Cost of Living in Memphis, TX
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
70.8
100 = national avg
-29.2 vs national average
Living Wage (1 Adult)
$31,156
per year
Living Wage (Family of 4)
$73,642
per year
Cost Index by Category
Housing55.8
Food85.6
Transportation71.2
Healthcare88.5
Utilities82.5
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$751
per month
2 Bedroom
$973
per month
The overall cost of living index in Memphis is 70.8, which is 29.2% below the national average. Housing costs are below the national average at an index of 55.8. A single adult needs to earn approximately $31,156 per year to cover basic expenses.