Salary Needed to Live in Memphis as a Family
A family of four (2 adults, 2 children) needs approximately $46,640/year to live comfortably in Memphis, TN — including 15% savings.
Comfortable Salary
$46,640
with 15% savings
Bare Minimum
$37,312
no savings buffer
Monthly Expenses
$2,332
21% below national avg
Detailed Monthly Budget for a Family in Memphis
| Expense | Memphis | Nat'l Avg | Diff |
|---|---|---|---|
| 🏠 3BR Apartment/House Rent | $127 | $209 | -39% |
| 🛒 Groceries | $38 | $44 | -14% |
| ⚡ Utilities | $25 | $28 | -11% |
| 🚗 Transportation | $35 | $44 | -20% |
| 🛡️ Car Insurance | $149 | $223 | -33% |
| 🏥 Health Insurance | $47 | $56 | -16% |
| Childcare/After-school | $984 | $1,200 | -18% |
| Internet + Phones | $148 | $180 | -18% |
| Children Activities | $205 | $250 | -18% |
| Dining Out | $287 | $350 | -18% |
| School Supplies & Clothing | $164 | $200 | -18% |
| Healthcare Co-pays | $123 | $150 | -18% |
| Total Monthly | $2,332 | $2,934 | -21% |
How We Calculated the Salary
Monthly expenses:$2,332
Target savings (15%):$514/mo
Monthly after-tax needed:$2,846
Effective tax rate:25%
Gross annual salary needed:$46,640
Other Household Types in Memphis
Related Pages
FAQ
What salary does a family with kids need in Memphis?
A family with kids needs approximately $46,640/year ($3,887/month gross) to live comfortably in Memphis with a 15% savings rate.
How much is rent for a family with kids in Memphis?
A 3br apartment/house in Memphis costs approximately $127/month, which is the largest single expense at 5% of the total budget.
Is Memphis affordable for a family with kids?
Yes, Memphis is 21% more affordable than the national average for a family with kids.