Stretched

What Salary Do You Need to Live in Memphis?

To afford a 2-bedroom in Memphis, you need to earn at least $50,600/year based on estimated fair market rent data. The median household income here is $48,090, which means the typical resident is $2,510 below the threshold.

Census ACS Data Pop. 630,027

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$886	$2,953	$35,440	$-12,650
1 Bedroom	$1,050	$3,500	$42,000	$-6,090
2 Bedroom BENCHMARK	$1,265	$4,217	$50,600	+$2,510
3 Bedroom	$1,543	$5,143	$61,720	+$13,630
4 Bedroom	$1,898	$6,327	$75,920	+$27,830

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

$48,090

Annual household

2BR Required Salary

$50,600

Under 30% rule

Income Gap

-$2,510

Deficit

Verdict

Stretched

Ratio: 31.6%

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$1,202

Studio

$886/mo

1 BR

$1,050/mo

2 BR

$1,265/mo

3 BR

$1,543/mo

4 BR

$1,898/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

Renting in Memphis is stretched but not impossible. The gap is a relatively narrow $2,510, suggesting that households slightly above median can find workable arrangements — especially with studios at $886/month.

If you're relocating to Memphis, target the studio or 1-bedroom tier ($886–$1,050/month) unless your income exceeds $50,600. A roommate splitting a 2-bedroom effectively halves the individual rent burden to $633/month.

The break-even salary for comfortable living in Memphis is approximately $75,900. Below this threshold, expect housing to consume a disproportionate share of your budget, limiting discretionary spending and savings capacity.

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, Tennessee.

With a total population of 630,027, the city supports an active civilian workforce of 284,621 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $50,600 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

284,621

Active civilian employees in Memphis

Frequently Asked Questions About Renting in Memphis

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

To afford a 2-bedroom in Memphis under the 30% rule, you need an annual salary of at least $50,600. The median household income in Memphis is $48,090.

Can I afford a 2-bedroom in Memphis on $48,090?

The affordability verdict for Memphis is "Stretched". The rent-to-income ratio is 31.6%, meaning there's a $2,510 income gap.

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

The median gross rent in Memphis is $1,050/month. With a median household income of $48,090, residents spend approximately 31.6% of their income on rent.

What salary do I need for a studio in Memphis?

A studio in Memphis rents for approximately $886/month. Under the 30% rule, you need an annual salary of $35,440 to afford this.

Is Memphis considered an affordable place to live?

Based on the deficit of $2,510 and an affordability verdict of "Stretched", Memphis is considered a stretched rental market when comparing the required 2-bedroom salary of $50,600 to the local median household income.

How Memphis Compares

Other cities in Tennessee with salary requirements