Cost of Living in Memphis, AL
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
35.9
100 = national avg
-64.1 vs national average
Living Wage (1 Adult)
$15,787
per year
Living Wage (Family of 4)
$37,314
per year
Cost Index by Category
Housing31.9
Food60.0
Transportation20.0
Healthcare61.5
Utilities60.0
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$591
per month
2 Bedroom
$776
per month
The overall cost of living index in Memphis is 35.9, which is 64.1% below the national average. Housing costs are below the national average at an index of 31.9. A single adult needs to earn approximately $15,787 per year to cover basic expenses.