Cost of Living in Memphis, TN
| Cost of Living in Memphis, TN | Compared to State Average | Compared to National Average |
|---|---|---|
| Housing (Buy and Rent) | 2% lower | 16% lower |
| Utilities (Monthly) | 5% lower | 16% lower |
| Food | 2% higher | 1% lower |
| Healthcare | 16% lower | 21% lower |
| Transportation | 0% | 13% lower |
| Goods & Services | 10% higher | 7% lower |
The cost of living in Memphis, TN is 2% higher than the state average and 11% lower than the national average. Memphis, TN housing is 16% cheaper than the U.S average, while utilities are about 16% less pricey. When it comes to basic necessities such as food and clothing, groceries are around 1% cheaper in Memphis, TN than in the rest of the country, while clothing costs around 7% less .
Healthcare services such as doctor check-ups and dentistry cost 21% less here compared to the U.S. average. At the same time, non-necessary expenses such as entertainment and grooming services are 7% cheaper in Memphis, TN.
Housing is the most significant expense for most American households. The cost of living in a certain city takes into account both the price of rent and the price of a home. The average monthly rent in Memphis is $1,143, while home prices circle around $412,965.
Both owning and renting come with utility expenses. These costs include basic services such as energy and telecommunications. In Memphis, energy bills cost around $164.87 per month.
Food is the most important necessity and its cost varies around the country. This section includes the prices of everyday foods such as produce, meat and dairy. A bottle of milk costs about $4.67 in Memphis, a dozen eggs go for around $4.73 and a pound of potatoes circles around $5.53.
The benchmark for this category is based on the prices of family doctor visits and specialized services such as optometry. In Memphis, an optometry check-up costs around $98.17, while a dentist appointment is priced $102.98 on average.
Transportation expenses depend on multiple factors, with fuel being the most important. A gallon of gas is priced around $2.74 in Memphis, while getting your tires balanced will run you about $52.00.
The cost of clothing tells you how much more or less money you need to buy basic items such as jeans, shirts or slacks in a new city. A men's shirt costs around $36.66 here. Meanwhile, a pair of women's slacks will set you back around $26.86.
The cost of entertainment and everyday services is based on common expenses in each category. For a movie ticket in Memphis, you should budget around $13.93 a month. When it comes to personal services, a haircut usually goes for $26.87, while dry cleaning costs about $9.13.
The cost of living also takes median household income into account, so you can estimate how much more or less you could be earning in a new city by comparing it to the income in your current area. In Memphis, the median household income is $51,736.