Cost of Living: Memphis, TN vs Minneapolis, MN (2026)

Memphis

Tennessee
68
VS

Minneapolis

Minnesota
102

Memphis is 33% cheaper than Minneapolis.

$1,123/mo ↓ 16%
Median Rent
$1,329/mo ↑ 18%
$51,211/yr ↓ 36%
Median Income
$80,269/yr ↑ 57%
$157,100 ↓ 55%
Home Value
$345,600 ↑ 120%
$1,087/mo ↓ 28%
Owner Costs
$1,513/mo ↑ 39%
629,063
Population
426,845

Tax Comparison

0%
Income Tax
9.85%
7.0%
State Sales Tax
6.875%
0.64%
Property Tax
1.11%

Affordability

26.3%
rent-to-income
Affordability
19.9%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Minneapolis, MN, the overall cost of living indices are 68 and 102 respectively (national median = 100). Rent is $206/month cheaper in Memphis, saving renters about $2,472/year.

Median household income is $29,058/year higher in Minneapolis. Home values also differ significantly — the median in Memphis is $157,100 compared to $345,600 in Minneapolis.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Minnesota's 9.85% rate.

Frequently Asked Questions

Memphis vs Minneapolis — common questions

Is Memphis or Minneapolis cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 102 (US average = 100).
What is the rent difference between Memphis and Minneapolis?
Median rent in Memphis is $1,123/month and in Minneapolis it's $1,329/month — a difference of $206/month.
Which city has higher income, Memphis or Minneapolis?
Median household income is $51,211 in Memphis and $80,269 in Minneapolis. Median household income is $29,058/year higher in Minneapolis.
How do taxes compare between Tennessee and Minnesota?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax.
Should I move to Memphis or Minneapolis?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Minneapolis has a cost index of 102 with rent of $1,329/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Minneapolis details →

More Comparisons

Other cost of living comparisons for Memphis and Minneapolis

Memphis vs. Detroit Memphis vs. Louisville Memphis vs. Portland Memphis vs. Baltimore Memphis vs. Las Vegas Memphis vs. Milwaukee Minneapolis vs. Oakland Minneapolis vs. Tulsa Minneapolis vs. Miami Minneapolis vs. Bakersfield Minneapolis vs. Virginia Beach Minneapolis vs. Wichita