Memphis, TN vs Miami, FL: 68 vs 129

$1,123/mo ↓ 32%

Median Rent

$1,657/mo ↑ 48%

$51,211/yr ↓ 14%

Median Income

$59,390/yr ↑ 16%

$157,100 ↓ 67%

Home Value

$475,200 ↑ 202%

$1,087/mo ↓ 35%

Owner Costs

$1,666/mo ↑ 53%

629,063

Population

446,663

Detailed Comparison

When comparing Memphis, TN and Miami, FL, the overall cost of living indices are 68 and 129 respectively (national median = 100). Rent is $534/month cheaper in Memphis, saving renters about $6,408/year.

Median household income is $8,179/year higher in Miami. Home values also differ significantly — the median in Memphis is $157,100 compared to $475,200 in Miami.

Frequently Asked Questions

Memphis vs Miami — common questions

Is Memphis or Miami cheaper to live in?

Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 129 (US average = 100).

What is the rent difference between Memphis and Miami?

Median rent in Memphis is $1,123/month and in Miami it's $1,657/month — a difference of $534/month.

Which city has higher income, Memphis or Miami?

Median household income is $51,211 in Memphis and $59,390 in Miami. Median household income is $8,179/year higher in Miami.

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 Miami?

It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Miami has a cost index of 129 with rent of $1,657/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.

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

Memphis

Miami

Tax Comparison

Affordability

Detailed Comparison

Frequently Asked Questions

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