A Guide to the Cost of Living in Memphis, TN in 2023
Are you a job seeker looking to move to Memphis?
It’s a great city in Tennessee, known for its storied musical legacy, great barbecue, and a deep respect for Southern culture.
But moving to a new city always comes with some trepidation on how much of an adjustment it will be. In other words, how high is the cost of living in Memphis, TN?
As you explore what Bluff City has to offer, keep these key considerations in mind when you start preparing to move.
Housing costs are often the most significant factor in the overall cost of living in Tennessee. In Memphis, you’ll find a wide range of housing options. The cost of housing can vary depending on your preferences and the area you choose to live in.
If you want to rent an apartment or house, you’re in luck. You can find homes for rent at about $700 to $3,000 a month in the city and a bit less in the suburbs.
These rental prices are generally lower than the national average. This makes Memphis an affordable option for renters.
If you’re interested in buying a home, Memphis offers a range of options to fit different budgets. The median home price in Memphis is around $170,000, which is notably lower than the national average.
You can find affordable homes in various neighborhoods and places to live. These include Midtown, East Memphis, and Bartlett. Keep in mind that home prices can vary greatly depending on the location and size of the property.
The cost of utilities in Memphis is relatively reasonable. On average, expect to pay around $150 to $200 per month for basic utilities. This is for a standard 85 square meter (900 square feet) apartment.
Memphis has a mix of transportation options, including a highway system, public transit, and cycling routes. The cost of transportation in Memphis can vary depending on your commuting habits and whether you own a vehicle.
The Memphis Area Transit Authority (MATA) provides bus services throughout the city. A one-way bus fare is $1.75, while a monthly pass costs $50. Public transit can be a cost-effective way to get around Memphis if you don’t own a car.
As of 2023, the average price for a gallon of gasoline in Memphis is approximately $3.00. Keep in mind that fuel costs can fluctuate. So, it’s essential to factor this into your budget if you plan to drive regularly.
If you own a car, you’ll need to consider extra costs such as insurance, maintenance, and registration fees. On average, annual car insurance premiums in Memphis can range from $800 to $1,200. This depends on your driving history and the type of coverage you choose.
Memphis has been working to become more bike-friendly with the addition of bike lanes and trails. If you choose to bike for transportation, you can save on gas and public transit costs while getting some exercise.
Food and Grocery Costs
Food expenses are a significant part of the cost of living, and Memphis offers a diverse food scene. This includes everything from Southern comfort food to international cuisine.
On average, a typical grocery bill for a single person in Memphis can range from $250 to $350 per month. This cost can vary depending on your dietary preferences and whether you dine out frequently or cook at home.
Memphis is famous for its barbecue, and dining out at local BBQ joints is a must-try experience. The average cost of a meal at a mid-range restaurant in Memphis is around $15 to $30 per person. This makes it affordable to enjoy the local cuisine.
This is if you’re looking for budget-friendly options. You can find fast-food meals for around $6 to $8.
Healthcare costs can vary depending on your age, health insurance coverage, and medical needs. Memphis has several medical facilities to meet the healthcare needs of its residents.
The cost of health insurance varies based on factors such as your age, family size, and the type of coverage you choose. On average, individual health insurance premiums in Memphis can range from $300 to $600 per month.
The cost of a routine doctor’s visit without insurance can range from $100 to $200. But, it’s essential to have health insurance to help cover medical expenses and reduce out-of-pocket costs.
If you have children, education expenses will be a significant consideration. Memphis offers both public and private school options, as well as higher education institutions.
Memphis has a public school system operated by Shelby County Schools. The cost of public education is generally covered by property taxes, so there are no tuition fees. But, you may need to budget for school supplies and extracurricular activities.
Private schools in Memphis can vary in tuition costs depending on the grade level and specific school. Some range from $5,000 to $15,000 or more per year,
Tuition costs for colleges and universities will vary. So, it’s essential to research your options and financial aid opportunities if you plan to pursue higher education in Memphis.
Entertainment and Leisure Costs
Memphis is known for its vibrant music and cultural scene. It offers plenty of opportunities for entertainment and leisure activities.
Music and Arts
Memphis is famous for its live music. You can enjoy local bands and musicians at various venues, often for a modest cover charge or ticket price.
Memphis has many parks and recreational areas where you can enjoy outdoor activities for free or at a minimal cost. Memphis also has gyms and fitness centers, with monthly membership fees ranging from $20 to $50.
Beale Street is the epicenter of Memphis nightlife. The cost of a night out on Beale Street can vary, but you can expect to spend $20 to $50 on drinks and cover charges.
A Guide on the Cost of Living in Memphis, TN
The cost of living in Memphis, TN, in 2023 is subject to change depending on location and market prices. To ensure you stay prepared for the future, use this guide to plan and make sure your finances are in order. Don’t forget to check for updates and changes in the cost of living each year!
Ready to get started? Contact a financial planner today to set yourself up for success!
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