598,260 |
| Richmond, VA | 97.9 | $1,505 | $51,460 | 660,350 |
| Oklahoma City, OK | 90.4 | $1,002 | $47,230 | 677,680 |
| Louisville, KY | 93.1 | $1,026 | $48,370 | 685,190 |
| Buffalo, NY | 95.8 | $1,139 | $50,790 | 534,550 |
Frequently asked questions
Is Memphis, TN expensive to live in?
According to the Bureau of Economic Analysis, overall prices in the Memphis, TN-MS-AR metro area are 92.2% of the U.S. average, with housing at 79.8%. It is the #237 most expensive of 387 metro areas we track.
What salary do you need to live in Memphis, TN?
To match the buying power of a $60,000 salary in an average-priced U.S. city you would need about $55,307 in Memphis, TN (before tax differences). The median wage across all jobs here is $46,890.
Can you afford Memphis, TN on the median wage?
A single worker on the $46,890 median wage takes home about $3,321 a month after 2026 taxes; a one-bedroom at $1,137 would take 34% of that.
How much is rent in Memphis, TN?
HUD’s FY2026 fair market rents for Memphis, TN are $1,047 for a studio, $1,137 for one bedroom, $1,263 for two bedrooms and $1,662 for three bedrooms, including utilities.
Top salaries by field in Memphis, TN
Management Occupations
- Financial Manager — $143,880
- Managers, All Other — $104,050
- General and Operations Manager — $102,510
Business and Financial Operations Occupations
- Project Management Specialist — $85,130
- Accountant and Auditor — $76,960
- Human Resources Specialist — $69,150
Educational Instruction and Library Occupations
- Secondary School Teachers, Except Special and Career/Technical Education — $62,230
- Elementary School Teachers, Except Special Education — $61,510
- Teaching Assistants, Except Postsecondary — $29,330
Healthcare Practitioners and Technical Occupations
- Registered Nurse — $81,500
- Licensed Practical and Licensed Vocational Nurse — $59,140
Healthcare Support Occupations
- Medical Assistant — $39,260
- Nursing Assistant — $38,010
- Home Health and Personal Care Aide — $30,900
Protective Service Occupations
- Police and Sheriff's Patrol Officer — $75,410
- Security Guard — $35,100
Food Preparation and Serving Related Occupations
- First-Line Supervisor of Food Preparation and Serving Workers — $39,620
- Cooks, Restaurant — $36,340
- Fast Food and Counter Worker — $27,490
- Food Preparation Worker — $27,290
- Waiter and Waitress — $24,550
Building and Grounds Cleaning and Maintenance Occupations
- Landscaping and Groundskeeping Worker — $36,500
- Janitors and Cleaners, Except Maids and Housekeeping Cleaners — $32,580
- Maid and Housekeeping Cleaner — $31,630
Personal Care and Service Occupations
- Childcare Worker — $28,860
Sales and Related Occupations
- Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products — $61,430
- Sales Representatives of Services, Except Advertising, Insurance, Financial Services, and Travel — $59,140
- First-Line Supervisor of Retail Sales Workers — $49,010
- Retail Salesperson — $32,580
- Cashier — $29,160
Office and Administrative Support Occupations
- First-Line Supervisor of Office and Administrative Support Workers — $71,310
- Production, Planning, and Expediting Clerks — $57,030
- Bookkeeping, Accounting, and Auditing Clerks — $48,400
- Secretaries and Administrative Assistants, Except Legal, Medical, and Executive — $45,960
- Shipping, Receiving, and Inventory Clerks — $45,800
- Customer Service Representative — $44,090
- Medical Secretary and Administrative Assistant — $39,940
- Office Clerks, General — $38,610
Construction and Extraction Occupations
- First-Line Supervisor of Construction Trades and Extraction Workers — $75,850
- Electrician — $60,890
- Construction Laborer — $44,810
Installation, Maintenance, and Repair Occupations
- First-Line Supervisors of Mechanics, Installers, and Repairers — $77,780
- Automotive Service Technician and Mechanic — $50,490
- Maintenance and Repair Workers, General — $48,140
Production Occupations
- First-Line Supervisor of Production and Operating Workers — $65,990
- Inspectors, Testers, Sorters, Samplers, and Weighers — $44,910
- Miscellaneous Assembler and Fabricator — $38,530
- Production Workers, All Other — $38,350
Transportation and Material Moving Occupations
- Heavy and Tractor-Trailer Truck Driver — $63,070
- First-Line Supervisors of Transportation and Material Moving Workers, Except Aircraft Cargo Handling Supervisors — $62,350
- Light Truck Driver — $48,350
- Industrial Truck and Tractor Operator — $44,540
- Laborers and Freight, Stock, and Material Movers, Hand — $39,510
- Stocker and Order Filler — $37,280
- Packers and Packagers, Hand — $35,630