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Cost of Living in Memphis

Is it better to rent or buy in Memphis? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$53,477
$1,203/mo

Median in area: $1,203

$175,239

Median in area: $175,239

$35,048

If you Rent

🔑
$1,383 /mo
Base Rent$1,203
Est. Utilities$180
% of Income31.0%
Pre-tax Residual$3,073

If you Buy

🏠
$1,369 /mo
P&I (6.944%)$927
Taxes & Ins$262
Est. Utilities$180
% of Income30.7%
Pre-tax Residual$3,087

Cost of Living FAQs

Is it cheaper to rent or buy in Memphis?›

Based on median housing data, buying is currently more affordable on a monthly basis in Memphis. The estimated all-in monthly cost for renting is $1,383, while owning a median-priced home with a 20% down payment is roughly $1,369 per month (a difference of $14).

How much do utilities cost in Memphis?›

The average monthly utility cost (electricity and natural gas) for a typical home in Memphis is approximately $180. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Memphis?›

To comfortably afford the median rent and utilities in Memphis without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $55,320 per year.