Median rent is 16% lower in St. Louis ($997/mo vs $1,181/mo). Buying is cheaper in Memphis, where the median home runs $169,000 versus $197,500. Households earn more in St. Louis ($56,160 vs $51,736 a year). Taken together, Memphis is the more affordable choice with a cost index of 91.9 against 95.0 — about 3% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in St. Louis, MO.
Cost of living verdict
Memphis is 3% cheaper overall
Cost of Living Index: 91.9 in Memphis vs 95.0 in St. Louis (US national average = 100)
City A
Memphis, TN
City B
St. Louis, MO
How much would you need to earn in St. Louis, MO to maintain your standard of living from Memphis, TN?
Equivalent salary in St. Louis, MO
$77,468
You'd need $2,468 more (3% 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
St. Louis
Missouri
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 St. Louis at $997/mo compared to $1,181/mo in Memphis (16% gap). Median home values are within 14% of each other: $169,000 in Memphis and $197,500 in St. Louis.
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
St. Louis
Income tax: N/A
Sales tax: N/A
Memphis has cleaner air on average: 19.0 AQI (Good) compared to 33.0 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 95.0).
Pick St. Louis if you prioritize higher median household income ($56,160/yr).
Pick St. Louis if you prioritize cheaper rent ($997/mo median).
Pick Memphis if you prioritize cleaner air quality (avg AQI 19.0).
Is Memphis cheaper than St. Louis?
Memphis is cheaper overall, with a cost of living index of 91.9 versus 95.0 (US average = 100). That means prices run about 3% lower in Memphis.
How much is rent in Memphis vs St. Louis?
Median rent is $1,181/mo in Memphis, TN and $997/mo in St. Louis, MO. St. Louis, MO has the lower rent by about 16%.
Which has higher salaries — Memphis or St. Louis?
Median household income is $51,736 in Memphis, TN and $56,160 in St. Louis, MO. St. Louis, MO 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 33.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Memphis or St. Louis?
State tax data is not yet available for one or both cities.
What salary do I need in St. Louis to match my Memphis income?
To maintain the same purchasing power, a salary of $100,000 in Memphis, TN is equivalent to roughly $103,291 in St. Louis, MO (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
