Cost of Living in Memphis, MI
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
96.7
100 = national avg
-3.3 vs national average
Living Wage (1 Adult)
$42,547
per year
Living Wage (Family of 4)
$100,566
per year
Cost Index by Category
Housing99.4
Food96.5
Transportation93.1
Healthcare97.2
Utilities97.8
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,122
per month
2 Bedroom
$1,411
per month
The overall cost of living index in Memphis is 96.7, which is 3.3% below the national average. Housing costs are below the national average at an index of 99.4. A single adult needs to earn approximately $42,547 per year to cover basic expenses.