What Are the Everyday Living Costs in Memphis, TN in 2024?
The average monthly cost of living in Memphis, TN is $3,257, which is 28% lower than the U.S. average ($4,521). The average monthly cost of rent is $1,144, while all other costs (utilities, transportation, groceries, and miscellaneous costs) amount to $2,113 per month.
Memphis, TN is ranked 32nd out of the 333 most populated cities in the U.S. for having the lowest cost of living. Therefore, it is considered as one of the cheapest cities in which to live in the U.S.
Cost of Living (for Renters / Monthly)
Rent
$1,144
Utilities
$429
Transportation
$115
Groceries
$614
Other
$955
Total
$3,257
What Are the Everyday Living Costs in Memphis, TN in 2024?
The average monthly cost of living in Memphis, TN for singles is $2,198, which is 26% lower than the U.S. average ($2,956). The average monthly cost of rent for singles is $756, while all other costs (utilities, transportation, groceries, and miscellaneous costs) amount to $1,441 per month.
Memphis, TN is ranked 43rd out of the 333 most populated cities in the U.S. for having the lowest cost of living for singles. Therefore, it is considered as one of the cheapest cities for singles in which to live in the U.S.
Cost of Living (for Single Renters / Monthly)
Rent
$756
Utilities
$248
Transportation
$62
Groceries
$286
Other
$845
Total
$2,197
What Are the Everyday Living Costs in Memphis, TN in 2024?
The average monthly cost of living in Memphis, TN for couples is $3,227, which is 29% lower than the U.S. average ($4,519). The average monthly cost of rent for couples is $1,154, while all other costs (utilities, transportation, groceries, and miscellaneous costs) amount to $2,074 per month.
Memphis, TN is ranked 34th out of the 333 most populated cities in the U.S. for having the lowest cost of living for couples. Therefore, it is considered as one of the cheapest cities for couples in which to live in the U.S.
Cost of Living (for Couple Renters / Monthly)
Rent
$1,154
Utilities
$421
Transportation
$124
Groceries
$572
Other
$957
Total
$3,228
What Are the Everyday Living Costs in Memphis, TN in 2024?
The average monthly cost of living in Memphis, TN for single parents is $3,186, which is 24% lower than the U.S. average ($4,172). The average monthly cost of rent for single parents is $1,154, while all other costs (utilities, transportation, groceries, and miscellaneous costs) amount to $2,032 per month.
Memphis, TN is ranked 40th out of the 333 most populated cities in the U.S. for having the lowest cost of living for single parents. Therefore, it is considered as one of the cheapest cities for single parents in which to live in the U.S.
Cost of Living (for Single Parent Renters / Monthly)
Rent
$1,154
Utilities
$413
Transportation
$96
Groceries
$571
Other
$952
Total
$3,186
What Are the Everyday Living Costs in Memphis, TN in 2024?
The average monthly cost of living in Memphis, TN for families is $4,419, which is 31% lower than the U.S. average ($6,392). The average monthly cost of rent for families is $1,513, while all other costs (utilities, transportation, groceries, and miscellaneous costs) amount to $2,906 per month.
Memphis, TN is ranked 23rd out of the 333 most populated cities in the U.S. for having the lowest cost of living for families. Therefore, it is considered as one of the cheapest cities for families in which to live in the U.S.
Cost of Living (for Family Renters / Monthly)
Rent
$1,513
Utilities
$632
Transportation
$179
Groceries
$1,028
Other
$1,068
Total
$4,420
What Salary Do You Need to Live Comfortably in Memphis, TN in 2024?
Overall, on average, a gross annual salary of $49,960 is required for an average quality of life in Memphis, TN.
Is the Cost of Living High in Memphis, TN?
Memphis, TN is ranked 32nd out of the 333 most populated cities in the U.S. for having the lowest cost of living. Therefore, it is considered one of the cheapest cities in which to live in the U.S. Memphis, TN's average monthly rent is 46% lower than the U.S. average cost of rent.
Is $50,000 a Good Salary in Memphis, TN in 2024?
A gross annual salary of $50,000 in Memphis, TN will yield an average annual net salary of $45,882. Considering that the total average annual cost of living in Memphis, TN is $39,089, a gross annual salary of $50,000 will be sufficient to cover average living costs.
How Much Should You Pay for Rent in Memphis, TN?
The average monthly rent in Memphis, TN in the city center is $1,053 for a 1 bedroom apartment, $1,302 for a 2 bedroom apartment and $1,608 for a 3 bedroom apartment. Outside the city center, the average monthly rent in is $858 for a 1 bedroom apartment, $1,055 for a 2 bedroom apartment and $1,250 for a 3 bedroom apartment.