Cost of Living

Live Rich

One of the most attractive features of life in Memphis is the area’s remarkably low cost of living. From the price of a steak to the cost energy for a home, daily life in Memphis simply takes a smaller bite out of one’s disposable income. Add to this the fact that Tennessee is one of the lowest-taxed states per capita in the nation.

Memphis has, in other words, all the amenities that come with being the 20th-largest city in the U.S. but with a cost of living nearly 14% below the national average. For the majority of newcomers, that means more money for travel, leisure and hobbies, or putting away for a rainy day.

Did you know:

  • Memphis ranks as one of the Least Expensive Urban Areas on's Cost of Living Index.
  • Memphis ranked 7th in the nation for tax burden by 24/7Wall St. After all, lifestyle is not about what you earn but what you keep.
  • Tennessee has the nation's 3rd-lowest total tax burden (SOURCE: Tax Foundation, 2013 |
  • In 2013, Memphis ranked 7th on CBS Money Watch's list for "Top 10 cheapest U.S. Cities to rent an apartment" list. 
  • Forbes recognized Memphis as America’s second most affordable city when surveying the 100 largest Metropolitan Statistical Areas in the country in March 2014.
  • Memphis ranked 10th on Fortune's 2011 "10 Best Cities for Home Buyers" list.
  • The Memphis metro market ranked as the 4th best market to buy a home in 2011 by mortgage industry research firm Clear Capital.
  • The Memphis housing market ranked 2nd for housing prices on Moody's  "Best Markets for 2010" list
  • In 2011, Memphis ranked third in the nation on Coldwell Banker Real Estate’s “Most Affordable College Towns” study.
  • Investopia listed Memphis as one of the “The Most Affordable Cities to Live In” in 2011.

Compare Memphis

Our Cost of Living Calculator can compare the cost of living in Memphis with cities around the United States. Choose comparison cities and view estimates based on national averages provided by the ACCRA Cost of Living Index.

Memphis Crossroads

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