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

Memphis

Tennessee
68
VS

Peoria

Illinois
61

Memphis is 11% more expensive than Peoria.

$1,123/mo ↑ 18%
Median Rent
$951/mo ↓ 15%
$51,211/yr ↓ 13%
Median Income
$58,716/yr ↑ 15%
$157,100 ↑ 5%
Home Value
$149,500 ↓ 5%
$1,087/mo ↑ 8%
Owner Costs
$1,007/mo ↓ 7%
629,063
Population
112,126

Tax Comparison

0%
Income Tax
4.95%
7.0%
State Sales Tax
6.25%
0.64%
Property Tax
2.07%

Affordability

26.3%
rent-to-income
Affordability
19.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Peoria, IL, the overall cost of living indices are 68 and 61 respectively (national median = 100). Rent is $172/month cheaper in Peoria, saving renters about $2,064/year.

Median household income is $7,505/year higher in Peoria. Home values also differ significantly — the median in Memphis is $157,100 compared to $149,500 in Peoria.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Illinois's 4.95% rate.

Frequently Asked Questions

Memphis vs Peoria — common questions

Is Memphis or Peoria cheaper to live in?
Based on our cost index, Peoria is cheaper to live in with an index of 61 compared to 68 (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 $951/month — a difference of $172/month.
Which city has higher income, Memphis or Peoria?
Median household income is $51,211 in Memphis and $58,716 in Peoria. Median household income is $7,505/year higher in Peoria.
How do taxes compare between Tennessee and Illinois?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% 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 61 with rent of $951/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Peoria details →

More Comparisons

Other cost of living comparisons for Memphis and Peoria

Memphis vs. Detroit Memphis vs. Louisville Memphis vs. Portland Memphis vs. Baltimore Memphis vs. Las Vegas Memphis vs. Milwaukee Peoria vs. Pompano Beach Peoria vs. Downey Peoria vs. Lansing Peoria vs. Murrieta Peoria vs. Las Cruces Peoria vs. Pueblo