Cost of Living in Memphis, MI

With a cost of living index of 75, Memphis, MI is a very affordable place to live. Living here is 25% cheaper than the national average and 3% below the Michigan state average of 78. Memphis is a small community of 1,107 residents.

Housing costs are the biggest factor in Memphis's cost of living. The median monthly rent is $832 (37% below the US median of $1,319), and the median home value sits at $190,400 (38% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Memphis is $60,884, which is 19% lower than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Detroit-Warren-Dearborn, MI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 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.