Cost of Living: Memphis, TN vs Plano, TX (2026)

Memphis

Tennessee
68
VS

Plano

Texas
132

Memphis is 48% cheaper than Plano.

$1,123/mo ↓ 37%
Median Rent
$1,792/mo ↑ 60%
$51,211/yr ↓ 53%
Median Income
$108,649/yr ↑ 112%
$157,100 ↓ 64%
Home Value
$440,600 ↑ 180%
$1,087/mo ↓ 41%
Owner Costs
$1,829/mo ↑ 68%
629,063
Population
287,339

Tax Comparison

0%
Income Tax
0%
7.0%
State Sales Tax
6.25%
0.64%
Property Tax
1.6%

Affordability

26.3%
rent-to-income
Affordability
19.8%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Plano, TX, the overall cost of living indices are 68 and 132 respectively (national median = 100). Rent is $669/month cheaper in Memphis, saving renters about $8,028/year.

Median household income is $57,438/year higher in Plano. Home values also differ significantly — the median in Memphis is $157,100 compared to $440,600 in Plano.

Frequently Asked Questions

Memphis vs Plano — common questions

Is Memphis or Plano cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 132 (US average = 100).
What is the rent difference between Memphis and Plano?
Median rent in Memphis is $1,123/month and in Plano it's $1,792/month — a difference of $669/month.
Which city has higher income, Memphis or Plano?
Median household income is $51,211 in Memphis and $108,649 in Plano. Median household income is $57,438/year higher in Plano.
How do taxes compare between Tennessee and Texas?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Memphis or Plano?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Plano has a cost index of 132 with rent of $1,792/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Plano details →

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