| Index | Memphis | Florida | National |
| Cost of living | 102 | 102 | 100 |
| Groceries | 102 | 102 | 100 |
| Health care | 102 | 104 | 100 |
| Housing | 98 | 97 | 100 |
| Transportation | 103 | 103 | 100 |
| Utilities | 111 | 110 | 100 |
| Lifestyle & Entertainment | 104 | 104 | 100 |
| Household Items | 100 | 102 | 100 |
| Education & Childcare | 103 | 106 | 100 |
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 102, which is 2% higher 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, houshold expenses, 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 an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Memphis is 5.7% lower than the national average, while the average monthly rent prices are 6.9% higher than average. The affordability of any location can also be influenced by median income levels. Memphis has a median household income of $84,915, which is 4.4% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase 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 household expenses 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%.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Memphis, the utilities index registers 11.1% higher than the national average.
The Memphis cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $93,966 | $7,831 | $2,192 | $2,819 |
| Renters | $39,950 | $3,329 | $932 | $1,199 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| South Bradenton, FL | 25,620 | 92 | 8.5% |
| Whitfield CDP (Santa Rosa County), FL | 208 | 93 | 6.7% |
| Bayshore Gardens, FL | 21,005 | 95 | 5.1% |
| West Samoset, FL | 7,448 | 96 | 4.4% |
| Samoset, FL | 4,844 | 97 | 3.3% |
| Memphis, FL | 10,949 | 102 | 1.6% |
| City | Population | Cost of Living Index | National Avg. |
| Roscoe, IL | 10,953 | 100 | 0.4% |
| Forestville, OH | 10,944 | 104 | 4.3% |
| Ogdensburg, NY | 10,940 | 91 | 9.5% |
| New Port Richey East, FL | 10,938 | 95 | 5.0% |
| Montmagny, QC | 10,961 | n/a | |
| Memphis, FL | 10,949 | 102 | 1.6% |
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