Cost of Living in Memphis, FL
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
115.8
100 = national avg
+15.8 vs national average
Living Wage (1 Adult)
$50,948
per year
Living Wage (Family of 4)
$120,422
per year
Cost Index by Category
Housing130.6
Food105.0
Transportation110.0
Healthcare104.0
Utilities109.1
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,686
per month
2 Bedroom
$1,958
per month
The overall cost of living index in Memphis is 115.8, which is 15.8% above the national average. Housing costs are above the national average at an index of 130.6. A single adult needs to earn approximately $50,948 per year to cover basic expenses.