Cost of Living in Memphis, IN

With a cost of living index of 87, Memphis, IN is a very affordable place to live. Living here is 13% cheaper than the national average and 9% above the Indiana state average of 78. Memphis is a small community of 928 residents.

Housing costs are the biggest factor in Memphis's cost of living. The median monthly rent is $1,173 (11% below the US median of $1,319), and the median home value sits at $233,600 (23% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Memphis is $116,852, which is 55% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Louisville/Jefferson County, KY-IN (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.