Cost of Living in Memphis, MO

With a cost of living index of 57, Memphis, MO is one of the most affordable cities in the country. Living here is 44% cheaper than the national average and 18% below the Missouri state average of 75. Memphis is a small community of 1,860 residents.

Housing costs are the biggest factor in Memphis's cost of living. The median monthly rent is $491 (63% below the US median of $1,319), and the median home value sits at $117,200 (62% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Memphis is $49,598, which is 34% lower 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. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.