Memphis, Tennessee has an overall cost of living index of 91.9, which is 8.1 points below the US average of 100 — making it more affordable than most American cities. Renters pay a median of $1,181 per month, while the typical home is valued around $169,000. Households earn a median of $51,736 per year, leaving rent at a manageable share of income for many residents. Air quality is good, with an average AQI of 19. Below: housing costs, local wages by occupation, neighborhoods, climate, jobs and major industries, and healthcare access — all drawn from US Census, BEA, BLS, HUD, EPA, and NOAA data.
$51,736
Median Income / yr
Census ACS
$1,181
Median Rent / mo
Census ACS
$169,000
Median Home Value
Census ACS
91.9
Cost of Living Index
1BR Fair Market Rent
N/A
HUD · FY2024
2BR Fair Market Rent
N/A
HUD · FY2024
3BR Fair Market Rent
N/A
HUD · FY2024
Fair Market Rent is the 40th percentile of gross rents in the metro area · HUD FY2024
Each category indexed to the US average of 100. Below 100 = cheaper than average.
Overall
91.9
Goods
94.3
Rents / Housing
77.3
Services
77.4
Source: BEA Regional Price Parities (metro-level)
| Occupation | Median Annual Wage |
|---|---|
| Software Developer | $116,280 |
| Registered Nurse | $84,850 |
| Elementary Teacher | $56,070 |
| Electrician | $57,850 |
| Accountant | $81,700 |
| Plumber | $59,180 |
| Nurse Practitioner | $298,520 |
| Civil Engineer | $103,570 |
| Operations Manager | $128,820 |
| Market Research Analyst | $74,510 |
| Health Services Manager | $129,920 |
| Truck Driver | $61,530 |
| Physician Assistant | N/A |
| Surgeon | N/A |
| Data Scientist | N/A |
| Computer Engineer | N/A |
Source: BLS OEWS 2023 (metro-level data)
Population
618,980
Latest estimate
Median Age
34.2 yrs
Census ACS
19.0
Good0 = clean · 50 = moderate boundary · lower is better
Source: EPA AirNow
Total Neighborhoods
34
Tracked in our database
Avg Walk Score
N/A
0–100 scale
Avg Median Rent
$1,156
Per month
Avg Home Value
$186,997
Census ACS
| Neighborhood | Walk Score | Median Rent | Home Value |
|---|---|---|---|
| ZIP 38002 | — | $1,505 | $333,300 |
| ZIP 38016 | — | $1,351 | $232,200 |
| ZIP 38018 | — | $1,512 | $228,600 |
| ZIP 38028 | — | $1,305 | $438,100 |
| ZIP 38103 | — | $1,499 | $375,000 |
| ZIP 38104 | — | $1,002 | $288,900 |
| ZIP 38105 | — | $889 | $77,000 |
| ZIP 38106 | — | $881 | $62,800 |
| ZIP 38107 | — | $943 | $110,100 |
| ZIP 38108 | — | $808 | $58,800 |
Showing top 10 of 34 tracked neighborhoods.
January Avg
42°F
July Avg
83°F
Sunny Days / Year
—
Annual Snowfall
—
Climate category: Temperate · Source: NOAA/NCEI 30-year normals.
Healthcare Score
29.4
poor
Hospitals
12
Doctors per 1,000
1.00
Insurance Coverage
85.3%
Memphis has a Regional Price Parity (RPP) index of 91.9. The US national average is 100, so Memphis is 8.1 points below the national average.
The median gross rent in Memphis is $1,181 per month according to US Census ACS data.
The median household income in Memphis is $51,736 per year.
The median home value in Memphis is $169,000 based on the latest Census ACS survey.
Memphis has an average Air Quality Index (AQI) of 19.0, which is rated "Good" by the EPA. Lower AQI values indicate cleaner air.
Tax data for Tennessee is not yet available.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
