Key Economic Benchmarks
Median Household Income
$63,767$5,314 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Shelby County, TN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Shelby County, TN
Official FY2026 HUD Fair Market Rents for Memphis, TN-MS-AR HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,060 | $12,720 | $42,400 | 19.9% |
| 1-Bedroom Apartment | $1,154 | $13,848 | $46,160 | 21.7% |
| 2-Bedroom ApartmentBenchmark | $1,274 | $15,288 | $50,960 | 24% |
| 3-Bedroom Home | $1,683 | $20,196 | $67,320 | 31.7% |
| 4-Bedroom Home | $1,959 | $23,508 | $78,360 | 36.9% |
50/30/20 Living Budget in Shelby County, TN
Based on the local median household income of $63,767/year ($5,314/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Tennessee
Explore net income after federal income tax, FICA, and Tennessee state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Tennessee with official federal datasets:
Frequently Asked Questions About Living in Shelby County, TN
What is the median household income in Shelby County, TN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Shelby County, TN is $63,767 per year (approximately $5,314 per month).
What is the average rent in Shelby County, TN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Shelby County, TN are $1,060 for a studio, $1,154 for 1 bedroom, $1,274 for 2 bedrooms, $1,683 for 3 bedrooms, and $1,959 for 4 bedrooms.
How does the cost of living in Shelby County, TN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Shelby County, TN is 92.2 (7.8% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Shelby County, TN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,274/month) in Shelby County, TN requires a minimum gross household income of $50,960 per year ($4,247 per month).
What is a balanced 50/30/20 monthly budget in Shelby County, TN?
For a typical household earning the median income of $63,767/year ($5,314/month) in Shelby County, TN, a balanced 50/30/20 budget allocates $2,657/month to essential needs (rent, utilities, groceries), $1,594/month to discretionary spending, and $1,063/month to savings and debt repayment.
What are typical electricity and utility costs in Shelby County, TN?
Residential electricity rates in Tennessee average 14.1¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $127 per month.