Cost of Living: Memphis, TN vs Independence, MO (2026)

Memphis

Tennessee
68
VS

Independence

Missouri
67

Memphis and Independence have a similar cost of living.

$1,123/mo ↑ 6%
Median Rent
$1,061/mo ↓ 6%
$51,211/yr ↓ 14%
Median Income
$59,480/yr ↑ 16%
$157,100 ↓ 6%
Home Value
$166,400 ↑ 6%
$1,087/mo ↑ 4%
Owner Costs
$1,046/mo ↓ 4%
629,063
Population
121,944

Tax Comparison

0%
Income Tax
4.95%
7.0%
State Sales Tax
4.225%
0.64%
Property Tax
0.93%

Affordability

26.3%
rent-to-income
Affordability
21.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Independence, MO, the overall cost of living indices are 68 and 67 respectively (national median = 100). Rent is $62/month cheaper in Independence, saving renters about $744/year.

Median household income is $8,269/year higher in Independence. Home values also differ significantly — the median in Memphis is $157,100 compared to $166,400 in Independence.

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

Frequently Asked Questions

Memphis vs Independence — common questions

Is Memphis or Independence cheaper to live in?
Based on our cost index, Independence is cheaper to live in with an index of 67 compared to 68 (US average = 100).
What is the rent difference between Memphis and Independence?
Median rent in Memphis is $1,123/month and in Independence it's $1,061/month — a difference of $62/month.
Which city has higher income, Memphis or Independence?
Median household income is $51,211 in Memphis and $59,480 in Independence. Median household income is $8,269/year higher in Independence.
How do taxes compare between Tennessee and Missouri?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Missouri has 4.95% income tax, 4.225% sales tax, and 0.93% property tax.
Should I move to Memphis or Independence?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Independence has a cost index of 67 with rent of $1,061/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Independence details →

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