Understanding the cost of living in Memphis, Tennessee, is crucial if you’re thinking of moving to this city. The concept of the cost of living can help you figure out what apartment you can afford and what neighborhoods you should consider.
What is the cost of living in Memphis, Tennessee?
If you’re looking for an affordable metropolitan city to call home, Memphis is a great choice. The overall cost of living in Memphis is 24% lower than the national average and 11.6% lower than the state average in Tennessee. Compared to Nashville, Tennessee, Memphis is 25.6% cheaper. The cost of living in Memphis is 9.3% cheaper than Cincinnati, 7.4% cheaper than Indianapolis, and 4.1% cheaper than Wichita.
Memphis is also an attractive place to live, in addition to being affordable. It is one of the state’s largest metro areas but still manages to have a small-town feel, making Memphis especially appealing for families. Memphis has a rich music and arts scene and hosts memorials to personalities such as Dr. Martin Luther King Jr. and Elvis Presley. The city is also a global transit hub, meaning you’ll find various career options here.
How expensive is an apartment in Memphis, Tennessee?
Housing is one of the lowest costs in Memphis. Homes in Memphis average 62.9% less than the national average and 34.1% less than the state average in Tennessee.
The median cost of rent for an apartment in Memphis is $900 a month. The most affordable places for a one-bedroom apartment in Memphis are:
- South Third and Parkway: $299
- Idlewild: $395
- Hollywood/Hyde Park/Springdale: $450
- Glenview/Edgewood Manor: $450
- Southeast Memphis: $555
By comparison, a one-bedroom apartment in Belleair Woods, Central Gardens, or Harbor Town would average more than $1,400.
What is “cost of living”?
The cost of living is an estimate of how much money someone would need to cover the basic living essentials, such as food, rent, health care, and transportation, in a given area. The cost of living can vary widely across the United States. What could get you a two-bedroom apartment in one city may only be enough for a studio apartment in another. A higher cost of living means that it costs more money to maintain an average quality of life in a given city than a city like Memphis with a lower cost of living.
You can obtain a cost of living estimate by adding prices of the everyday items that someone would need to maintain an average quality of life. These factors include items such as groceries, utilities, and other necessary expenses.
The cost of living is tied to salaries since people will need a higher income to afford a more expensive place. In the United States, New York City, Boston, and San Francisco rank among the cities with the highest cost of living.
How much should I pay in rent?
Different ways exist to determine how much you should be paying in rent compared to your overall budget. One of the simplest and most popular rules of thumb to follow is the 30% rule.
The 30% rule says that, in general, your monthly rent and housing costs should not be above 30% of your monthly income before taxes. If you earn $5,000 per month, you shouldn’t pay more than $1,500 per month in rent.
However, this rule is more of a guideline than an absolute. For example, when you’re first starting out, or you’re living in a city with a higher cost of living, you may need to pay slightly more than 30% in rent, at least at first. Conversely, if you live in a relatively inexpensive area or are more advanced in your career, you may be able to find a great place at less than 30% of your monthly income.
How do I find a cheap apartment in Memphis?
Zumper allows you to find affordable yet attractive apartments in Memphis. Use Zumper’s platform to find hundreds of thousands of verified properties that you can lease. Reserve property on the spot and apply without competition. You’ll find out whether you’ll receive approval within 24 hours. Zumper allows you to filter your search results by everything you need to know, from the neighborhood and number of bedrooms to pricing and pet policies.
What is the cheapest rent in Memphis?
You can use Zumper to find the cheapest rent in Memphis with all of the amenities you want. Try searching Memphis’s more affordable neighborhoods to find a great apartment that fits your budget.
East Memphis is one of Memphis’s largest neighborhoods and combines urban amenities and the best suburban community living in one place. Cooper-Young, located in East Memphis, is one of Memphis’s most attractive neighborhoods. With an average one-bedroom rental cost of $1,165 per month, it is still eminently affordable. Cooper-Young features an artsy vibe, vintage buildings, and a thriving LGBTQ+ community.
Consider Binghampton, an area with various options, including single-family homes, brick cottages, and adorable bungalows. According to Thrillist, Binghampton is “a favorite among people of all ages and lifestyles, thanks to its abundant green space, local dining and nightlife, tight-knit community, and quick commutes into the city center.”
What are other cost of living expenses to consider in Memphis?
Cost of utilities
The average cost of basic utilities (electric, gas, water, heating, cooling, and and garbage) for a 900 square foot apartment in Memphis is on average $175 per month. This calculation will change based on what utilities are included in your monthly rent.
Cost of transportation
The Memphis Area Transit Authority, or MATA, operates the public transportation services in Memphis. A one way ticket will cost $1.75, and a monthly pass is $42.50.
Cost of dining and entertainment in Memphis
An average meal at a mid-range restaurant in Memphis will cost $15-$20. Popular Memphis restaurants include Soul Fish Cafe, Seasons 52, and Gus’s World Famous Fried Chicken. For entertainment, consider top attractions like Graceland, where you can get a glimpse into the life of legend Elvis Presley. Tours start at $27.
With a low cost of living, great neighborhoods, and plenty of culture and history, Memphis, Tennessee, is a great place to live. Search for Memphis apartments on Zumper and find your new home.
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