Cost of Living: Memphis, TN vs Peoria, AZ (2026)

Memphis

Tennessee
68
VS

Peoria

Arizona
125

Memphis is 46% cheaper than Peoria.

$1,123/mo ↓ 36%
Median Rent
$1,743/mo ↑ 55%
$51,211/yr ↓ 45%
Median Income
$93,403/yr ↑ 82%
$157,100 ↓ 63%
Home Value
$429,400 ↑ 173%
$1,087/mo ↓ 32%
Owner Costs
$1,589/mo ↑ 46%
629,063
Population
194,338

Tax Comparison

0%
Income Tax
2.5%
7.0%
State Sales Tax
5.6%
0.64%
Property Tax
0.62%

Affordability

26.3%
rent-to-income
Affordability
22.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Peoria, AZ, the overall cost of living indices are 68 and 125 respectively (national median = 100). Rent is $620/month cheaper in Memphis, saving renters about $7,440/year.

Median household income is $42,192/year higher in Peoria. Home values also differ significantly — the median in Memphis is $157,100 compared to $429,400 in Peoria.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Arizona's 2.5% rate.

Frequently Asked Questions

Memphis vs Peoria — common questions

Is Memphis or Peoria cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 125 (US average = 100).
What is the rent difference between Memphis and Peoria?
Median rent in Memphis is $1,123/month and in Peoria it's $1,743/month — a difference of $620/month.
Which city has higher income, Memphis or Peoria?
Median household income is $51,211 in Memphis and $93,403 in Peoria. Median household income is $42,192/year higher in Peoria.
How do taxes compare between Tennessee and Arizona?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Arizona has 2.5% income tax, 5.6% sales tax, and 0.62% property tax.
Should I move to Memphis or Peoria?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Peoria has a cost index of 125 with rent of $1,743/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Peoria details →

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