Cost of Living: Memphis, TN vs Newark, NJ (2026)

Memphis

Tennessee
68
VS

Newark

New Jersey
100

Memphis is 32% cheaper than Newark.

$1,123/mo ↓ 16%
Median Rent
$1,330/mo ↑ 18%
$51,211/yr ↑ 6%
Median Income
$48,416/yr ↓ 5%
$157,100 ↓ 53%
Home Value
$337,800 ↑ 115%
$1,087/mo ↓ 23%
Owner Costs
$1,419/mo ↑ 31%
629,063
Population
307,188

Tax Comparison

0%
Income Tax
10.75%
7.0%
State Sales Tax
6.625%
0.64%
Property Tax
2.23%

Affordability

26.3%
rent-to-income
Affordability
33.0%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Newark, NJ, the overall cost of living indices are 68 and 100 respectively (national median = 100). Rent is $207/month cheaper in Memphis, saving renters about $2,484/year.

Median household income is $2,795/year higher in Memphis. Home values also differ significantly — the median in Memphis is $157,100 compared to $337,800 in Newark.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over New Jersey's 10.75% rate.

Frequently Asked Questions

Memphis vs Newark — common questions

Is Memphis or Newark cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 100 (US average = 100).
What is the rent difference between Memphis and Newark?
Median rent in Memphis is $1,123/month and in Newark it's $1,330/month — a difference of $207/month.
Which city has higher income, Memphis or Newark?
Median household income is $51,211 in Memphis and $48,416 in Newark. Median household income is $2,795/year higher in Memphis.
How do taxes compare between Tennessee and New Jersey?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Memphis or Newark?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Newark has a cost index of 100 with rent of $1,330/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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