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

Memphis

Tennessee
68
VS

New Orleans

Louisiana
90

Memphis is 24% cheaper than New Orleans.

$1,123/mo ↓ 7%
Median Rent
$1,211/mo ↑ 8%
$51,211/yr ↓ 7%
Median Income
$55,339/yr ↑ 8%
$157,100 ↓ 47%
Home Value
$296,400 ↑ 89%
$1,087/mo ↓ 15%
Owner Costs
$1,274/mo ↑ 17%
629,063
Population
376,035

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
26.3%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and New Orleans, LA, the overall cost of living indices are 68 and 90 respectively (national median = 100). Rent is $88/month cheaper in Memphis, saving renters about $1,056/year.

Median household income is $4,128/year higher in New Orleans. Home values also differ significantly — the median in Memphis is $157,100 compared to $296,400 in New Orleans.

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

Frequently Asked Questions

Memphis vs New Orleans — common questions

Is Memphis or New Orleans cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 90 (US average = 100).
What is the rent difference between Memphis and New Orleans?
Median rent in Memphis is $1,123/month and in New Orleans it's $1,211/month — a difference of $88/month.
Which city has higher income, Memphis or New Orleans?
Median household income is $51,211 in Memphis and $55,339 in New Orleans. Median household income is $4,128/year higher in New Orleans.
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 New Orleans?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while New Orleans has a cost index of 90 with rent of $1,211/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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