Cost of Living in Memphis, TN
| Cost of Living in Memphis, TN | Compared to State Average | Compared to National Average |
|---|---|---|
| Housing (Buy and Rent) | 1% higher | 17% lower |
| Utilities (Monthly) | 4% lower | 13% lower |
| Food | 4% higher | 0% |
| Healthcare | 1% lower | 14% lower |
| Transportation | 2% higher | 11% lower |
| Goods & Services | 2% lower | 7% lower |
The cost of living in Memphis, TN is same as the state average and 10% lower than the national average. Memphis, TN housing is 17% cheaper than the U.S average, while utilities are about 13% less pricey. When it comes to basic necessities such as food and clothing, groceries are around 0% 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 14% 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 $1,124, while home prices circle around $384,251.
Both owning and renting come with utility expenses. These costs include basic services such as energy and telecommunications. In Memphis, energy bills cost around $156.88 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 $4.69 in Memphis, a dozen eggs go for around $4.06 and a pound of potatoes circles around $4.87.
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 $86.21, while a dentist appointment is priced $97.11 on average.
Transportation expenses depend on multiple factors, with fuel being the most important. A gallon of gas is priced around $3.00 in Memphis, while getting your tires balanced will run you about $52.20.
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 $35.03 here. Meanwhile, a pair of women's slacks will set you back around $29.09.
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 $13.67 a month. When it comes to personal services, a haircut usually goes for $24.53, while dry cleaning costs about $10.09.
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 $51,211.