Memphis, TN

Estimated Annual Costs

Memphis is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 68 (where 100 equals the national median), Memphis residents can expect to pay median rent of $1,123/month while earning a median household income of $51,211/year.

The median home value in Memphis, TN is $157,100, with typical monthly owner costs around $1,087 including mortgage, insurance, and taxes. With a rent-to-income ratio of 26.3%, Memphis falls within the generally affordable range, though it's approaching the 30% burden threshold.

Tennessee has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 7.0% sales tax rate and 0.64% effective property tax rate, the overall tax environment helps keep costs manageable in Memphis.