Cost of Living in Memphis, TN
Memphis has a cost of living index of 83 (100 = national average), making it significantly more affordable than the national average. The median household income is $41,864 and the median home price is $175,000.
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Memphis at a Glance
Population
633,104
Cost of Living Index
83
Median Income
$41,864
Median Home Price
$175,000
Property Tax Rate
1.52%
Sales Tax Rate
9.75%
Rent Index
70
State
Tennessee
Living in Memphis
Memphis offers a cost of living below the national average, making it an attractive option for those looking to stretch their dollar further. The median home price of $175,000 is well within reach for many families.
The combined sales tax rate in Memphis is 9.75%, and the effective property tax rate is 1.52%. Property taxes are above the national average, which is an important consideration for homebuyers.