Memphis cost of living
Prices in the Memphis, TN-MS-AR metro area run at 92.2 against a national average of 100, ranking it #237 of 387 metros. Rents there sit at 79.8.
What drives the number
Prices in Memphis run at 92.2 where the national average is 100, so about 7.8 per cent below the country as a whole. It ranks #237 of 387 metro areas. It is priced almost exactly like Tennessee as a whole, which is unusual for a metro area.
Housing is unusually cheap relative to everything else here. Rents sit at 79.8 against goods at 96.2 and other services at 74.1, so the overall figure of 92.2 understates how affordable the housing itself is. Services, which are priced by local wages, are what hold the overall number up.
Low prices only help if pay does not fall by more. Dividing the local median wage by 92.2 is how to check, and the wage pages carry that comparison.
The vertical line is the national average of 100. Source: U.S. Bureau of Economic Analysis, Regional Price Parities, SARPP, 2024.
What the biggest local jobs are really worth
The same pay buys different amounts in different places, so a salary quoted in Memphis is not comparable to one quoted elsewhere until it is divided by the local parity. These are the occupations that employ the most people here, with the quoted median alongside what that median is worth at national prices.
| Occupation | Employed | Median pay | Worth nationally | U.S. median |
|---|---|---|---|---|
| Laborers and Freight, Stock, and Material Movers, Hand | 39,160 | $37,910 | $41,117 | $38,940 |
| Heavy and Tractor-Trailer Truck Drivers | 15,990 | $60,070 | $65,152 | $57,440 |
| Retail Salespersons | 15,920 | $30,200 | $32,755 | $34,580 |
| Stockers and Order Fillers | 15,910 | $36,750 | $39,859 | $37,090 |
| Fast Food and Counter Workers | 14,810 | $27,730 | $30,076 | $30,480 |
| Registered Nurses | 13,570 | $79,250 | $85,954 | $93,600 |
| Cashiers | 12,140 | $27,750 | $30,098 | $31,190 |
| General and Operations Managers | 10,580 | $100,760 | $109,284 | $102,950 |
Pay from the BLS metro survey, adjusted by dividing by the metro parity of 92.2.
Nearby metro areas
| Metro area | All items | Rents | Rank |
|---|---|---|---|
| Nashville-Davidson--Murfreesboro--Franklin | 96.3 | 104.6 | #143 |
| Knoxville | 92.6 | 82.8 | #227 |
| Chattanooga | 91.5 | 76.6 | #257 |
| Fayetteville-Springdale-Rogers | 91.4 | 76.9 | #261 |
| Clarksville | 90.9 | 73.8 | #272 |
| Gulfport-Biloxi | 90.0 | 67.9 | #290 |
Memphis: common questions
Is Memphis expensive?
Prices are 7.8% below the national average, a parity of 92.2 where the country is 100. It ranks #237 of the 387 metro areas BEA measures. Against Tennessee as a whole it is 0.3 points more expensive.
What salary do you need in Memphis?
The median worker there earns $45,610, which buys what $49,469 buys nationally once local prices are taken into account. Comparing a salary offer between cities without this adjustment is comparing nothing useful.
Is housing the reason?
Usually. Rents here are at 79.8 against goods at 96.2. Goods barely vary between American cities because most are shipped and priced nationally; housing varies enormously, and it dominates any cost of living comparison.