The cost of living in Memphis is low for a large US city. The average one-bedroom rent is about $1,068 a month (Rentometer, October 2026), and a solo renter should plan for roughly $3,150 a month in total. MIT puts a single adult at $43,914 a year before tax.
Quick answer
Zillow shows an average rent of $1,259 and an average home value of $151,794 for Memphis (30 September 2026). The 30% rent rule of thumb suggests about $42,700 a year gross for a $1,068 one-bedroom. Figures were checked in October 2026.
Cost of living in Memphis at a glance
MIT’s Living Wage model (updated February 2026) prices a basic budget for one adult with no children in the Memphis metro:
| Category | Per year | Per month |
|---|---|---|
| Housing | $12,628 | $1,052 |
| Transportation | $9,134 | $761 |
| Food | $4,373 | $364 |
| Medical | $3,056 | $255 |
| Internet and mobile | $1,601 | $133 |
| Other necessities | $4,067 | $339 |
| Civic | $2,583 | $215 |
| After-tax total | $37,443 | $3,120 |
The pre-tax equivalent is $43,914 a year, or $21.11 an hour.
Rent in Memphis
| Home size | Average asking rent |
|---|---|
| Studio | $1,150 |
| 1 bedroom | $1,068 |
| 2 bedrooms | $1,163 |
| 3 bedrooms | $1,411 |
Rentometer, 23 October 2026, all property types. Studios can look pricier than one-bedrooms because of small samples, so check live listings. Prices vary by neighbourhood. For other Southern cities, compare Nashville, New Orleans and Birmingham.
Buying a home in Memphis
Zillow’s average home value of $151,794 is far below most large US cities. Add property tax, insurance and maintenance to the mortgage payment before comparing with rent.
Transportation
MIT budgets $9,134 a year (about $761 a month) for transportation, which reflects how car-dependent Memphis is. MATA lists a $1.00 base bus fare and a $2.00 daily pass, though its site also mentions a zero-fare pilot period, so check whether fares are currently collected. Add car insurance and fuel if you drive.
Taxes in Tennessee
Tennessee does not tax wages, which helps take-home pay, but sales tax is high. Check the Tennessee Department of Revenue for current rates.
Sample monthly budget for a solo renter
| Category | Monthly amount |
|---|---|
| Rent (1 bedroom) | $1,068 |
| Transportation | $761 |
| Food | $364 |
| Medical | $255 |
| Internet and mobile | $133 |
| Other necessities | $339 |
| Civic | $215 |
| Total | About $3,135 |
Using Zillow’s $1,259 average rent instead lifts the total to about $3,326. Savings are not included.
Salary needed in Memphis
| Household | MIT hourly living wage |
|---|---|
| 1 adult, no children | $21.11 |
| 1 adult, 1 child | $33.79 |
| 2 working adults, 2 children | $23.40 each |
How to save money in Memphis
- Share a two-bedroom (average $1,163) to cut rent per person.
- Live near work to cut driving costs.
- Compare utilities and insurance before you sign a lease.
- Cook at home and shop at discount grocers.
Frequently asked questions about the cost of living in Memphis
How much does it cost to live in Memphis per month?
A solo renter paying about $1,068 for a one-bedroom needs roughly $3,150 a month once MIT-modelled transport, food, medical, phone and other costs are added. Using Zillow’s $1,259 average rent lifts it to about $3,300.
What is the average rent in Memphis?
Rentometer lists about $1,068 for a one-bedroom, $1,163 for a two-bedroom and $1,411 for a three-bedroom (October 2026). Zillow shows an all-home average of $1,259.
How much do you need to earn to live in Memphis?
MIT puts a single adult at $21.11 an hour, or $43,914 a year before tax, for basic needs in the Memphis metro. At a $1,068 rent, the 30% rule of thumb points to about $42,700 a year.
Is Memphis cheaper than Nashville?
Yes on these figures. Zillow average rent is $1,259 in Memphis and $1,820 in Nashville, and MIT puts a single adult at $21.11 an hour in Memphis against $24.56 in Nashville.
How much is the bus in Memphis?
MATA lists a $1.00 base fare and a $2.00 daily pass, but its site also mentions a zero-fare pilot, so check whether fares are currently collected.
Sources
- MIT Living Wage Calculator, Memphis, TN (updated February 2026)
- Rentometer, average rent in Memphis, TN (23 October 2026)
- Zillow, Memphis home values and rents (30 September 2026)
- MATA, fares
