Cost of Living: Memphis, TN vs Billings, MT (2026)

Memphis

Tennessee
68
VS

Billings

Montana
86

Memphis is 21% cheaper than Billings.

$1,123/mo ↑ 2%
Median Rent
$1,097/mo ↓ 2%
$51,211/yr ↓ 29%
Median Income
$71,855/yr ↑ 40%
$157,100 ↓ 50%
Home Value
$311,800 ↑ 98%
$1,087/mo ↓ 8%
Owner Costs
$1,177/mo ↑ 8%
629,063
Population
118,321

Tax Comparison

0%
Income Tax
6.75%
7.0%
State Sales Tax
0%
0.64%
Property Tax
0.74%

Affordability

26.3%
rent-to-income
Affordability
18.3%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Billings, MT, the overall cost of living indices are 68 and 86 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $20,644/year higher in Billings. Home values also differ significantly — the median in Memphis is $157,100 compared to $311,800 in Billings.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Montana's 6.75% rate.

Frequently Asked Questions

Memphis vs Billings — common questions

Is Memphis or Billings cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 86 (US average = 100).
What is the rent difference between Memphis and Billings?
Median rent in Memphis is $1,123/month and in Billings it's $1,097/month — a difference of $26/month.
Which city has higher income, Memphis or Billings?
Median household income is $51,211 in Memphis and $71,855 in Billings. Median household income is $20,644/year higher in Billings.
How do taxes compare between Tennessee and Montana?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Montana has 6.75% income tax, 0% sales tax, and 0.74% property tax.
Should I move to Memphis or Billings?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Billings has a cost index of 86 with rent of $1,097/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Billings details →

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