Cost of Living: Charlotte, NC vs Memphis, TN (2026)

Charlotte

North Carolina
108
VS

Memphis

Tennessee
68

Charlotte is 59% more expensive than Memphis.

$1,504/mo ↑ 34%
Median Rent
$1,123/mo ↓ 25%
$78,438/yr ↑ 53%
Median Income
$51,211/yr ↓ 35%
$351,500 ↑ 124%
Home Value
$157,100 ↓ 55%
$1,487/mo ↑ 37%
Owner Costs
$1,087/mo ↓ 27%
886,283
Population
629,063

Tax Comparison

4.5%
Income Tax
0%
4.75%
State Sales Tax
7.0%
0.8%
Property Tax
0.64%

Affordability

23.0%
rent-to-income
Affordability
26.3%
rent-to-income

Detailed Comparison

When comparing Charlotte, NC and Memphis, TN, the overall cost of living indices are 108 and 68 respectively (national median = 100). Rent is $381/month cheaper in Memphis, saving renters about $4,572/year.

Median household income is $27,227/year higher in Charlotte. Home values also differ significantly — the median in Charlotte is $351,500 compared to $157,100 in Memphis.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over North Carolina's 4.5% rate.

Frequently Asked Questions

Charlotte vs Memphis — common questions

Is Charlotte or Memphis cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 108 (US average = 100).
What is the rent difference between Charlotte and Memphis?
Median rent in Charlotte is $1,504/month and in Memphis it's $1,123/month — a difference of $381/month.
Which city has higher income, Charlotte or Memphis?
Median household income is $78,438 in Charlotte and $51,211 in Memphis. Median household income is $27,227/year higher in Charlotte.
How do taxes compare between North Carolina and Tennessee?
North Carolina has 4.5% income tax, 4.75% sales tax, and 0.8% property tax. Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax.
Should I move to Charlotte or Memphis?
It depends on your priorities. Charlotte has a cost index of 108 with median rent of $1,504/mo, while Memphis has a cost index of 68 with rent of $1,123/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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