A+
1%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
3%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Memphis Florida National
Cost of living9998100
Goods & Services10098100
Groceries10199100
Health care10396100
Housing9796100
Transportation9799100
Utilities10097100

An Overview of Cost of Living in Memphis, FL

The cost of living in Memphis affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Memphis is 99, which is 1% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Memphis closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Memphis can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Memphis Affordable?

Is Memphis affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Memphis, the median home price is 7.9% lower than the national average and monthly rent prices are 8.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Memphis boasting a median household income of $56,197, 1.6% higher than the national average.

What Factors can Influence the Cost of Living in Memphis?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Memphis starts at 6% and the income tax rates start at 0%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Memphis, the groceries index is 1.3% higher than the national average.

Where is the Data From?

The Memphis cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Memphis is 2% higher than the Florida average
  • The cost of living in Memphis is 1% lower than the national average
  • Memphis housing is 3% lower than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Memphis

See all the best places to live around Memphis

Compare Memphis, FL Cost of Living

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$62,308$5,192$1,454$1,869
      Renters$26,955$2,246$629$809
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Memphis, FL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Memphis, homeowners have a median income of $62,308. Using that number, a maximum of $1,454 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $26,955, which means there is a maximum of $629 to be spent on the costs of renting a home or apartment.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Memphis National avg. Difference
      Haircut $26.28$24.268.3%
      Beauty Salon $41.57$45.568.8%
      Toothpaste $3.67$3.701.0%
      Shampoo $1.36$1.286.5%
      Movie $13.08$12.137.8%
      Bowling $16.72$18.007.1%

      Groceries

      Item Memphis National avg. Difference
      Ground Beef $5.02$5.8414.0%
      Fried Chicken $1.48$1.576.0%
      Milk $4.54$4.672.8%
      Potatoes $5.47$4.9310.9%
      Pizza $10.96$12.099.3%
      Beer $10.58$10.411.6%

      Health Care

      Item Memphis National avg. Difference
      Optometrist $104.04$125.6817.2%
      Doctor $122.85$135.789.5%
      Dentist $112.75$113.290.5%
      Ibuprofen $10.35$10.652.9%
      Lipitor $447.95$468.604.4%

      Housing

      Item Memphis National avg. Difference
      Home Price $170,100.00$184,700.007.9%
      Avg. Mortgage Payment $1,781.84$2,346.6924.1%
      Apartment Rent $1,028.00$949.008.3%

      Transportation

      Item Memphis National avg. Difference
      Gasoline $3.56$3.462.8%
      Tire Balancing $63.29$59.925.6%

      Utilities

      Item Memphis National avg. Difference
      All Electricity $149.04$193.9923.2%
      Phone $193.01$192.250.4%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      South Bradenton, FL24,8859010.4%
      Whitfield CDP (Santa Rosa County), FL2039010.2%
      Bayshore Gardens, FL20,380937.4%
      West Samoset, FL7,191946.4%
      Samoset, FL4,701945.7%
      Memphis, FL10,702990.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pleasanton, TX10,703955.2%
      Woodbury, NY10,70013333.4%
      Cold Springs, NV10,70411717.3%
      Sainte-Agathe-des-Monts, QC10,693n/a 
      Darby, PA10,711927.9%
      Memphis, FL10,702990.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.