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

Memphis

Tennessee
68
VS

Joliet

Illinois
88

Memphis is 23% cheaper than Joliet.

$1,123/mo ↓ 9%
Median Rent
$1,237/mo ↑ 10%
$51,211/yr ↓ 42%
Median Income
$88,026/yr ↑ 72%
$157,100 ↓ 37%
Home Value
$248,600 ↑ 58%
$1,087/mo ↓ 26%
Owner Costs
$1,472/mo ↑ 35%
629,063
Population
149,785

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
16.9%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Joliet, IL, the overall cost of living indices are 68 and 88 respectively (national median = 100). Rent is $114/month cheaper in Memphis, saving renters about $1,368/year.

Median household income is $36,815/year higher in Joliet. Home values also differ significantly — the median in Memphis is $157,100 compared to $248,600 in Joliet.

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

Frequently Asked Questions

Memphis vs Joliet — common questions

Is Memphis or Joliet cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 88 (US average = 100).
What is the rent difference between Memphis and Joliet?
Median rent in Memphis is $1,123/month and in Joliet it's $1,237/month — a difference of $114/month.
Which city has higher income, Memphis or Joliet?
Median household income is $51,211 in Memphis and $88,026 in Joliet. Median household income is $36,815/year higher in Joliet.
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 Joliet?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Joliet has a cost index of 88 with rent of $1,237/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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