Can You Afford Rent in Memphis on $150,000/Year?
On $150,000 in Memphis, TN, your take-home pay is $9,440/month after taxes. Using the 30% rule, you can afford up to $2,832/month in rent.
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Your take-home: $9,440/month
Max affordable rent: $2,832/month
Based on 30% of take-home pay (after taxes)
| Size | Avg Rent | % Income | Verdict |
|---|---|---|---|
| Studio | $741 | 7.8% | Comfy |
| 1-Bedroom | $950 | 10.1% | Comfy |
| 2-Bedroom | $1,020 | 10.8% | Comfy |
| 3-Bedroom | $1,482 | 15.7% | Comfy |
After paying rent on a 1-BR ($950), you’d have $8,490/month left for everything else.
Rent Affordability Breakdown
| Size | Avg Rent | % Income | Verdict | Left Over |
|---|---|---|---|---|
| Studio | $741 | 7.8% | Comfy | $8,699/mo |
| 1-Bedroom | $950 | 10.1% | Comfy | $8,490/mo |
| 2-Bedroom | $1,020 | 10.8% | Comfy | $8,420/mo |
| 3-Bedroom | $1,482 | 15.7% | Comfy | $7,958/mo |
What Salary Do You Need?
To comfortably afford rent in Memphis at the 30% threshold:
| Size | Avg Rent | Salary Needed | Hourly Equiv |
|---|---|---|---|
| Studio | $741 | $35,000 | $17/hr |
| 1-Bedroom | $950 | $45,000 | $22/hr |
| 2-Bedroom | $1,020 | $49,000 | $24/hr |
| 3-Bedroom | $1,482 | $73,000 | $35/hr |
How Memphis Compares
On $150,000, here’s what you can afford in other cities:
| City | 1BR Rent | % Income | Verdict |
|---|---|---|---|
| El Paso, TX | $950 | 10.1% | Comfy |
| San Antonio, TX | $979 | 10.4% | Comfy |
| Oklahoma City, OK | $940 | 10.6% | Comfy |
| Tucson, AZ | $1,000 | 11% | Comfy |
| St. Louis, MO | $990 | 11.2% | Comfy |