Memphis, Tennessee is known for its rich musical heritage, vibrant culture, and relatively affordable lifestyle compared with many other major U.S. cities. For professionals, families, and retirees considering a move, understanding the salary landscape and overall cost of living in Memphis, TN is essential. The city offers a compelling mix of moderate incomes, low housing costs, and diverse neighborhoods, making it an attractive option for many residents across the Mid-South and beyond.

Average Salary In Memphis TN

When evaluating a move to Memphis, TN, one of the first considerations is the typical earnings in the local job market. Salaries in Memphis are closely tied to the city’s key industries, including logistics, healthcare, education, and manufacturing.

Below is an overview of approximate income levels in Memphis, Tennessee:

Income Metric (Memphis, TN)	Approximate Amount (Annual)
Median Household Income	$45,000 – $50,000
Average Individual Income	$30,000 – $35,000
Typical Professional/Office Salary	$45,000 – $65,000
Healthcare & Medical Professionals	$60,000 – $120,000+
Logistics & Distribution Roles	$35,000 – $70,000

Memphis, Tennessee salaries may appear lower than national averages for some occupations, but they must be evaluated alongside the city’s significantly lower cost of living. In many cases, the purchasing power of a Memphis paycheck goes further than in higher-cost metropolitan areas, especially when it comes to housing and everyday expenses.

Cost Of Living In Memphis TN

The cost of living in Memphis, TN is one of the city’s strongest advantages. Residents frequently find that their housing, transportation, and groceries are more affordable than in many other parts of the country. This makes Memphis an appealing destination for those seeking to stretch their income without sacrificing quality of life.

Below is a comparison-style chart summarizing major expense categories for Memphis, Tennessee relative to a U.S. average index of 100:

Cost Category	Memphis, TN Index	Notes
Overall Cost Of Living	80 – 85	Generally below national average
Housing	60 – 70	Biggest source of savings for residents
Groceries	90 – 95	Slightly below or near national average
Utilities	95 – 100	Close to national norms, influenced by seasonal climate
Transportation	85 – 95	Lower than many large metro areas
Healthcare	90 – 100	Broad range of providers and major medical centers

Day-to-day living in Memphis, Tennessee is generally manageable for a wide range of budgets. Dining out, entertainment, and cultural events are often more accessible than in more expensive cities. At the same time, residents benefit from strong healthcare networks and multiple higher education institutions, further enhancing the city’s overall value.

Average Home Values And Rents In Memphis TN

Housing costs are central to understanding the salary and cost of living in Memphis, TN. One of Memphis’s most appealing features is its notably affordable real estate market when compared to many other U.S. cities of similar size.

The following table highlights approximate home values and rental ranges in Memphis, Tennessee:

Housing Metric (Memphis, TN)	Approximate Value
Median Home Value (City Overall)	$180,000 – $230,000
Entry-Level Single-Family Homes	$150,000 – $200,000
Mid-Range Family Homes	$225,000 – $350,000
High-End Neighborhood Homes	$400,000 – $800,000+
Average Rent – 1 Bedroom Apartment	$900 – $1,200 per month
Average Rent – 2 Bedroom Apartment	$1,100 – $1,500 per month
Average Rent – Single-Family Rental	$1,400 – $2,000+ per month

While specific prices vary by neighborhood and property type, average home values in Memphis, Tennessee remain markedly lower than in many coastal and high-growth markets. This allows first-time buyers and relocating families to consider larger homes or more desirable areas than their budgets might allow elsewhere. Renters also benefit from a diverse mix of apartments, townhomes, and single-family rentals spread throughout the metropolitan area.

Best Neighborhoods In Memphis TN

Selecting the right neighborhood in Memphis, TN depends on lifestyle, commute preferences, and budget. From historic districts to family-oriented suburbs, Memphis offers a wide variety of living environments. Below is an overview of some of the best neighborhoods in Memphis, Tennessee frequently considered by homebuyers and renters.

Neighborhood	Key Features	Typical Home Price Range
East Memphis	Established residential area with mature trees, shopping, dining, and convenient access to major employers.	$250,000 – $600,000+
Midtown Memphis	Eclectic, walkable, and arts-focused with historic homes, local restaurants, and cultural venues.	$200,000 – $500,000+
Downtown Memphis	Urban living with condos, lofts, riverfront views, and close proximity to entertainment and office towers.	$200,000 – $600,000+ (condos/lofts)
Germantown (Suburban)	Highly regarded suburb just outside city limits, known for strong schools, parks, and upscale homes.	$350,000 – $900,000+
Collierville (Suburban)	Family-friendly suburb with a charming historic town square and newer residential developments.	$350,000 – $800,000+
Cordova	Popular area with a mix of older and newer subdivisions, offering relatively affordable single-family homes.	$225,000 – $450,000+

Neighborhood choice in Memphis, Tennessee has a significant impact on both housing cost and lifestyle. For example, young professionals may gravitate toward Downtown or Midtown for walkability and nightlife, while families often favor East Memphis, Germantown, Collierville, or Cordova for schools and suburban amenities. Because housing prices are comparatively moderate, many residents are able to secure more space or better locations than they might in other major metro areas.

Schools And Education In Memphis TN

For families evaluating the cost of living in Memphis, TN, education quality is a critical factor. The Memphis region is served by a combination of public school systems, charter schools, private schools, and higher education institutions, giving parents and students a range of choices.

Below is a high-level look at key educational options in and around Memphis, Tennessee:

School Category	Areas/Examples	Notes
Public K–12	Memphis-Shelby County Schools, municipal districts in Germantown, Collierville, Bartlett, and others.	Wide range of school performance; suburban municipal districts are often highly rated.
Charter & Optional Schools	Various charter networks and specialized “optional” programs within public districts.	Offer focused curricula such as STEM, arts, or college-prep.
Private & Parochial Schools	Independent schools and faith-based institutions across Memphis and suburbs.	Popular options for families seeking smaller class sizes or specific educational approaches.
Colleges & Universities	University of Memphis, Rhodes College, Christian Brothers University, and others.	Contribute to local employment, research, and a strong higher-education presence.

Because school quality can vary significantly between neighborhoods and districts, prospective Memphis, Tennessee residents are encouraged to research individual schools, review performance data, and visit campuses when possible. This due diligence helps families align their housing choices with their educational goals while still taking advantage of Memphis’s overall affordability.

Living Comfortably On A Memphis TN Salary

When combining salary data with the city’s reasonable expenses, it becomes clear that living comfortably in Memphis, TN is achievable for many households. Those earning near the median income can often afford safe, well-located housing and manage daily costs effectively. Professionals with higher earnings benefit even more from the city’s relatively low cost of living, giving them the opportunity to save, invest, or upgrade housing more quickly than in pricier cities.

In summary, the relationship between salary and cost of living in Memphis, Tennessee is favorable enough that many newcomers find their standard of living improves after relocating. With careful neighborhood selection and budgeting, residents can enjoy the cultural richness, historic charm, and economic accessibility that define Memphis, TN.