Cost of Living: Memphis, TN vs Norfolk, VA (2026)

Memphis

Tennessee
68
VS

Norfolk

Virginia
89

Memphis is 24% cheaper than Norfolk.

$1,123/mo ↓ 10%
Median Rent
$1,246/mo ↑ 11%
$51,211/yr ↓ 20%
Median Income
$64,017/yr ↑ 25%
$157,100 ↓ 42%
Home Value
$271,900 ↑ 73%
$1,087/mo ↓ 20%
Owner Costs
$1,366/mo ↑ 26%
629,063
Population
235,037

Tax Comparison

0%
Income Tax
5.75%
7.0%
State Sales Tax
5.3%
0.64%
Property Tax
0.8%

Affordability

26.3%
rent-to-income
Affordability
23.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Norfolk, VA, the overall cost of living indices are 68 and 89 respectively (national median = 100). Rent is $123/month cheaper in Memphis, saving renters about $1,476/year.

Median household income is $12,806/year higher in Norfolk. Home values also differ significantly — the median in Memphis is $157,100 compared to $271,900 in Norfolk.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Virginia's 5.75% rate.

Frequently Asked Questions

Memphis vs Norfolk — common questions

Is Memphis or Norfolk cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 89 (US average = 100).
What is the rent difference between Memphis and Norfolk?
Median rent in Memphis is $1,123/month and in Norfolk it's $1,246/month — a difference of $123/month.
Which city has higher income, Memphis or Norfolk?
Median household income is $51,211 in Memphis and $64,017 in Norfolk. Median household income is $12,806/year higher in Norfolk.
How do taxes compare between Tennessee and Virginia?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Memphis or Norfolk?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Norfolk has a cost index of 89 with rent of $1,246/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Norfolk details →

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