Cost of Living in Memphis, TN-MS-AR
Is it worth moving here?
How far does a $70,000 salary go in Memphis? Estimated income taxes on that gross salary total approximately $7,241 per year — TN-MS-AR levies no state income tax, so that figure covers federal tax only. Subtract rent for a 2-bedroom apartment ($1,274/month based on HUD Fair Market Rents for the Memphis metro area) and the estimated annual take-home is $47,471, or roughly $3,956 per month for everything else: food, transportation, savings, and discretionary spending.
The Memphis metro has a cost of living index of 77.3 according to the Bureau of Economic Analysis Regional Price Parities (national average = 100). At 23% below the national average, Memphis is a genuinely affordable metro where everyday expenses stretch further than in most cities.
At a $70,000 salary, the estimated 2-bedroom rent in Memphis represents approximately 22% of gross income. That falls comfortably below the 30% rent-burden guideline, a healthy position for building savings. TN-MS-AR's zero income tax helps offset the rent burden compared to otherwise similar cities that also levy state income tax.
Annual Breakdown
Cost of Living Index
Living in Memphis, TN-MS-AR is roughly 23% less expensive than the national average.
Monthly Take-Home
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Affordability Score
K-12 Schools
See Details →Colleges & Universities
See Details →| Institution | Enrollment | In-State Tuition | Grad Rate |
|---|---|---|---|
| Gould's Academy | 164 | $0 | 92.0% |
| Gould's Academy | 177 | $0 | 84.0% |
| Rhodes College | 1,952 | $54,082 | 82.0% |
| Massage Institute of Memphis | 20 | $0 | 80.0% |
| Health-Tech Institute of Memphis | 4 | $0 | 80.0% |
| Vibe Barber College | 63 | $0 | 75.0% |
| Mid-South Christian College | 32 | $10,102 | 75.0% |
| Delta Technical College-Mississippi | 2,320 | $0 | 67.0% |
| Concorde Career College-Southaven | 114 | $0 | 67.0% |
| Paul Mitchell the School-Memphis | 189 | $0 | 61.0% |
| Christian Brothers University | 2,043 | $37,300 | 56.0% |
| Baptist Health Sciences University | 755 | $11,976 | 54.0% |
| Studio 75 Hair Academy | 12 | $0 | 54.0% |
| Empire Beauty School-E Memphis | 216 | $0 | 53.0% |
| Concorde Career College-Memphis | 420 | $0 | 51.0% |
| Arkansas State University Mid-South | 1,021 | $3,552 | 50.0% |
| University of Memphis | 21,736 | $8,520 | 49.0% |
| Visible Music College | 182 | $22,000 | 48.0% |
| William R Moore College of Technology | 461 | $8,460 | 47.0% |
| Northwest Mississippi Community College | 7,520 | $3,400 | 42.0% |
| Tennessee College of Applied Technology-Memphis | 1,691 | $0 | 40.0% |
| Remington College-Memphis Campus | 391 | $20,047 | 33.0% |
| Rust College | 429 | $11,385 | 27.0% |
| Le Moyne-Owen College | 646 | $10,776 | 25.0% |
| Southwest Tennessee Community College | 6,980 | $4,224 | 19.0% |
| The University of Tennessee Health Science Center | 3,121 | $9,489 | — |
| Strayer University-Tennessee | 2,920 | $13,725 | — |
| Southern College of Optometry | 525 | $0 | — |
| Memphis Theological Seminary | 195 | $0 | — |