Cost of Living: Memphis, TN vs Jackson, MS (2026)

Memphis

Tennessee
68
VS

Jackson

Mississippi
58

Memphis is 17% more expensive than Jackson.

$1,123/mo ↑ 10%
Median Rent
$1,018/mo ↓ 9%
$51,211/yr ↑ 18%
Median Income
$43,238/yr ↓ 16%
$157,100 ↑ 45%
Home Value
$108,200 ↓ 31%
$1,087/mo ↑ 14%
Owner Costs
$956/mo ↓ 12%
629,063
Population
149,827

Tax Comparison

0%
Income Tax
5.0%
7.0%
State Sales Tax
7.0%
0.64%
Property Tax
0.67%

Affordability

26.3%
rent-to-income
Affordability
28.3%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Jackson, MS, the overall cost of living indices are 68 and 58 respectively (national median = 100). Rent is $105/month cheaper in Jackson, saving renters about $1,260/year.

Median household income is $7,973/year higher in Memphis. Home values also differ significantly — the median in Memphis is $157,100 compared to $108,200 in Jackson.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Mississippi's 5.0% rate.

Frequently Asked Questions

Memphis vs Jackson — common questions

Is Memphis or Jackson cheaper to live in?
Based on our cost index, Jackson is cheaper to live in with an index of 58 compared to 68 (US average = 100).
What is the rent difference between Memphis and Jackson?
Median rent in Memphis is $1,123/month and in Jackson it's $1,018/month — a difference of $105/month.
Which city has higher income, Memphis or Jackson?
Median household income is $51,211 in Memphis and $43,238 in Jackson. Median household income is $7,973/year higher in Memphis.
How do taxes compare between Tennessee and Mississippi?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Mississippi has 5.0% income tax, 7.0% sales tax, and 0.67% property tax.
Should I move to Memphis or Jackson?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Jackson has a cost index of 58 with rent of $1,018/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Jackson details →

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