Cost of Living: Memphis, TN vs McKinney, TX (2026)

Memphis

Tennessee
68
VS

McKinney

Texas
138

Memphis is 51% cheaper than McKinney.

$1,123/mo ↓ 39%
Median Rent
$1,841/mo ↑ 64%
$51,211/yr ↓ 57%
Median Income
$120,273/yr ↑ 135%
$157,100 ↓ 64%
Home Value
$439,500 ↑ 180%
$1,087/mo ↓ 48%
Owner Costs
$2,101/mo ↑ 93%
629,063
Population
202,314

Tax Comparison

0%
Income Tax
0%
7.0%
State Sales Tax
6.25%
0.64%
Property Tax
1.6%

Affordability

26.3%
rent-to-income
Affordability
18.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and McKinney, TX, the overall cost of living indices are 68 and 138 respectively (national median = 100). Rent is $718/month cheaper in Memphis, saving renters about $8,616/year.

Median household income is $69,062/year higher in McKinney. Home values also differ significantly — the median in Memphis is $157,100 compared to $439,500 in McKinney.

Frequently Asked Questions

Memphis vs McKinney — common questions

Is Memphis or McKinney cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 138 (US average = 100).
What is the rent difference between Memphis and McKinney?
Median rent in Memphis is $1,123/month and in McKinney it's $1,841/month — a difference of $718/month.
Which city has higher income, Memphis or McKinney?
Median household income is $51,211 in Memphis and $120,273 in McKinney. Median household income is $69,062/year higher in McKinney.
How do taxes compare between Tennessee and Texas?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Memphis or McKinney?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while McKinney has a cost index of 138 with rent of $1,841/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View McKinney details →

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