Affordable

What Salary Do You Need to Live in Memphis?

To afford a 2-bedroom in Memphis, you need to earn at least $21,360/year based on estimated fair market rent data. The median household income here is $40,745, which means the typical resident is $19,385 above the threshold.

Census ACS Data Pop. 1,862

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$374	$1,247	$14,960	$-25,785
1 Bedroom	$443	$1,477	$17,720	$-23,025
2 Bedroom BENCHMARK	$534	$1,780	$21,360	$-19,385
3 Bedroom	$651	$2,170	$26,040	$-14,705
4 Bedroom	$801	$2,670	$32,040	$-8,705

Affordability Breakdown

Where the required salary line crosses above Memphis's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$40,745

Annual household

2BR Required Salary

$21,360

Under 30% rule

Income Gap

+$19,385

Surplus

Verdict

Affordable

Ratio: 15.7%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Memphis

Your Annual Salary

Pre-filled with Memphis's median household income

Max monthly rent you can afford$1,019

Studio

$374/mo

1 BR

$443/mo

2 BR

$534/mo

3 BR

$651/mo

4 BR

$801/mo

Your salary is $0 above the median income in Memphis.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Memphis's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Memphis

Living in Memphis is well within reach for most median-income earners. With a $19,385 cushion between what residents earn and what a 2-bedroom requires, households in Memphis typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Memphis, a studio at $374/month offers an even more aggressive savings rate. Even a 3-bedroom at $651/month remains accessible for dual-income households earning above $26,040.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $32,040 would position you well — though many residents in Memphis manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Memphis, Missouri.

With a total population of 1,862, the city supports an active civilian workforce of 768 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $21,360 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

768

Active civilian employees in Memphis

Frequently Asked Questions About Renting in Memphis

What salary do I need to live in Memphis, Missouri?

To afford a 2-bedroom in Memphis under the 30% rule, you need an annual salary of at least $21,360. The median household income in Memphis is $40,745.

Can I afford a 2-bedroom in Memphis on $40,745?

The affordability verdict for Memphis is "Affordable". The rent-to-income ratio is 15.7%, meaning median earners have a $19,385 surplus.

What is the average rent in Memphis compared to median income?

The median gross rent in Memphis is $443/month. With a median household income of $40,745, residents spend approximately 15.7% of their income on rent.

What salary do I need for a studio in Memphis?

A studio in Memphis rents for approximately $374/month. Under the 30% rule, you need an annual salary of $14,960 to afford this.

Is Memphis considered an affordable place to live?

Based on the surplus of $19,385 and an affordability verdict of "Affordable", Memphis is considered a affordable rental market when comparing the required 2-bedroom salary of $21,360 to the local median household income.

How Memphis Compares

Other cities in Missouri with salary requirements