Median rent is 4% lower in Oklahoma City ($1,083/mo vs $1,123/mo). Buying is cheaper in Memphis, where the median home runs $157,100 versus $215,100. Households earn more in Oklahoma City ($66,702 vs $51,211 a year). Taken together, Oklahoma City is the more affordable choice with a cost index of 91.4 against 91.8 — about 1% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Oklahoma City, OK.
Quick verdict
Oklahoma City is 1% cheaper overall
Cost index: 91.4 in Oklahoma City vs 91.8 in Memphis (US 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
$74,623
You could earn $377 less (1% lower) and break even.
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
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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Median rents are similar in both cities: $1,123/mo in Memphis and $1,083/mo in Oklahoma City. Home buyers face a steeper market in Oklahoma City: the median home is $215,100 versus $157,100 in Memphis — 27% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Tennessee has no state income tax, while Oklahoma tops out at 4.75% — giving Memphis a clear advantage for high earners. Sales tax is 7.00% in Tennessee and 4.50% in Oklahoma; Oklahoma City has the lower rate (local add-ons may apply in both).
Memphis
Income tax: None
Sales tax: 7.00%
Oklahoma City
Income tax: 4.75%
Sales tax: 4.50%
Memphis has cleaner air on average: 23.0 AQI (Good) compared to 51.0 AQI (Moderate) in the other city. Lower AQI means cleaner, healthier air.
Pick Oklahoma City if you prioritize higher median household income ($66,702/yr).
Pick Memphis if you prioritize cleaner air quality (avg AQI 23.0).
Pick Memphis if you prioritize no state income tax.
Is Memphis cheaper than Oklahoma City?
Oklahoma City is cheaper overall, with a cost of living index of 91.4 versus 91.8 (US average = 100). That means prices run about 1% lower in Oklahoma City.
How much is rent in Memphis vs Oklahoma City?
Median rent is $1,123/mo in Memphis, TN and $1,083/mo in Oklahoma City, OK. Oklahoma City, OK has the lower rent by about 4%.
Which has higher salaries — Memphis or Oklahoma City?
Median household income is $51,211 in Memphis, TN and $66,702 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.
Which city has better air quality?
Memphis, TN has better air quality on average: 23.0 AQI versus 51.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Memphis or Oklahoma City?
Tennessee has no state income tax. Oklahoma has a top rate of 4.75%.
What salary do I need in Oklahoma City to match my Memphis income?
To maintain the same purchasing power, a salary of $100,000 in Memphis, TN is equivalent to roughly $99,498 in Oklahoma City, OK (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