Cost of Living: Memphis, TN vs Fargo, ND (2026)

Memphis

Tennessee
68
VS

Fargo

North Dakota
73

Memphis is 7% cheaper than Fargo.

$1,123/mo ↑ 23%
Median Rent
$916/mo ↓ 18%
$51,211/yr ↓ 22%
Median Income
$66,029/yr ↑ 29%
$157,100 ↓ 42%
Home Value
$269,800 ↑ 72%
$1,087/mo ↑ 9%
Owner Costs
$997/mo ↓ 8%
629,063
Population
129,064

Tax Comparison

0%
Income Tax
2.5%
7.0%
State Sales Tax
5.0%
0.64%
Property Tax
0.98%

Affordability

26.3%
rent-to-income
Affordability
16.6%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Fargo, ND, the overall cost of living indices are 68 and 73 respectively (national median = 100). Rent is $207/month cheaper in Fargo, saving renters about $2,484/year.

Median household income is $14,818/year higher in Fargo. Home values also differ significantly — the median in Memphis is $157,100 compared to $269,800 in Fargo.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over North Dakota's 2.5% rate.

Frequently Asked Questions

Memphis vs Fargo — common questions

Is Memphis or Fargo cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 73 (US average = 100).
What is the rent difference between Memphis and Fargo?
Median rent in Memphis is $1,123/month and in Fargo it's $916/month — a difference of $207/month.
Which city has higher income, Memphis or Fargo?
Median household income is $51,211 in Memphis and $66,029 in Fargo. Median household income is $14,818/year higher in Fargo.
How do taxes compare between Tennessee and North Dakota?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. North Dakota has 2.5% income tax, 5.0% sales tax, and 0.98% property tax.
Should I move to Memphis or Fargo?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Fargo has a cost index of 73 with rent of $916/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Fargo details →

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