Cost of Living: Memphis, TN vs Chesapeake, VA (2026)

Memphis

Tennessee
68
VS

Chesapeake

Virginia
112

Memphis is 39% cheaper than Chesapeake.

$1,123/mo ↓ 26%
Median Rent
$1,523/mo ↑ 36%
$51,211/yr ↓ 46%
Median Income
$94,189/yr ↑ 84%
$157,100 ↓ 56%
Home Value
$359,100 ↑ 129%
$1,087/mo ↓ 35%
Owner Costs
$1,680/mo ↑ 55%
629,063
Population
251,153

Tax Comparison

0%
Income Tax
5.75%
7.0%
State Sales Tax
5.3%
0.64%
Property Tax
0.8%

Affordability

26.3%
rent-to-income
Affordability
19.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Chesapeake, VA, the overall cost of living indices are 68 and 112 respectively (national median = 100). Rent is $400/month cheaper in Memphis, saving renters about $4,800/year.

Median household income is $42,978/year higher in Chesapeake. Home values also differ significantly — the median in Memphis is $157,100 compared to $359,100 in Chesapeake.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Virginia's 5.75% rate.

Frequently Asked Questions

Memphis vs Chesapeake — common questions

Is Memphis or Chesapeake cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 112 (US average = 100).
What is the rent difference between Memphis and Chesapeake?
Median rent in Memphis is $1,123/month and in Chesapeake it's $1,523/month — a difference of $400/month.
Which city has higher income, Memphis or Chesapeake?
Median household income is $51,211 in Memphis and $94,189 in Chesapeake. Median household income is $42,978/year higher in Chesapeake.
How do taxes compare between Tennessee and Virginia?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Memphis or Chesapeake?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Chesapeake has a cost index of 112 with rent of $1,523/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Chesapeake details →

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