Median rent is 37% lower in Memphis ($1,123/mo vs $1,779/mo). Buying is cheaper in Memphis, where the median home runs $157,100 versus $751,700. Households earn more in New York ($79,713 vs $51,211 a year). Taken together, Memphis is the more affordable choice with a cost index of 91.8 against 113.0 — about 19% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in New York, NY.
Quick verdict
Memphis is 19% cheaper overall
Cost index: 91.8 in Memphis vs 113.0 in New York (US average = 100)
City A
Memphis, TN
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Memphis, TN?
Equivalent salary in New York, NY
$92,298
You'd need $17,298 more (23% higher).
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Memphis
Tennessee
New York
New York
👥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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Memphis — median rent of $1,123/mo versus $1,779/mo in New York, a 37% difference. Home buyers face a steeper market in New York: the median home is $751,700 versus $157,100 in Memphis — 79% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Tennessee has no state income tax, while New York tops out at 10.90% — giving Memphis a clear advantage for high earners. Sales tax is 7.00% in Tennessee and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Memphis
Income tax: None
Sales tax: 7.00%
New York
Income tax: 10.90%
Sales tax: 4.00%
Memphis has cleaner air on average: 23.0 AQI (Good) compared to 61.0 AQI (Moderate) in the other city. Lower AQI means cleaner, healthier air.
Pick Memphis if you prioritize lower overall cost of living (index 91.8 vs 113.0).
Pick New York if you prioritize higher median household income ($79,713/yr).
Pick Memphis if you prioritize cheaper rent ($1,123/mo median).
Pick Memphis if you prioritize cleaner air quality (avg AQI 23.0).
Is Memphis cheaper than New York?
Memphis is cheaper overall, with a cost of living index of 91.8 versus 113.0 (US average = 100). That means prices run about 19% lower in Memphis.
How much is rent in Memphis vs New York?
Median rent is $1,123/mo in Memphis, TN and $1,779/mo in New York, NY. Memphis, TN has the lower rent by about 37%.
Which has higher salaries — Memphis or New York?
Median household income is $51,211 in Memphis, TN and $79,713 in New York, NY. New York, NY 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: 23.0 AQI versus 61.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Memphis or New York?
Tennessee has no state income tax. New York has a top rate of 10.90%.
What salary do I need in New York to match my Memphis income?
To maintain the same purchasing power, a salary of $100,000 in Memphis, TN is equivalent to roughly $123,063 in New York, NY (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology