Memphis, TN at a glance
Median household income
$51,736$4,311 per month · U.S. Census Bureau ACS 5-YearHow much rent can you afford in Memphis, TN?
HUD’s fair market rent for each size, against what a typical household here earns. Change the income to see yours.
How much is rent in Memphis, TN? By bedroom, 2026
HUD's fiscal 2026 Fair Market Rents for Memphis, TN-MS-AR HUD Metro FMR Area, with the income each one takes if rent stays under 30% of it.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,060 | $12,720 | $42,400 | 24.6% |
| 1-Bedroom Apartment | $1,154 | $13,848 | $46,160 | 26.8% |
| 2-Bedroom ApartmentBenchmark | $1,274 | $15,288 | $50,960 | 29.6% |
| 3-Bedroom Home | $1,683 | $20,196 | $67,320 | 39% |
| 4-Bedroom Home | $1,959 | $23,508 | $78,360 | 45.4% |
What a typical income covers in Memphis, TN
The 50/30/20 rule applied to the local median of $51,736 a year ($4,311 a month before tax).
What $51,736 leaves after Tennessee taxes
Federal income tax, Social Security, Medicare and Tennessee tax on the local median income. Change the salary to see yours.
Rent, jobs and pay in Tennessee
Living in Memphis, TN: common questions
What is the median household income in Memphis, TN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Memphis, TN is $51,736 per year (approximately $4,311 per month).
What is the average rent in Memphis, TN?
The closest official figure is HUD's Fair Market Rent for 2026: $1,060 for a studio, $1,154 for one bedroom, $1,274 for two, $1,683 for three and $1,959 for four, utilities included.
It is not an average of listings. HUD sets it at the rent 40% of recent movers paid or less for a standard unit, so a new lease on a nicer place will usually cost more.
Is Memphis, TN expensive to live in?
Prices there run 7.8% below the U.S. average. BEA's regional price parity for the metro area is 92.2, where the U.S. is 100. Rent moves the number most: housing is where places differ, while goods cost about the same everywhere.
How much do you need to earn to comfortably afford rent in Memphis, TN?
To keep a $1,274 two-bedroom under 30% of gross income, a household needs about $50,960 a year, or $4,247 a month. That is 99% of what the typical household in Memphis, TN earns.
How much do you need to live comfortably in Memphis, TN?
On the local median income of $51,736 ($4,311 a month before tax), the 50/30/20 rule leaves $2,156 a month for needs like rent, utilities and groceries, $1,293 for everything else and $862 for savings or debt. A two-bedroom at $1,274 takes 59% of the needs share.
How much is the electric bill in Memphis, TN?
Homes in Tennessee paid 14.1¢ per kWh on average (EIA). At 900 kWh a month, a typical use, that is about $127. Your bill depends mostly on heating and cooling.