Cost of Living: Memphis, TN vs Providence, RI (2026)

Memphis

Tennessee
68
VS

Providence

Rhode Island
99

Memphis is 31% cheaper than Providence.

$1,123/mo ↓ 16%
Median Rent
$1,333/mo ↑ 19%
$51,211/yr ↓ 23%
Median Income
$66,772/yr ↑ 30%
$157,100 ↓ 51%
Home Value
$322,800 ↑ 105%
$1,087/mo ↓ 26%
Owner Costs
$1,467/mo ↑ 35%
629,063
Population
190,214

Tax Comparison

0%
Income Tax
5.99%
7.0%
State Sales Tax
7.0%
0.64%
Property Tax
1.53%

Affordability

26.3%
rent-to-income
Affordability
24.0%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Providence, RI, the overall cost of living indices are 68 and 99 respectively (national median = 100). Rent is $210/month cheaper in Memphis, saving renters about $2,520/year.

Median household income is $15,561/year higher in Providence. Home values also differ significantly — the median in Memphis is $157,100 compared to $322,800 in Providence.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Rhode Island's 5.99% rate.

Frequently Asked Questions

Memphis vs Providence — common questions

Is Memphis or Providence cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 99 (US average = 100).
What is the rent difference between Memphis and Providence?
Median rent in Memphis is $1,123/month and in Providence it's $1,333/month — a difference of $210/month.
Which city has higher income, Memphis or Providence?
Median household income is $51,211 in Memphis and $66,772 in Providence. Median household income is $15,561/year higher in Providence.
How do taxes compare between Tennessee and Rhode Island?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Rhode Island has 5.99% income tax, 7.0% sales tax, and 1.53% property tax.
Should I move to Memphis or Providence?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Providence has a cost index of 99 with rent of $1,333/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Providence details →

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