What Salary Do You Need to Live in Memphis, TN?

To live comfortably in Memphis, a household needs to earn roughly $55,000/year. That's about $4,583/month before taxes.

The Number: $55,000/year

At $55,000 per year, a household in Memphis can afford median-priced rental housing at roughly 28% of gross income.

This is based on Memphis's median monthly rent of $1,263 and the 28% housing guideline. Source: Census ACS 2024.

Memphis at a Glance

Median rent$1,263/mo
Median home price$209,800
Median household income$52,679
State income taxNone
Sales tax9.25%

Sources: Census ACS 2024, Tax Foundation.

For Single Residents

A single person can live comfortably in Memphis on roughly $35,000/year. That's about $2,917/month before taxes.

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Note: Salary estimates are based on the 28% housing guideline applied to median rents from Census ACS 2024. Individual circumstances vary. Full disclaimer.

Salary Questions About Memphis

The median monthly rent is $1,263. Using the 30% guideline, you need about $51,000/year to afford this comfortably.

The median home price is $209,800. With a 20% down payment, you would need roughly $41,960 saved and a household income to support the mortgage payments.

The median household income is $52,679/year. Our recommended salary of $55,000/year is above the median, reflecting a comfortable (not extravagant) standard of living.