Memphis cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMemphisFloridaNational
Cost of living index95100100
IndexMemphisFloridaNational
Goods & Services index104101100
Groceries index103105100
Health care index10897100
Housing index7395100
Transportation index103105100
Utilities index103102100
Displayed above is a general overview of the Memphis, FL cost of living index. The overall cost of living index in Memphis, FL is 95, which is 5% lower than the Florida average and 5% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Memphis, FL are 4% higher than the Florida average and 4% higher than the national average.

Did you know?

  • The cost of living in Memphis is 5% lower than the Florida average.
  • The cost of living in Memphis is 5% lower than the national average.
  • The cost of housing in Memphis is 27% 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.

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Compare Memphis, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
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Using the salary calculator lets you compare the salary you earn in Memphis, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Memphis, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Memphis, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$48,275$4,023$1,126$1,448
Renters$30,369$2,531$709$911
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Memphis, FL, as well as what the average cost of living is. 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 payment and not more than 36 percent of income on all expenses and debts. In Memphis, FL homeowners have a median income of $48,275. Using that number, you will come up with a maximum of $1,126 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $30,369, which means there is a maximum of $709 to be spent on the costs of renting a home or apartment.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
When considering the overall cost of living expenses in Memphis, FL, it's important to take into account the sales tax for Florida, as well as the rate for income tax in Florida. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Florida is 7.5%, and the sales tax in the state of Florida is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Florida starts from 0% and goes up to 0%.

Goods & Services

ItemMemphisNational avg.Difference
Haircut $14.00$14.594.1%
Beauty Salon $38.25$34.6810.3%
Toothpaste $2.94$2.4718.9%
Shampoo $1.11$1.028.6%
Movie $9.54$9.873.3%
Bowling $4.50$4.392.5%

Groceries

ItemMemphisNational avg.Difference
Ground Beef $4.89$4.489.2%
Fried Chicken $1.63$1.4611.3%
Milk $2.73$2.3615.8%
Potatoes $3.18$3.063.9%
Pizza $8.37$9.249.4%
Beer $9.75$8.6312.9%

Health Care

ItemMemphisNational avg.Difference
Optometrist $119.33$99.7819.6%
Doctor $137.25$105.0330.7%
Dentist $79.20$88.7010.7%
Ibuprofen $10.09$9.417.2%
Lipitor $328.16$298.509.9%

Housing

ItemMemphisNational avg.Difference
Home Price $111,500.00$175,700.0036.5%
Avg. Mortgage Payment $1,157.56$1,081.037.1%
Apartment Rent $872.00$920.005.2%

Transportation

ItemMemphisNational avg.Difference
Gasoline $2.19$2.094.6%
Tire Balancing $44.50$45.291.7%

Utilities

ItemMemphisNational avg.Difference
All Electricity$158.97$170.806.9%
Phone $32.85$28.2616.3%
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, StatePopulationCost of Living IndexNational Avg.
South Bradenton, FL22,81488-12%
West Samoset, FL6,59789-11%
Bayshore Gardens, FL17,89990-10%
Samoset, FL3,59091-9%
North Sarasota, FL7,54891-9%
Memphis, FL8,72295-5%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Atoka, TN8,72795-5%
Ahuimanu, HI8,72818787%
Clinton, NC8,72990-10%
Park Hills, MO8,71484-16%
Lansdowne, MD8,71498-2%
Memphis, FL8,72295-5%
Source: The Memphis, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.