Cost of Living in Memphis, TN
Population: 629,063 • 2026 Data
$51,211
Median Household Income
-34% vs national
$1,123
Median Monthly Rent
-17% vs national
$157,100
Median Home Value
-54% vs national
8.2%
Unemployment Rate
Housing in Memphis
The median home value in Memphis, TN is $157,100. Monthly rent for a typical unit averages $1,123, while total monthly housing costs (including utilities and insurance) average $1,087.
Rent-to-income ratio: 26.3%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Memphis, TN is $51,211. The unemployment rate stands at 8.2%, with a labor force of 311,652 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.