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

Memphis

Tennessee
68
VS

Richardson

Texas
128

Memphis is 47% cheaper than Richardson.

$1,123/mo ↓ 38%
Median Rent
$1,825/mo ↑ 63%
$51,211/yr ↓ 47%
Median Income
$96,257/yr ↑ 88%
$157,100 ↓ 61%
Home Value
$405,600 ↑ 158%
$1,087/mo ↓ 39%
Owner Costs
$1,796/mo ↑ 65%
629,063
Population
118,269

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
22.8%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Richardson, TX, the overall cost of living indices are 68 and 128 respectively (national median = 100). Rent is $702/month cheaper in Memphis, saving renters about $8,424/year.

Median household income is $45,046/year higher in Richardson. Home values also differ significantly — the median in Memphis is $157,100 compared to $405,600 in Richardson.

Frequently Asked Questions

Memphis vs Richardson — common questions

Is Memphis or Richardson cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 128 (US average = 100).
What is the rent difference between Memphis and Richardson?
Median rent in Memphis is $1,123/month and in Richardson it's $1,825/month — a difference of $702/month.
Which city has higher income, Memphis or Richardson?
Median household income is $51,211 in Memphis and $96,257 in Richardson. Median household income is $45,046/year higher in Richardson.
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 Richardson?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Richardson has a cost index of 128 with rent of $1,825/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Richardson details →

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