salaryMemphis is the 2nd-largest city in Tennessee that we track, with 618,980 residents. Rent is lower than in 63% of U.S. cities. A typical house costs about 3.0 years of household income. Most households rent (55%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $55,960 a year. That is $27 an hour at a full-time job.
Is rent cheaper than other Tennessee cities?
No. Rent here is more expensive than in most of Tennessee. It is number 65 of 114 cities from cheapest to most expensive.
Compare Memphis with other big cities
Compare Memphis to 149 other cities →
How much do households earn in Memphis?
Share of households by yearly income. 15.3% of households earn $100,000 or more.
Rent by apartment size in Memphis
| Size | Memphis | U.S. average |
|---|---|---|
| Studio | $977 | $1,338 |
| 1 bedroom | $1,046 | $1,324 |
| 2 bedrooms | $1,194 | $1,509 |
| 3 bedrooms | $1,409 | $1,698 |
| 4 bedrooms | $1,553 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Memphis overall?
Everyday prices in the Memphis metro area are 8% below the U.S. average (index 92.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Memphis
Life in Memphis
What jobs pay in Memphis
| Job | Median pay | Rent / pay |
|---|---|---|
| Lawyer | $134,440 | 12.5% |
| Pharmacist | $134,220 | 12.5% |
| Software Developer | $125,580 | 13.4% |
| Nurse Practitioner | $124,600 | 13.5% |
| Physician Assistant | $121,900 | 13.8% |
| Operations Manager | $102,510 | 16.4% |
| Computer Systems Analyst | $100,640 | 16.7% |
| Civil Engineer | $96,100 | 17.5% |
| Registered Nurse | $81,500 | 20.6% |
| Dental Hygienist | $78,580 | 21.4% |
| Accountant | $76,960 | 21.8% |
| Police Officer | $75,410 | 22.3% |
| Market Research Analyst | $71,600 | 23.4% |
| Truck Driver | $63,070 | 26.6% |
| Firefighter | $62,910 | 26.7% |
| Elementary School Teacher | $61,510 | 27.3% |
| Electrician | $60,890 | 27.6% |
| Licensed Practical Nurse | $59,140 | 28.4% |
| Plumber | $58,690 | 28.6% |
| HVAC Technician | $56,780 | 29.6% |
| Carpenter | $50,620 | 33.2% |
| Customer Service Representative | $44,090 | 38.1% |
| Warehouse Worker | $39,510 | 42.5% |
| Medical Assistant | $39,260 | 42.8% |
| Nursing Assistant | $38,010 | 44.2% |
| Restaurant Cook | $36,340 | 46.2% |
| Retail Salesperson | $32,580 | 51.5% |
| Cashier | $29,160 | 57.6% |
| Server (Waiter/Waitress) | $24,550 | 68.4% |
Is it cheaper to rent or buy in Memphis?
Buying is cheaper month to month: about $226 a month less than renting.
Owning assumes a typical $169,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $16,900 for the down payment.
Frequently asked questions
What is the average rent in Memphis, TN?
Renting in Memphis costs a median of about $1,399 a month in 2026, including utilities. The Tennessee median is $1,279.
How much do I need to make to live in Memphis?
To keep rent under 30% of income, you need about $55,960 a year, or $27 an hour at a full-time job.
Is Memphis cheap or expensive?
Memphis is rated Expensive: rent takes 30.1% of the typical household income of $55,797. It ranks 65th cheapest of 114 Tennessee cities we track.
How much are property taxes in Memphis?
The median homeowner in Memphis pays $1,845 a year in property taxes, about 1.09% of the median home value.
Is Memphis more expensive than the national average?
Overall prices in the metro area are 8% below 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 $169,000, about 3.0 times the typical yearly household income.
618,980 people live in Memphis. Numbers are typical (middle) values.