Cost of Living: Memphis, TN vs Elgin, IL (2026)

Memphis

Tennessee
68
VS

Elgin

Illinois
90

Memphis is 24% cheaper than Elgin.

$1,123/mo ↓ 11%
Median Rent
$1,260/mo ↑ 12%
$51,211/yr ↓ 42%
Median Income
$88,316/yr ↑ 72%
$157,100 ↓ 38%
Home Value
$252,400 ↑ 61%
$1,087/mo ↓ 28%
Owner Costs
$1,502/mo ↑ 38%
629,063
Population
114,106

Tax Comparison

0%
Income Tax
4.95%
7.0%
State Sales Tax
6.25%
0.64%
Property Tax
2.07%

Affordability

26.3%
rent-to-income
Affordability
17.1%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Elgin, IL, the overall cost of living indices are 68 and 90 respectively (national median = 100). Rent is $137/month cheaper in Memphis, saving renters about $1,644/year.

Median household income is $37,105/year higher in Elgin. Home values also differ significantly — the median in Memphis is $157,100 compared to $252,400 in Elgin.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Illinois's 4.95% rate.

Frequently Asked Questions

Memphis vs Elgin — common questions

Is Memphis or Elgin cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 90 (US average = 100).
What is the rent difference between Memphis and Elgin?
Median rent in Memphis is $1,123/month and in Elgin it's $1,260/month — a difference of $137/month.
Which city has higher income, Memphis or Elgin?
Median household income is $51,211 in Memphis and $88,316 in Elgin. Median household income is $37,105/year higher in Elgin.
How do taxes compare between Tennessee and Illinois?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Memphis or Elgin?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Elgin has a cost index of 90 with rent of $1,260/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Elgin details →

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