Cost of Living: Memphis, TN vs Lafayette, LA (2026)

Memphis

Tennessee
68
VS

Lafayette

Louisiana
77

Memphis is 12% cheaper than Lafayette.

$1,123/mo ↑ 5%
Median Rent
$1,065/mo ↓ 5%
$51,211/yr ↓ 17%
Median Income
$61,454/yr ↑ 20%
$157,100 ↓ 37%
Home Value
$251,300 ↑ 60%
$1,087/mo ↑ 3%
Owner Costs
$1,057/mo ↓ 3%
629,063
Population
121,537

Tax Comparison

0%
Income Tax
4.25%
7.0%
State Sales Tax
4.45%
0.64%
Property Tax
0.55%

Affordability

26.3%
rent-to-income
Affordability
20.8%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Lafayette, LA, the overall cost of living indices are 68 and 77 respectively (national median = 100). Rent is $58/month cheaper in Lafayette, saving renters about $696/year.

Median household income is $10,243/year higher in Lafayette. Home values also differ significantly — the median in Memphis is $157,100 compared to $251,300 in Lafayette.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Louisiana's 4.25% rate.

Frequently Asked Questions

Memphis vs Lafayette — common questions

Is Memphis or Lafayette cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 77 (US average = 100).
What is the rent difference between Memphis and Lafayette?
Median rent in Memphis is $1,123/month and in Lafayette it's $1,065/month — a difference of $58/month.
Which city has higher income, Memphis or Lafayette?
Median household income is $51,211 in Memphis and $61,454 in Lafayette. Median household income is $10,243/year higher in Lafayette.
How do taxes compare between Tennessee and Louisiana?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Louisiana has 4.25% income tax, 4.45% sales tax, and 0.55% property tax.
Should I move to Memphis or Lafayette?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Lafayette has a cost index of 77 with rent of $1,065/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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