Zip 38117 (Memphis, TN) Cost of Living


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with insight into cost of living, crime, climate, and more.
How much do I need to live in Memphis, Tennessee?
$4,620 / month
for a family, 14.4% less expensive than the national average A total of $55,440 for the year for a family.
$3,633 / month
for a single person, 23.8% less expensive than the national average A total of $43,600 for the year for a single person.

Memphis cost of living score
85.8
Less expensive
14.2% lower
than the US average
4.6% lower
than the Tennessee average
Memphis (zip 38117), Tennessee gets a BestPlaces Cost of Living score of 85.8, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 14.2% lower than the U.S. average and 4.6% higher than the average for Tennessee.

Zip 38117 (Memphis, TN)

Housing costs in Memphis?
A typical home costs $288,800, which is 14.6% less expensive than the national average of $338,100 and 4.1% more expensive than the average Tennessee home, at $277,400. Renting a two-bedroom unit in Memphis costs $1,250 per month, which is 16.8% more than the national average of $1,070 and 18.4% more than the state average of $1,020.

Can I afford Memphis?
To live comfortably in Memphis (zip 38117), Tennessee, a minimum annual income of $55,440 for a family, and $43,600 for a single person is recommended.

What does A.I. say about Memphis?
The cost of living in 38117 Memphis, TN is relatively affordable compared to other cities. According to BestPlaces, the overall cost of living index in 38117 Memphis, TN is 78.20 which is lower than the US average of 100. Housing expenses take up the largest portion of living costs in the area with a median home price of $153,100. However, groceries and restaurant prices are lower than the US average making it easy to find affordable meal options. Additionally, utilities and transportation are both affordable with below average gas prices and a wide variety of public transportation options available. Overall, 38117 Memphis, TN offers an affordable cost of living compared to many other cities across the country.
   Cost of living score
       Higher than 100 is more expensive than the national average.
       Lower than 100 is less expensive.
     CategoriesMemphisTennesseeUnited States
    Unlock89.9100.0
  98.1  Unlock100.0
    Unlock100.4100.0
  87.2  Unlock100.0
    Unlock$277,400$338,100
  95.9  Unlock100.0
    Unlock90.2100.0
  102.7  Unlock100.0

   100=National Average

   Average Rent by Bedroom Size
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