Cost of Living: Memphis, TN vs Knoxville, TN (2026)

Memphis

Tennessee
68
VS

Knoxville

Tennessee
74

Memphis is 8% cheaper than Knoxville.

$1,123/mo ≈ Same
Median Rent
$1,116/mo ≈ Same
$51,211/yr ≈ Same
Median Income
$50,994/yr ≈ Same
$157,100 ↓ 27%
Home Value
$214,000 ↑ 36%
$1,087/mo ↑ 1%
Owner Costs
$1,075/mo ↓ 1%
629,063
Population
193,721

Tax Comparison

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

Affordability

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

Detailed Comparison

When comparing Memphis, TN and Knoxville, TN, the overall cost of living indices are 68 and 74 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $217/year higher in Memphis. Home values also differ significantly — the median in Memphis is $157,100 compared to $214,000 in Knoxville.

Both cities share the same state tax structure since they are in Tennessee.

Frequently Asked Questions

Memphis vs Knoxville — common questions

Is Memphis or Knoxville cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 74 (US average = 100).
What is the rent difference between Memphis and Knoxville?
Median rent in Memphis is $1,123/month and in Knoxville it's $1,116/month — a difference of $7/month.
Which city has higher income, Memphis or Knoxville?
Median household income is $51,211 in Memphis and $50,994 in Knoxville. Median household income is $217/year higher in Memphis.
How do taxes compare between Tennessee and Tennessee?
Both cities are in Tennessee and share the same state tax rates: 0% income tax, 7.0% sales tax, and 0.64% property tax.
Should I move to Memphis or Knoxville?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Knoxville has a cost index of 74 with rent of $1,116/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Knoxville details →

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