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Memphis, TN-MS-AR

Cost of living in Memphis, Tennessee

Shelby County, TN

Part of the Memphis Metro Area

Estimated monthly cost
$3,072/mo
for a single person, all categories combined

Population 922,195 · Last updated May 21, 2026

Cost breakdown

Single person, by category, per month.

Rent $1,207 39%
Federal tax $502 16%
Healthcare $480 16%
Transport $320 10%
Groceries $317 10%
Energy $191 6%
Water $55 2%
State tax $0 0%

Rent in Memphis

Fair Market Rents by bedroom count.

Studio
$1,105
per month
1 bedroom
$1,207
per month
2 bedroom
$1,355
per month
3 bedroom
$1,781
per month
4 bedroom
$2,086
per month

Source: HUD FMR FY2025

Income and earnings in Memphis

Annual earnings figures from the Census ACS.

Household income
$62,337
per year
Individual earnings
$40,777
per year
Per capita
$37,666
per year

Source: ACS 2019-2023 5-Year.

Home values in Memphis

Average values reported by homeowners.

Average home value
$229,700
Annual property tax
$2,376

Source: ACS 2019-2023 5-Year

Energy costs in Memphis

Estimated monthly electricity and gas costs.

Electricity
$147
per month · 13.4¢/kWh
Natural gas
$44
per month
Annual total
$2,292
per year

Source: EIA

Healthcare in Memphis

Insurance premiums and coverage rates.

Individual premium
$480
per month
Family premium
$1,350
per month
Uninsured rate
12.1%

Source: ACS + national avg. Marketplace benchmark premiums are second-lowest Silver plan estimates and do not reflect employer plans, subsidies, or out-of-pocket costs. This is not healthcare advice.

Taxes in Memphis

State and local tax rates for Tennessee.

No state income tax
Tennessee does not levy a personal income tax.
State sales tax
7.0%
Combined sales tax
9.6%
incl. average local

Tax rates change. Consult a qualified tax professional for advice on your specific situation. This is not tax advice.

Transportation in Memphis

Commute patterns and estimated costs.

Average commute
22.5 min
Drive alone
78.3%
Public transit
0.5%
Work from home
9.4%

Source: ACS

Monthly cost estimates for Memphis

What it costs to live in Memphis each month.

Single person
$3,072
per month
  • Rent $1,207
  • Energy $191
  • Water $55
  • Groceries $317
  • Transport $320
  • Healthcare $480
  • Federal tax $502
  • State tax $0
Couple
$4,148
per month
  • Rent $1,355
  • Energy $229
  • Water $65
  • Groceries $525
  • Transport $420
  • Healthcare $864
  • Federal tax $690
  • State tax $0
Family
$6,699
per month
  • Rent $1,781
  • Energy $286
  • Water $75
  • Groceries $797
  • Transport $520
  • Healthcare $1,350
  • Childcare $1,200
  • Federal tax $690
  • State tax $0

Frequently asked questions about Memphis

Common questions about cost of living, rent and salary.

What is the average rent in Memphis?

In Memphis, Tennessee, a one-bedroom apartment averages $1,207 per month, a two-bedroom averages $1,355 per month, a three-bedroom averages $1,781 per month, according to HUD Fair Market Rent data.

What is the average salary in Memphis?

In Memphis, Tennessee, the average household income is $62,337 per year and individual earnings for full-time workers average $40,777 per year, according to U.S. Census Bureau data.

What is the cost of living in Memphis?

The estimated cost of living in Memphis, Tennessee is approximately $3,072 per month for a single person, $4,148 for a couple, $6,699 for a family. This includes rent, utilities, groceries, transportation, healthcare, and taxes.

What is the sales tax rate in Memphis?

The combined sales tax rate in Memphis, Tennessee is 9.55%, which includes the Tennessee state rate of 7.00% plus an average local rate of 2.55%.

Is Memphis an affordable place to live?

Based on the data, a single person in Memphis, Tennessee would need approximately $3,072 per month to cover rent, utilities, food, transport, healthcare, and taxes. The average household income is $62,337 per year ($5,195 per month). Memphis has a moderate cost of living relative to local earnings.

How much does healthcare cost in Memphis?

The ACA marketplace benchmark premium in Memphis, Tennessee is approximately $480 per month for an individual. Approximately 12.1% of residents are uninsured. Actual costs vary based on employer coverage, plan type, and individual circumstances.

What are house prices in Memphis?

The average home value in Memphis, Tennessee is $229,700, with average annual property taxes of $2,376, according to U.S. Census Bureau data.

How does Memphis compare to other areas?

You can compare Memphis, Tennessee with any other US county using our comparison tool at /compare. Memphis is in the Memphis, TN-MS-AR metro area.

Other counties in Tennessee

Browse the full list of counties in Tennessee, ranked by cost of living.

See all counties in Tennessee

Compare Memphis with another area

Put two counties side by side to see how rent, taxes and everyday costs stack up.

About this data

All figures on this page come from official U.S. government sources, listed below.

  • HUD FMR FY2025
  • ACS 2019-2023 5-Year
  • EIA
  • ACS + national avg
  • ACS
  • USDA + BEA RPP
Methodology All data sources