Cost of Living in Memphis, TN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
92.7
100 = national avg
-7.3 vs national average
Living Wage (1 Adult)
$40,798
per year
Living Wage (Family of 4)
$96,431
per year
Cost Index by Category
Housing106.4
Food89.1
Transportation78.3
Healthcare91.3
Utilities94.8
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,154
per month
2 Bedroom
$1,274
per month
The overall cost of living index in Memphis is 92.7, which is 7.3% below the national average. Housing costs are above the national average at an index of 106.4. A single adult needs to earn approximately $40,798 per year to cover basic expenses.