Median rent is 10% lower in Milwaukee ($1,059/mo vs $1,181/mo). Buying is cheaper in Memphis, where the median home runs $169,000 versus $184,000. Households earn more in Milwaukee ($54,234 vs $51,736 a year). Taken together, Memphis is the more affordable choice with a cost index of 91.9 against 95.7 — about 4% lower overall prices.
Cost of living verdict
Memphis is 4% cheaper overall
Cost of Living Index: 91.9 in Memphis vs 95.7 in Milwaukee (US national average = 100)
City A
Memphis, TN
City B
Milwaukee, WI
How much would you need to earn in Milwaukee, WI to maintain your standard of living from Memphis, TN?
Equivalent salary in Milwaukee, WI
$78,038
You'd need $3,038 more (4% higher).
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
Memphis
Tennessee
Milwaukee
Wisconsin
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
Median rent is modestly lower in Milwaukee at $1,059/mo compared to $1,181/mo in Memphis (10% gap). Median home values are within 8% of each other: $169,000 in Memphis and $184,000 in Milwaukee.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
State tax data is not yet available for these cities.
Memphis
Income tax: N/A
Sales tax: N/A
Milwaukee
Income tax: N/A
Sales tax: N/A
Memphis has cleaner air on average: 19.0 AQI (Good) compared to 22.0 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 95.7).
Is Memphis cheaper than Milwaukee?
Memphis is cheaper overall, with a cost of living index of 91.9 versus 95.7 (US average = 100). That means prices run about 4% lower in Memphis.
How much is rent in Memphis vs Milwaukee?
Median rent is $1,181/mo in Memphis, TN and $1,059/mo in Milwaukee, WI. Milwaukee, WI has the lower rent by about 10%.
Which has higher salaries — Memphis or Milwaukee?
Median household income is $51,736 in Memphis, TN and $54,234 in Milwaukee, WI. Milwaukee, WI 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 22.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Memphis or Milwaukee?
State tax data is not yet available for one or both cities.
What salary do I need in Milwaukee to match my Memphis income?
To maintain the same purchasing power, a salary of $100,000 in Memphis, TN is equivalent to roughly $104,051 in Milwaukee, WI (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
