Memphis, Tennessee Income Statistics
Memphis Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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D
Memphis Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Median Household Income | $52,272 | $69,901 | $80,455 |
| Median Personal Income | $46,807 | $53,263 | $60,758 |
| Average Yearly Income Growth | 4.5% | 5.2% | 4.8% |
| Six-Figure Earners | 7.3% | 10.4% | 13.9% |
| $200k+ Households | 6.0% | 9.0% | 13.2% |
The median household income in Memphis is about 25% lower than in Tennessee. Income has been growing slower in Memphis (4.5%/yr) than in Tennessee (5.2%/yr).
About 7% of adults in Memphis earn six figures ($100,000 or more) a year, lower than the Tennessee average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Memphis, Tennessee grew by 43.8% from 2009 to 2024, reaching $52,272 in 2024. That's an average of about 4.5% per year.
Income Inequality and the Gender Pay Gap in Memphis
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.542 | 0.552 |
| Male Median Income | $51,541 | $61,993 | $69,667 |
| Female Median Income | $45,574 | $50,108 | $56,850 |
| Gender Pay Gap | 11.6% | 19.2% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Memphis, it is 0.555, higher than Tennessee's 0.542, so income is less evenly distributed here than there, and about the same as the US's 0.552, so income here is about as evenly distributed as there.
Men's income is about 13% more than women's income in Memphis, Tennessee. Over a 35-year career, a 13% wage gap accumulates to roughly $208,845 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Memphis, Tennessee has narrowed from about 15% to 12% in 2024. Over that period the gap was widest at 16% in 2010, and was narrowest at 9% in 2023. In dollar terms, the gap has widened by $406 since 2009.
Employment
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.5% | 4.6% | 5.2% |
| Working from Home | 9.2% | 12.9% | 15.0% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 25,500 people are unemployed in Memphis, Tennessee.
The average commute time in Memphis is 21 minutes, shorter than the 22 minutes in Tennessee.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Memphis, Tennessee has fallen from 13.1% to 8.5% in 2024. Over that period the rate peaked at 14.5% in 2013 and fell as low as 8.5% in 2023.
Memphis, TN Wealth Compared With Nearby Cities
Memphis, TN is the largest of the 5 cities compared here, 607,914 residents against a local median of 48,376. Where Memphis, TN breaks from the cities next to it is unemployment, sitting 131% above the local median of 3.7% at 8.5%. That is the weaker end of the local range on this measure.
Median household income tells the same story from another angle: $52,272 against a local median of $87,351, 40% below it. The picture is mixed rather than uniform: income growth runs ahead of the neighbourhood while unemployment runs behind it, so Memphis, TN is trading one against the other rather than simply out-performing what surrounds it. The cities themselves sit within 2.1% of each other on unemployment, a tighter band than the gap between any of them and Memphis, TN, which makes it a genuine outlier here rather than one end of a wide local spread. Memphis, TN has the 5th lowest unemployment of the 5 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Memphis, TN | 607,914 | $52,272 #5/5 | 4.5%/yr #1/5 | 8.5% #5/5 | 0.555 #5/5 |
| Southaven, MS | 54,424 | $79,998 | 4.1%/yr | 3.1% | 0.531 |
| Horn Lake, MS | 24,794 | $53,691 | 2.1%/yr | 5.2% | 0.535 |
| Germantown, TN | 42,327 | $141,738 | 4.5%/yr | 3.6% | 0.513 |
| Bartlett, TN | 58,448 | $94,703 | 3.0%/yr | 3.8% | 0.522 |
Conclusion
Considering all these factors, Memphis, Tennessee has an overall wealth index grade of D, making it somewhat worse than Tennessee, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Memphis, Tennessee.
How Rich Is Memphis, Tennessee?
Memphis has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $52,272, about 25% lower than the Tennessee average of $69,901.
Are incomes growing in Memphis, Tennessee?
Between 2009 and 2024, the median household income in Memphis, Tennessee rose 44%, from $36,350 to $52,272. Over the same years, income here lagged behind Tennessee as a whole: +44% against +63%.
What was the median household income in Memphis in 2023?
In 2023, the median household income in Memphis, Tennessee was $51,220, up 5% from $48,793 in 2022. The Tennessee median that year was $67,483.
What was the median household income in Memphis in 2020?
In 2020, the median household income in Memphis, Tennessee was $42,154. By 2024 it had risen 24% to $52,272.
Is unemployment high in Memphis, Tennessee?
Unemployment in Memphis, Tennessee is 8.5%, well above the Tennessee rate of 4.6%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Memphis, Tennessee?
The Gini coefficient in Memphis is 0.555. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.552, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Memphis, Tennessee?
Since 2009, the income gap between men and women in Memphis, Tennessee has narrowed from about 15% to 12% in 2024. Over that period the gap was widest at 16% in 2010, and was narrowest at 9% in 2023. In dollar terms, the gap has widened by $406 since 2009.
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