How much money is needed to live comfortably in Memphis?
There’s no question that the cost of living has gone up throughout the country.
The 50/30/20 budget suggests that for sustainable comfort, 50% of a person’s salary should be distributed to basic needs, such as housing, groceries, and transportation, while 30% can go toward wants like entertainment and hobbies and 20% for paying off debt, saving or investing.
For two of Tennessee’s biggest cities, the cost to live comfortably in Nashville is higher than Memphis. A recent 2024 study by Smartasset looked at what is the lowest and highest annual salary needed to live comfortably in U.S. cities, according to hourly wage needed for a single adult salary needed for a single adult and total salary needed for two working adults with two children. The study considered 99 of the largest cities in the country.
How much salary is needed to live comfortably in Memphis
Memphis was ranked 25th among the 99 U.S. cities for the lowest annual salary needed to live comfortably. The hourly wage needed for a single adult to live comfortably in Memphis is $41.20. The salary needed for a single adult to live comfortably in Memphis is $85,696. The total salary needed for two working adults with two children to live comfortably in Memphis is $194,106.
How much salary is needed to live comfortably in Nashville
Nashville was ranked 64th tied with Austin, Texas among the 99 U.S. cities for the lowest annual salary needed to live comfortably. The hourly wage needed for a single adult to live comfortably in Nashville is $47.96. The salary needed for a single adult to live comfortably in Nashville is $99,757. The total salary needed for two working adults with two children to live comfortably in Nashville is $223,891.
Top 10 cities with the lowest salaries needed to live comfortably
h Houston, Texashourly wage needed for a single adult: $36.10Annual salary needed for a single adult to live comfortably: $75,088Combined salaries for two working adults with two children needed: $175,219
h El Paso, Texashourly wage needed for a single adult: $36.18Annual salary needed for a single adult to live comfortably: $75,254Combined salaries for two working adults with two children needed: $180,461
h Lubbock, Texashourly wage needed for a single adult: $36.24Annual salary needed for a single adult to live comfortably: $75,379Combined salaries for two working adults with two children needed: $181,043
h Toledo, Ohio Hourly wage needed for a single adult: $37.26Annual salary needed for a single adult to live comfortably: $77,501Combined salaries for two working adults with two children needed: $208,416
h Laredo, Texashourly wage needed for a single adult: $37.72Annual salary needed for a single adult to live comfortably: $78,458Combined salaries for two working adults with two children needed: $179,046
h Milwaukee, Wisconsin Hourly wage needed for a single adult: $38.30Annual salary needed for a single adult to live comfortably: $79,664Combined salaries for two working adults with two children needed: $237,952
h Lexington, Kentuckyhourly wage needed for a single adult: $38.46Annual salary needed for a single adult to live comfortably: $79,997Combined salaries for two working adults with two children needed: $196,102
h Tulsa, Oklahoma Hourly wage needed for a single adult: $38.98Annual salary needed for a single adult to live comfortably: $81,078Combined salaries for two working adults with two children needed: $199,430
h Wichita, Kansas Hourly wage needed for a single adult: $39.04Annual salary needed for a single adult to live comfortably: $81,203Combined salaries for two working adults with two children needed: $186,784
Cleveland, Ohio Hourly wage needed for a single adult: $39.32Annual salary needed for a single adult to live comfortably: $81,786Combined salaries for two working adults with two children needed: $217,984
Top 10 cities with the highest salaries needed to live comfortably
h New York City, New York Hourly wage needed for a single adult: $66.62Annual salary needed for a single adult to live comfortably: $138,570Combined salaries for two working adults with two children needed: $318,406
h San Jose, California Hourly wage needed for a single adult: $65.74Annual salary needed for a single adult to live comfortably: $136,739Combined salaries for two working adults with two children needed: $334,547
h Irvine, California Hourly wage needed for a single adult: $60.96Annual salary needed for a single adult to live comfortably: $126,797Combined salaries for two working adults with two children needed: $291,450
h Santa Ana, Californiahourly wage needed for a single adult: $60.96Annual salary needed for a single adult to live comfortably: $126,797Combined salaries for two working adults with two children needed: $291,450
h Boston, Massachusettshourly wage needed for a single adult: $60.08Annual salary needed for a single adult to live comfortably: $124,966Combined salaries for two working adults with two children needed: $319,738
h Chula Vista, California Hourly wage needed for a single adult: $59.04Annual salary needed for a single adult to live comfortably: $122,803Combined salaries for two working adults with two children needed: $289,453
h San Diego, Californiahourly wage needed for a single adult: $59.04Annual salary needed for a single adult to live comfortably: $122,803Combined salaries for two working adults with two children needed: $289,453
h San Francisco, Californiahourly wage needed for a single adult: $57.48Annual salary needed for a single adult to live comfortably: $119,558Combined salaries for two working adults with two children needed: $339,123
h Seattle, Washingtonhourly wage needed for a single adult: $57.40Annual salary needed for a single adult to live comfortably: $119,392Combined salaries for two working adults with two children needed: $283,712
h Oakland, CaliforniaHourly wage needed for a single adult: $57.10Annual salary needed for a single adult to live comfortably: $118,768Combined salaries for two working adults with two children needed: $316,243
Data and Methodology used to measure cost of living
Smartasset used the MIT (Massachusetts Institute of Technology) living wage calculator data to gather the basic cost of living for an individual with no children and for two working adults with two children. Data includes cost of necessities including housing, food, transportation, and income taxes. It was last updated to reflect the most recent data available on Feb. 14, 2024.
Applying these costs to the budget for 99 of the largest U.S. cities, MIT’S living wage is assumed to cover needs (i.e. 50% of one’s budget). From there the total wage was determined for individuals and families to spend 30% of the total on wants and 20% on savings or debt payments.
Corey Davis is the Collierville and Germantown reporter with The Commercial Appeal. He can be reached at Corey.davis@commercialappeal.com or 901-293-1610.