Cost of Living in Memphis, TN
Housing
The housing market plays a significant role in determining the cost of living in Memphis, TN.
- Housing Index: 87.5 / 100
- Median Home Price is: $185000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1256 per month
Considering a move to Memphis, TN? The housing index of 87.5indicates a favorable market for potential buyers and renters alike. With a median home price of 185000, this area remains accessible for first-time homebuyers, while the average rent for a 2-bedroom apartment is approximately 1200. Renting a 2-bedroom house averages at 1256, which is competitive compared to many urban areas. While prices are relatively affordable, considering local amenities and employment opportunities will be key in your decision-making process. Don’t miss out on the advantages the local market offers!
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Memphis, TN.
- Electricity Price: $12.57 USD (median by state)
- Natural Gas Price: $12.35 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $200 per month
Living in Memphis, TN could entail higher utility costs. Electricity costs sit at $12.57, while natural gas is priced at $12.35 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $200 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Memphis is a financially viable option for your relocation.