Cost of Living: Memphis, TN vs Lakeland, FL (2026)

Memphis

Tennessee
68
VS

Lakeland

Florida
82

Memphis is 17% cheaper than Lakeland.

$1,123/mo ↓ 14%
Median Rent
$1,299/mo ↑ 16%
$51,211/yr ↓ 16%
Median Income
$60,947/yr ↑ 19%
$157,100 ↓ 31%
Home Value
$229,100 ↑ 46%
$1,087/mo ↓ 5%
Owner Costs
$1,149/mo ↑ 6%
629,063
Population
117,030

Tax Comparison

0%
Income Tax
0%
7.0%
State Sales Tax
6.0%
0.64%
Property Tax
0.86%

Affordability

26.3%
rent-to-income
Affordability
25.6%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Lakeland, FL, the overall cost of living indices are 68 and 82 respectively (national median = 100). Rent is $176/month cheaper in Memphis, saving renters about $2,112/year.

Median household income is $9,736/year higher in Lakeland. Home values also differ significantly — the median in Memphis is $157,100 compared to $229,100 in Lakeland.

Frequently Asked Questions

Memphis vs Lakeland — common questions

Is Memphis or Lakeland cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 82 (US average = 100).
What is the rent difference between Memphis and Lakeland?
Median rent in Memphis is $1,123/month and in Lakeland it's $1,299/month — a difference of $176/month.
Which city has higher income, Memphis or Lakeland?
Median household income is $51,211 in Memphis and $60,947 in Lakeland. Median household income is $9,736/year higher in Lakeland.
How do taxes compare between Tennessee and Florida?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Florida has 0% income tax, 6.0% sales tax, and 0.86% property tax.
Should I move to Memphis or Lakeland?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Lakeland has a cost index of 82 with rent of $1,299/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Lakeland details →

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