Cost of Living: Memphis, TN vs Colorado Springs, CO (2026)

Memphis

Tennessee
68
VS

Colorado Springs

Colorado
119

Memphis is 43% cheaper than Colorado Springs.

$1,123/mo ↓ 28%
Median Rent
$1,562/mo ↑ 39%
$51,211/yr ↓ 38%
Median Income
$83,198/yr ↑ 62%
$157,100 ↓ 63%
Home Value
$420,700 ↑ 168%
$1,087/mo ↓ 32%
Owner Costs
$1,592/mo ↑ 46%
629,063
Population
483,099

Tax Comparison

0%
Income Tax
4.4%
7.0%
State Sales Tax
2.9%
0.64%
Property Tax
0.51%

Affordability

26.3%
rent-to-income
Affordability
22.5%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Colorado Springs, CO, the overall cost of living indices are 68 and 119 respectively (national median = 100). Rent is $439/month cheaper in Memphis, saving renters about $5,268/year.

Median household income is $31,987/year higher in Colorado Springs. Home values also differ significantly — the median in Memphis is $157,100 compared to $420,700 in Colorado Springs.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Colorado's 4.4% rate.

Frequently Asked Questions

Memphis vs Colorado Springs — common questions

Is Memphis or Colorado Springs cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 119 (US average = 100).
What is the rent difference between Memphis and Colorado Springs?
Median rent in Memphis is $1,123/month and in Colorado Springs it's $1,562/month — a difference of $439/month.
Which city has higher income, Memphis or Colorado Springs?
Median household income is $51,211 in Memphis and $83,198 in Colorado Springs. Median household income is $31,987/year higher in Colorado Springs.
How do taxes compare between Tennessee and Colorado?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Colorado has 4.4% income tax, 2.9% sales tax, and 0.51% property tax.
Should I move to Memphis or Colorado Springs?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Colorado Springs has a cost index of 119 with rent of $1,562/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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