Cost of living in Memphis: rent, homes and salary
For 2024 in the Memphis, TN metro area, the BEA regional price parity (RPP) is 92.2, while the US sits at 100 and housing alone at 79.8. That puts the cost of living in Memphis 7.8% below the US average.
- Level of prices
- 92.2US = 100, BEA 2024
- Price level for housing
- 79.8 for rents, US = 100.
Cost of living index for Memphis
A regional price parity measures what one basket of goods and services costs in a place, then sets that against the US average of 100. The Memphis, TN-MS-AR metro area contains Memphis, and BEA prices it as one complete area. Utilities sit furthest from the US average, at 74.1, or 25.9% below the US.
| Price level, US = 100 | Memphis, TN metro | Tennessee | Metro against the US |
|---|---|---|---|
| All items | 92.2 | 91.9 | −7.8% |
| Goods | 96.2 | 96.2 | −3.8% |
| Housing (rents) | 79.8 | 79.1 | −20.2% |
| Utilities | 74.1 | 72.1 | −25.9% |
| Other services | 95.4 | 95.1 | −4.6% |
Source: U.S. Bureau of Economic Analysis, 2024 regional price parities for metro areas and states. BEA price parities
Memphis rent
The Zillow Observed Rent Index (ZORI) places typical asking rent in Memphis at $1,259 monthly for homes listed now, up +1.7% on a year. In the US, that figure is $1,932. Census reports median gross rent of $1,263, a measure that counts all renting households, and not only new leases. Paying a year of the asking rent takes 29% of the median household income.
| Rent | Memphis | United States |
|---|---|---|
| Typical asking rent, Zillow ZORI | $1,259 | $1,932 |
| Asking rent, 12-month change | +1.7% | |
| Median gross rent, Census ACS 2024 | $1,263 | $1,487 |
| Share of median income, one year of asking rent | 29% | 28% |
Zillow Observed Rent Index; one-year estimates from Census Bureau American Community Survey 2024.
Memphis home prices
In September 2026, the ZHVI (Zillow Home Value Index) valued a typical home in Memphis at $151,794. The index tracks the value of a typical home that sits in the middle of the market. The figure changed by −2.8% over one year, while the US figure was $366,157. That equals 2.9 years of median household income, compared with 4.5 for the US.
| Home prices | Memphis | United States |
|---|---|---|
| Typical home value, September 2026 | $151,794 | $366,157 |
| 12-month change | −2.8% | +1.2% |
| 10-year change | +93.4% | +77.4% |
| Price to income (years of median income) | 2.9 | 4.5 |
| Price to rent (years of asking rent) | 10.0 | 15.8 |
Days on market, the forecast and a price chart since 2000: Memphis housing market data.
Memphis: salary needed to live there
Two questions determine the salary in Memphis needed to buy what your current pay buys: where you live and what you earn.
- Origin: Moving from
- Salary
Every city side by side, plus the method behind the figures: city cost of living comparison.
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Memphis cost of living compared with other cities
| City | Level of prices | Housing | Rent, typical | Home value, typical |
|---|---|---|---|---|
| Memphis | 92.2 | 79.8 | $1,259 | $151,794 |
| Nashville | 96.3 | 104.6 | $1,820 | $425,889 |
| Chattanooga | 91.5 | 76.5 | $1,498 | $314,999 |
| New York City | 112.6 | 148.6 | $4,089 | $825,854 |
| Los Angeles | 113.6 | 170.4 | $2,772 | $927,891 |
| Chicago | 103.6 | 112.0 | $2,311 | $334,108 |
| Houston | 98.6 | 104.5 | $1,544 | $259,465 |
| Phoenix | 103.3 | 121.2 | $1,571 | $404,067 |
| Philadelphia | 102.6 | 113.1 | $1,757 | $231,584 |
Price levels come from BEA regional price parities for 2024, with the US set at 100. Zillow ZORI for rent. Home values: Zillow ZHVI, September 2026.
All cities ranked: city cost of living comparison. All states: state cost of living.