salaryRent is lower than in 74% of U.S. cities. A typical house costs about 3.9 years of household income. Most homes (81.2%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $49,360 a year. That is $24 an hour at a full-time job.
Is rent cheaper than other Florida cities?
Yes. Rent here is cheaper than in most of Florida. It is number 39 of 479 cities from cheapest to most expensive.
How much do households earn in Memphis?
Share of households by yearly income. 26.1% of households earn $100,000 or more.
Rent by apartment size in Memphis
| Size | Memphis | U.S. average |
|---|---|---|
| 1 bedroom | $1,110 | $1,324 |
| 2 bedrooms | $1,428 | $1,509 |
| 3 bedrooms | $1,371 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Memphis overall?
Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Memphis, so the Florida figure is shown.
Taxes and bills in Memphis
Life in Memphis
Is it cheaper to rent or buy in Memphis?
Renting is cheaper right now: about $943 a month less.
Owning assumes a typical $313,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $31,380 for the down payment.
Frequently asked questions
What is the average rent in Memphis, FL?
Renting in Memphis costs a median of about $1,234 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Memphis?
To keep rent under 30% of income, you need about $49,360 a year, or $24 an hour at a full-time job.
Is Memphis cheap or expensive?
Memphis is rated Cheap: rent takes 18.3% of the typical household income of $80,714. It ranks 39th cheapest of 479 Florida cities we track.
How much are property taxes in Memphis?
The median homeowner in Memphis pays $1,839 a year in property taxes, about 0.59% of the median home value.
Is Memphis more expensive than the national average?
Overall prices in Florida are 3% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Memphis?
The median home value in Memphis is $313,800, about 3.9 times the typical yearly household income.
9,185 people live in Memphis. Numbers are typical (middle) values.