Cost of Living: Memphis, TN vs Elizabeth, NJ (2026)

Memphis

Tennessee
68
VS

Elizabeth

New Jersey
112

Memphis is 39% cheaper than Elizabeth.

$1,123/mo ↓ 23%
Median Rent
$1,463/mo ↑ 30%
$51,211/yr ↓ 20%
Median Income
$63,874/yr ↑ 25%
$157,100 ↓ 60%
Home Value
$393,500 ↑ 150%
$1,087/mo ↓ 30%
Owner Costs
$1,543/mo ↑ 42%
629,063
Population
135,887

Tax Comparison

0%
Income Tax
10.75%
7.0%
State Sales Tax
6.625%
0.64%
Property Tax
2.23%

Affordability

26.3%
rent-to-income
Affordability
27.5%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Elizabeth, NJ, the overall cost of living indices are 68 and 112 respectively (national median = 100). Rent is $340/month cheaper in Memphis, saving renters about $4,080/year.

Median household income is $12,663/year higher in Elizabeth. Home values also differ significantly — the median in Memphis is $157,100 compared to $393,500 in Elizabeth.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over New Jersey's 10.75% rate.

Frequently Asked Questions

Memphis vs Elizabeth — common questions

Is Memphis or Elizabeth 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 Elizabeth?
Median rent in Memphis is $1,123/month and in Elizabeth it's $1,463/month — a difference of $340/month.
Which city has higher income, Memphis or Elizabeth?
Median household income is $51,211 in Memphis and $63,874 in Elizabeth. Median household income is $12,663/year higher in Elizabeth.
How do taxes compare between Tennessee and New Jersey?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Memphis or Elizabeth?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Elizabeth has a cost index of 112 with rent of $1,463/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Elizabeth details →

More Comparisons

Other cost of living comparisons for Memphis and Elizabeth

Memphis vs. Detroit Memphis vs. Louisville Memphis vs. Portland Memphis vs. Baltimore Memphis vs. Las Vegas Memphis vs. Milwaukee Elizabeth vs. Victorville Elizabeth vs. Stamford Elizabeth vs. Miramar Elizabeth vs. Kent Elizabeth vs. Pasadena Elizabeth vs. Midland