Memphis Cost of Living: Serious Savings

Cost of Living

Yes, there is no shortage of reasons why Memphis is a great place to live. But what about affordability? With the cost of living skyrocketing is bigger cities like New York, San Francisco, and Atlanta, and popular cities like Nashville experiencing their own cost of living crisis, now more than ever is the time to think about how to stretch your dollar. The cost of living in Memphis is roughly 21% lower than the national average. That number gets even more impressive when you start comparing it against other cities. Like Atlanta – 41.4% more expensive than Memphis. Or Nashville – 33.4% more expensive than Memphis. Because the Memphis cost of living is so much lower than the rest of the country, you can make the most of your money. By living in Memphis, you can spend your money on experiences you wouldn’t otherwise be able to afford. Or maybe being a homeowner is something you’ve always wanted but couldn’t dream of doing in a bigger city – that dream can become a reality in Memphis, the no. 3 city nationally for first-time home buyers, and no.7 cost in living nationally.

 

Top 3
City for first-time buyers
#7
Best cost of living nationally
MEMPHIS VS EVERYBODY

Do More in Memphis:

33%
Lower Cost of Living
$1,417
Rent savings
50%
Lower median home price
12.3
Minutes faster for average commute
$110
Average savings on NBA tickets
$14.50
Average savings on concert tickets
22%
Lower Cost of Living
$422
Rent savings
37%
Lower median home price
10
Minutes faster for average commute
$56
Average savings on NBA tickets
$11.50
Average savings on concert tickets
68%
Lower Cost of Living
$4,309
Rent savings
87%
Lower median home price
17.8
Minutes faster for average commute
$145
Average savings on NBA tickets
$20
Average savings on concert tickets
27%
Lower Cost of Living
$814
Rent savings
52%
Lower median home price
3.7
Minutes faster for average commute
$26
Average savings on NBA tickets
$17
Average savings on concert tickets
25%
Lower Cost of Living
$422
Rent savings
18%
Lower median home price
21.6
Minutes faster for average commute
N/A
Average savings on NBA tickets
$3.50
Average savings on concert tickets
SOURCES: NerdWallet, Wanderu

Job Opportunities: A Nationwide Leader

In a Time Magazine study, Memphis ranked fourth on the list of the top 25 cities where millennials are moving. Part of what makes Memphis a great place to live is that there are job opportunities that allow young professionals the opportunity to advance their careers and gain meaningful work experience – in fact, Glassdoor says Memphis is among the top cities in the country for job opportunities in 2020.Top companies and organizations like FedEx,Autozone, and St. Jude Children’s Research Hospital being headquartered in Memphis are just a glimpse at the job potential this city has.

Top 3
City for job growth

Exceptional Entrepreneurial Spirit

Sure, anyone can start a business. But, in Memphis, we build empires. Our city’s grit and grind attitude isn’t just responsible for bringing new ideas to life, but it also takes entrepreneurship to new heights.

Don’t just take our word for it. As our city distinguishes itself as an exceptional place to launch a business, the world’s taken notice.

From top-tier organizations, like Afrotech, highlighting Memphis as one of the Top Markets for Black Entrepreneurs to national media outlets celebrating our locals’ innovative concepts, Memphians aren’t just front and center on the world’s stage—they’re setting trends, making change, and blazing trails.

#1
Best city for Black-owned companies
#1
Nationally for Black-owned businesses (43%)
#4
Highest-earning female entrepreneurs

A City Culture Like No Other

Wondering why moving to Memphis should be part of your game plan? Memphis has the excitement and energy of a big city but with a small, hometown feel, all enhanced by the soul and authenticity that comes from a rich cultural heritage and strong legacy. Living in Memphis is special not just because you have access to a huge number of cultural amenities, but also because it’s a place where you as an individual can plug in and make a difference. The culture of Memphis is a spirit of change and growth. Here, an idea because a movement and a single person can make a positive impact on their community.

 

Less Commuting, More Living

How’s that rush hour traffic treating you?
Compared to the national average, Memphians spend 25 hours a year in shorter commutes.
But compared to other cities, we’re living the dream: head-to-head with Chicago, Atlanta, and Dallas, Memphians save 40 hours annually just through shorter commutes. Poor New Yorkers: they spend a soul-crushing 80 extra hours annually getting to and from work.
Woof. We’ll pass.
There’s got to be a better way. And there is—we’re out here living it.

 

-10 min.
vs. average daily commute

A Foodie’s Paradise

What would a city be without a vibrant and thriving food scene? Whether it’s James Beard Award nominated chefs or a food truck with a cult-like following, Memphis has it all. Part of the fun of moving to Memphis is finding your favorite food spots. There’s the legacy food institutions, like the soul food famous Four Way and world-renowned Rendezvous barbecue, but there are also newer spots popping up every day with unique dining experiences and exquisite food.

 

 

Unparalleled Music History and Scene

Whether you realize it or not, Memphis changed how the world hears music, and no discussion about Memphis would be complete without noting its most legendary and iconic music scene. Some of the world’s greatest musicians of all time have called Memphis home. From Elvis Presley and B.B. King, to Three 6 Mafia, Valerie June, Justin Timberlake, and Julien Baker, moving to Memphis means joining a community rich in musical history. And while there’s no shortage of history to learn about Memphis’ music scene, there’s also no shortage of contemporary music to hear and experience either. Memphis is a mecca for musicians, and as a resident of this city, you can expect to hear some of the greatest sounds pouring out of a bar on any given night. Outdoor concerts, open mic night, intimate house concerts, free shows in the park – Memphis is a music lovers paradise.

Visit our music page for more!

 

A Thriving Place for the Arts

One of the greatest culture amenities big cities have is their arts scene, but moving to Memphis doesn’t mean you have to sacrifice that. Unbeknownst to many, Memphis is actually a hidden gem for the arts, offering a variety of cultural institutions to soothe the cravings of any art-lover. In fact, Memphis has year-round access to some of the most diverse art institutions in the country. Ballet Memphis boasts one of the most diverse dancer populations in the country, Hattiloo Theatre is the only freestanding Black repertory theatre in five surrounding states – the list goes on. From museums and performing arts to local galleries and exhibits, there’s something new to see or experience everywhere you look.

 

MEMPHIS IS NOW

 

These Curated Collections Tell The Delicious Story Of Memphis

The Bluff City on the Mississippi is known as the birthplace of rock ‘n’ roll, home of the blues and ground zero for some of the nation’s best barbecue. It’s also got an ambitious artisan food scene and…

 

Most Popular Metros for Gen X Homebuyers

Born between 1965 and 1980, many members of Generation X are in their peak earning years. Memphis has the largest share of Gen Xers making purchase requests – In Memphis, 33.42% of purchase requests came from Gen Xers.

 

How Memphis is Becoming the Top Market for Black Entrepreneurs

Memphis is laying the foundation for how other cities across the country should support Black entrepreneurs and businesses. The pathway to entrepreneurship in the city is paved with an ecosystem of opportunity, resources, and programs, unlike any other in the nation.

A Spirit of Generosity

More and more, people are prioritizing philanthropic efforts in their jobs and personal life. It’s not enough to do well and climb the ladder anymore, people – especially young professionals – want to know they’re making a difference and giving back. This is part of what makes Memphis a great place to live. In The Chronicle of Philanthropy Memphis is ranked the most giving city in America. People and organizations alike are giving their time, money, and energy to philanthropic causes, and it’s part of what’s driving an exceptional quality of life here in the Bluff City. Among the 50 largest regions in the U.S., Memphis is #1 in the number of non-profit organizations per 10,000 population. That means if you’re in the business of helping others, Memphis is the place for you.

#1
Nationally for per-capita nonprofits
#1
Most charitable metro area

A Leading Tourist Destination

Looking for a place to live that your family will want to visit all the time? Look no further, moving to Memphis is right for you. Memphis is one of the world’s leading tourist destinations, with more than 12 million people visiting each year to explore over 60 different attractions – and the list keeps growing every day. An award-winning zoo, international festivals and competitions, professional sports teams anchored by NBA giants, and much more. 

12m
Annual visitors
60+
Unique attractions

The best areas to live in Memphis

Where’s the best place to live in Memphis? Everywhere! Memphis has a lot of different neighborhoods with different charms and benefits of living there. Want to be close to the action, bars and nightlife? Try Midtown or Downtown for cute houses (or condos) with lots of historic charm and in walking distance to some of the best bars, restaurants, and venues in the city. 

Memphis has plenty of affordable, family friendly neighborhoods too. Frayser and Whitehaven are just two areas that feature large, family size housing that are close to schools, parks, and other family friendly amenities. 

Further out east, Memphis’ up and coming Sea Isle neighborhood is experiencing rapid growth, and is very popular with new young families and couples. Wherever you decide to live, Memphis has the place for you to grow and flourish inside the city. Here’s a list of some of the other best places to live in Memphis.

 

Emerging Projects

Memphis Riverpark

$65m
Invested

The Edge District

$1bn
Invested

One Beale

$225m
Invested

Memphis International Airport

$265m
Invested