The vibrant traditions and culture of the south come alive in Memphis, a robust and historic Mississippi riverfront community of over 600,000 neighbors. Memphis is legendary as an incubator for American musical titans, with landmarks like Sun Studios, the Stax Museum of American Soul Music, and Graceland serving as some of the city’s most popular attractions for visitors. The city’s musical tradition continues today, with a packed roster of live music representing every conceivable genre. Just as famous as the music is the food, with Memphis-style barbecue widely available and internationally recognized as a true American delicacy.
But beyond the neon of Beale Street, Memphis offers a delightful living experience steeped in southern charm and modern flair. The cost of living is quite affordable, with apartments, condos, and houses to fit any budget. The rental market is incredibly diverse, from urban efficiency apartments to stunning historic homes on sleepy suburban streets. Driving is the most common way to get around, but neighborhoods closer to Downtown tend to be rather accessible for cyclists and pedestrians. Folks who love to spend time outside will likely find themselves hanging out at Shelby Farms Park often, or making weekend trips down to Holly Springs National Forest just over the state line in Mississippi.
The Riverbluff Walkway in the South End
Elvis statue on historic Beale Street
As of March 2026, the average apartment rent in Memphis, TN is $957 for a studio, $1,039 for one bedroom, $1,077 for two bedrooms, and $1,286 for three bedrooms. Apartment rent in Memphis has decreased by -0.6% in the past year.
The cost of living in Memphis, TN is 10.8% lower than the national average. Generally, housing in Memphis is 16.4% less expensive than the national average, with rent falling between $957 - $1,286. You can expect to pay 1.2% less for groceries, 15.5% less for utilities, and 13.2% less for transportation.
Experience all Memphis offers without breaking the bank. Explore our detailed guide to moving to Memphis on a budget.
Explore how walkable, bikeable, drivable, and transit-friendly Memphis, TN is for everyday living.
Somewhat Walkable
You might be able to get out and walk when living in this area. Some errands can be accomplished on foot, but for others you’ll need a car.
Some Transit
You'll likely want a car when living in this area since it has few transit options.
Bikeable
While there’s some bike infrastructure in this area, you’ll still need a car for many errands.
Public
Grades PK-5
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Memphis Grizzlies Preparatory Charter School
Public
Grades K-8
John P. Freeman Optional School
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Grades K-8
Public
Grades 6-8
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Grades 6-8
Memphis Grizzlies Preparatory Charter School
Public
Grades K-8
Public
Grades 6-8
John P. Freeman Optional School
Public
Grades K-8
Public
Grades 9-12
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Grades 9-12
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Grades 9-12
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Grades 9-12
Public
Grades 9-12
The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process.
View GreatSchools Rating Methodology
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† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.
