City profile
Memphis, TN cost of living
TN · BLS RPP 91.8
Overall RPP
91.8
US = 100
Housing RPP
76.6
Housing component
Goods RPP
94.3
Goods component
2-BR Rent (HUD)
$1,298/mo
FY2024 FMR
Where Memphis, TN sits in the verified metro set
RPP rank
#62 of 67
-8.2 vs U.S. average
Vs median metro
-6.6
median RPP 98.4
2-BR rent rank
#50 of 67
-308/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA Regional Price Parities by MSA, 2022 (Table 4); HUD FY2024 Fair Market Rents (2-BR); reviewed June 2026. These are official published averages, not neighborhood-level prices.
Who’s moving in and out of Memphis, TN
IRS tax-return migration · 2021-2022Cost of living is only half the relocation question. The other half is which way people are actually voting with their feet, straight from IRS tax-return migration for the Memphis, TN metro.
Moved in
52,232
people · 28,056 households
Moved out
56,467
people · 30,420 households
Net
−4,235
net loss of residents
Net migration rank
#41 of 65
among IRS-covered ReloMath metros
Vs median net flow
-4,131
median -104 people
Largest flow share
1% in / 2% out
top named county shares
Where new residents came from
- Davidson County, TN 722
- Madison County, TN 452
- Panola County, MS 431
- Cook County, IL 394
- Coahoma County, MS 347
Where residents moved to
- Davidson County, TN 899
- Harris County, TX 610
- Dallas County, TX 559
- Tarrant County, TX 519
- Panola County, MS 468
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2021-2022. Flows too small for IRS to disclose are grouped and excluded from the named lists. Source: IRS SOI county-to-county migration data ↗, mapped to metros via the U.S. Census CBSA delineation.
What salary do you need in Memphis, TN?
Equivalent salary to maintain the same purchasing power as in a US-average city (RPP 100).
| In US-average city | You need in Memphis, TN | Formula |
|---|---|---|
| $50,000 | $45,900 | $50,000 x (91.8/100) |
| $75,000 | $68,850 | $75,000 x (91.8/100) |
| $100,000 | $91,800 | $100,000 x (91.8/100) |
| $125,000 | $114,750 | $125,000 x (91.8/100) |
| $150,000 | $137,700 | $150,000 x (91.8/100) |
| $200,000 | $183,600 | $200,000 x (91.8/100) |
This tool provides estimates only. Equivalent-salary figures are derived from BLS Regional Price Parities (RPP) and HUD Fair Market Rents — they are averages, not guarantees. Actual cost of living varies by neighborhood, lifestyle, and individual circumstances. Not financial advice.
State income tax note
Tennessee has no state income tax on wages.
Frequently asked questions
- What is the cost of living in Memphis, TN?
- Memphis, TN has a BLS Regional Price Parity of 91.8 (US average = 100). It is 8.2% less expensive than the national average.
- What salary do I need to live in Memphis, TN?
- If you earn $100,000 in a US-average city (RPP 100), you would need approximately $91,800 in Memphis, TN to maintain the same purchasing power.
- What is the average rent in Memphis, TN?
- The HUD Fair Market Rent for a 2-bedroom in Memphis, TN is approximately $1,298 per month as of FY2024.
- Are people moving to or away from Memphis, TN?
- Based on IRS tax-return migration data for 2021-2022, about 52,232 people moved into the Memphis, TN metro and 56,467 moved out — a net loss of roughly 4,235 residents. The largest single source of new residents was Davidson County, TN.
Curated nearby & similar cities
Similar verified metros by RPP
These links are chosen by data proximity: closest overall RPP to Memphis, TN, with HUD 2-BR rent as a tie-breaker.
Curated cost-of-living comparisons for Memphis, TN
Side-by-side cost of living and the equivalent salary you'd need — pick a destination.