Cost of Living in Memphis, TN

Memphis, TN-MS-AR — prices, rents and what jobs really pay here after taxes.

Price level
92.2
U.S. average = 100 · #237 of 387
Median wage
$46,890
all jobs · $3,321/mo take-home
1-bedroom rent
$1,137
HUD fair market rent

Salary comparison calculator

What would you need to earn in Memphis, TN to keep the same lifestyle — after taxes — as in another city?

Cost of living calculator

Uses BEA price levels plus 2026 federal and state taxes in each city's state.

Salary needed to keep your lifestyle
—

    Prices in Memphis, TN vs. the U.S. average

    CategoryIndex (U.S. = 100)Difference
    All items92.2−7.8%
    Housing79.8−20.2%
    Goods96.2−3.8%
    Utilities74.1−25.9%
    Other services95.4−4.6%

    Source: BEA Regional Price Parities, 2024.

    Rent in Memphis, TN

    UnitMonthly rentIncome 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.

    Take-home pay in Memphis, TN

    Paycheck in Memphis, TN
    Deductions, kids & local tax

    2026 tax year. Federal brackets from IRS Rev. Proc. 2025-32.

    Your take-home pay
    $39,856
    per year · effective tax rate 15.0%
    $3,321Monthly
    $1,661Twice a month
    $1,533Every 2 weeks
    $19.16Hourly
    • 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

    JobMedian salaryTake-homeReal value*
    Physicians, All Other$239,200+$270,910$293,896
    Chief Executive$196,680$146,452$158,878
    Computer and Information Systems Manager$161,790$121,849$132,188
    Financial Manager$143,880$109,608$118,908
    Human Resources Manager$138,560$105,972$114,963
    Lawyer$134,440$103,156$111,908
    Pharmacist$134,220$103,005$111,745
    Marketing Manager$132,540$101,857$110,499
    Administrative Services Manager$130,580$100,517$109,046
    Health Specialties Teachers, Postsecondary$128,860$99,342$107,771
    Sales Manager$128,560$99,137$107,548
    Computer Network Architect$126,400$97,660$105,946
    Software Developer$125,580$97,100$105,338
    Nurse Practitioner$124,600$96,430$104,612
    Industrial Production Manager$118,120$91,927$99,727
    Medical and Health Services Manager$112,800$88,185$95,667
    Facilities Manager$108,610$85,237$92,469
    Construction Manager$107,710$84,604$91,782
    Transportation, Storage, and Distribution Managers$106,170$83,521$90,607
    Managers, All Other$104,050$82,029$88,989

    *In U.S.-average dollars after adjusting for local prices.

    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.

    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.

    All salaries in Memphis, TN

    Management Occupations

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    Legal Occupations

    Educational Instruction and Library Occupations

    Arts, Design, Entertainment, Sports, and Media Occupations

    Healthcare Practitioners and Technical Occupations

    Healthcare Support Occupations

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    Food Preparation and Serving Related Occupations

    Building and Grounds Cleaning and Maintenance Occupations

    Personal Care and Service Occupations

    Sales and Related Occupations

    Office and Administrative Support Occupations

    Construction and Extraction Occupations

    Installation, Maintenance, and Repair Occupations

    Production Occupations

    Transportation and Material Moving Occupations

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