Cost of Living in Memphis
Median income in Memphis is $38,000/year ($3,167/month). Here is how to budget every dollar.
Average Rent in Memphis
$700
Studio
$850
1 Bedroom
$1,050
2 Bedrooms
Monthly Budget Breakdown: $3,167/month
How to allocate the median Memphis income of $38,000/year after taxes.
Housing
$850
Food & Groceries
$320
Transportation
$300
Utilities
$180
Healthcare
$160
Entertainment
$190
Personal & Other
$160
Savings
$1,007
Total
$3,167
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Affordable Neighborhoods in Memphis
Cooper-Young and Midtown have a vibrant arts and food scene at affordable prices
Downtown Memphis has been revitalized with new apartments along Main Street
Germantown and Collierville are upscale suburbs with excellent schools
Money-Saving Tips for Memphis
No state income tax — Tennessee keeps your full earnings
BBQ in Memphis is world-class and affordable — skip chain restaurants
Shop at Kroger, Aldi, and the Memphis Farmers Market for budget groceries
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