Memphis, TN variant. This is a Memphis, TN-specific version of the Salary Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Salary Calculator.
A salary in Memphis must be weighed against a cost-of-living index of 84 (US avg = 100) and a $165,000 median home. The same paycheck stretches very differently here than in a cheaper metro.
Salary vs. cost of living in Memphis
Memphis's cost-of-living index of 84 means goods and housing cost about 16% less than the national average. To match a $60,000 lifestyle elsewhere you'd need roughly $50,400 here.
The $49,978 local median income and $1,300/month median rent set realistic expectations for Memphis.
About Memphis, TN
Memphis residents pay no state or city income tax, since Tennessee does not impose a personal income tax on wages.
Memphis is one of the more affordable large-city housing markets in the country, with low home prices and rents.
Memphis's economy is anchored by logistics and distribution, serving as a major national shipping and freight hub.
Worked example: cost-of-living adjustment
A $70,000 offer in Memphis (index 84) has the buying power of about $83,333 in an average-cost city. Rent alone runs ~$15,600/year.
Quick reference
- Median home value: $165,000
- Median rent: $1,300/mo
- Median household income: $49,978
- Local sales tax: 9.75%
- Effective property tax rate: 0.75%
- Cost of living index: 84 (US avg = 100)
Frequently Asked Questions
Is Memphis expensive?
Its cost-of-living index is 84 vs. the US average of 100, so it's below average.
What salary do I need in Memphis?
Scale your target lifestyle by the 84 index - e.g., $50,400 to match a $60k lifestyle.