Cost of Living: Memphis, TN vs Charleston, SC (2026)

Memphis

Tennessee
68
VS

Charleston

South Carolina
128

Memphis is 47% cheaper than Charleston.

$1,123/mo ↓ 31%
Median Rent
$1,632/mo ↑ 45%
$51,211/yr ↓ 43%
Median Income
$90,038/yr ↑ 76%
$157,100 ↓ 67%
Home Value
$469,100 ↑ 199%
$1,087/mo ↓ 36%
Owner Costs
$1,688/mo ↑ 55%
629,063
Population
152,014

Tax Comparison

0%
Income Tax
6.4%
7.0%
State Sales Tax
6.0%
0.64%
Property Tax
0.57%

Affordability

26.3%
rent-to-income
Affordability
21.8%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Charleston, SC, the overall cost of living indices are 68 and 128 respectively (national median = 100). Rent is $509/month cheaper in Memphis, saving renters about $6,108/year.

Median household income is $38,827/year higher in Charleston. Home values also differ significantly — the median in Memphis is $157,100 compared to $469,100 in Charleston.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over South Carolina's 6.4% rate.

Frequently Asked Questions

Memphis vs Charleston — common questions

Is Memphis or Charleston cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 128 (US average = 100).
What is the rent difference between Memphis and Charleston?
Median rent in Memphis is $1,123/month and in Charleston it's $1,632/month — a difference of $509/month.
Which city has higher income, Memphis or Charleston?
Median household income is $51,211 in Memphis and $90,038 in Charleston. Median household income is $38,827/year higher in Charleston.
How do taxes compare between Tennessee and South Carolina?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. South Carolina has 6.4% income tax, 6.0% sales tax, and 0.57% property tax.
Should I move to Memphis or Charleston?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Charleston has a cost index of 128 with rent of $1,632/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Charleston details →

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