Median rent is 4% lower in Oklahoma City ($1,130/mo vs $1,181/mo). Buying is cheaper in Memphis, where the median home runs $169,000 versus $231,300. Households earn more in Oklahoma City ($68,656 vs $51,736 a year). Taken together, Oklahoma City is the more affordable choice with a cost index of 91.4 against 91.9 — about 1% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Oklahoma City, OK.
Cost of living verdict
Oklahoma City is 1% cheaper overall
Cost of Living Index: 91.4 in Oklahoma City vs 91.9 in Memphis (US national average = 100)
City A
Memphis, TN
City B
Oklahoma City, OK
How much would you need to earn in Oklahoma City, OK to maintain your standard of living from Memphis, TN?
Equivalent salary in Oklahoma City, OK
$74,591
You could earn $409 less (1% 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
Memphis
Tennessee
Oklahoma City
Oklahoma
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 rents are similar in both cities: $1,181/mo in Memphis and $1,130/mo in Oklahoma City. Home buyers face a steeper market in Oklahoma City: the median home is $231,300 versus $169,000 in Memphis — 27% more expensive.
Metric
Memphis
Oklahoma City
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · 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
Oklahoma City
Income tax: N/A
Sales tax: N/A
Memphis has cleaner air on average: 19.0 AQI (Good) compared to 48.0 AQI (Good) in the other city. Lower AQI means cleaner, healthier air.
Pick Oklahoma City if you prioritize higher median household income ($68,656/yr).
Pick Memphis if you prioritize cleaner air quality (avg AQI 19.0).
Oklahoma City is cheaper overall, with a cost of living index of 91.4 versus 91.9 (US average = 100). That means prices run about 1% lower in Oklahoma City.
Median rent is $1,181/mo in Memphis, TN and $1,130/mo in Oklahoma City, OK. Oklahoma City, OK has the lower rent by about 4%.
Median household income is $51,736 in Memphis, TN and $68,656 in Oklahoma City, OK. Oklahoma City, OK has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Memphis, TN has better air quality on average: 19.0 AQI versus 48.0 AQI. Both are EPA AirNow annual averages; lower is better.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Memphis, TN is equivalent to roughly $99,454 in Oklahoma City, OK (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
