Memphis, FL

Below Avg · 84

Florida · Population 10,626 · Updated March 2026

$1,155
Median Rent / Month
$71,967
Median Income
$292,200
Median Home Value
$1,083
Owner Costs / Month

Affordability

How far your income goes in Memphis

19.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$13,860
Annual Rent
$0
State Income Tax
$2,513
Property Tax (est.)

Cost of Living Overview

Memphis is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 84 (where 100 equals the national median), Memphis residents can expect to pay median rent of $1,155/month while earning a median household income of $71,967/year.

The median home value in Memphis, FL is $292,200, with typical monthly owner costs around $1,083 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Memphis.

Frequently Asked Questions

Common questions about living costs in Memphis

What is the cost of living in Memphis, FL?
The cost of living index in Memphis, FL is 84 (US average = 100). Median monthly rent is $1,155, median household income is $71,967/year, and the median home value is $292,200.
Is Memphis, FL affordable?
Yes, Memphis is more affordable than the national average with a cost index of 84. The rent-to-income ratio is 19.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Memphis, FL?
The median gross rent in Memphis, FL is $1,155 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,860.
What is the median household income in Memphis?
The median household income in Memphis, FL is $71,967 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.