Median rent is 45% lower in Memphis ($1,181/mo vs $2,147/mo). Buying is cheaper in Memphis, where the median home runs $169,000 versus $731,700. Households earn more in Boston ($97,344 vs $51,736 a year). Taken together, Memphis is the more affordable choice with a cost index of 91.9 against 110.4 — about 17% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Boston, MA.
Cost of living verdict
Memphis is 17% cheaper overall
Cost of Living Index: 91.9 in Memphis vs 110.4 in Boston (US national average = 100)
City A
Boston, MA
City B
Memphis, TN
How much would you need to earn in Memphis, TN to maintain your standard of living from Boston, MA?
Equivalent salary in Memphis, TN
$62,468
You could earn $12,532 less (17% lower) and break even.
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
Metric
Boston
Massachusetts
Memphis
Tennessee
Population
Median Household Income
Annual
Median Gross Rent
Per month
Median Home Value
Cost of Living Index
US avg = 100
1BR Fair Market Rent
HUD FMR
2BR Fair Market Rent
HUD FMR
3BR Fair Market Rent
HUD FMR
Air Quality Index
Lower = cleaner
Top State Income Tax
Top marginal rate
State Sales Tax
Statewide base rate
Median Age
Years
✓ = better value · Sources: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Memphis — median rent of $1,181/mo versus $2,147/mo in Boston, a 45% difference. Home buyers face a steeper market in Boston: the median home is $731,700 versus $169,000 in Memphis — 77% more expensive.
BLS OEWS 2023 — metro-level data
State tax data is not yet available for these cities.
Boston
Income tax: N/A
Sales tax: N/A
Memphis
Income tax: N/A
Sales tax: N/A
Memphis has cleaner air on average: 19.0 AQI (Good) compared to 31.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Memphis if you prioritize lower overall cost of living (index 91.9 vs 110.4).
Pick Boston if you prioritize higher median household income ($97,344/yr).
Pick Memphis if you prioritize cheaper rent ($1,181/mo median).
Pick Memphis if you prioritize cleaner air quality (avg AQI 19.0).
Is Boston cheaper than Memphis?
Memphis is cheaper overall, with a cost of living index of 91.9 versus 110.4 (US average = 100). That means prices run about 17% lower in Memphis.
How much is rent in Boston vs Memphis?
Median rent is $2,147/mo in Boston, MA and $1,181/mo in Memphis, TN. Memphis, TN has the lower rent by about 45%.
Which has higher salaries — Boston or Memphis?
Median household income is $97,344 in Boston, MA and $51,736 in Memphis, TN. Boston, MA has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Memphis, TN has better air quality on average: 19.0 AQI versus 31.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Boston or Memphis?
State tax data is not yet available for one or both cities.
What salary do I need in Memphis to match my Boston income?
To maintain the same purchasing power, a salary of $100,000 in Boston, MA is equivalent to roughly $83,291 in Memphis, TN (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
