Cost of Living: Memphis, TN vs Richmond, CA (2026)

Memphis

Tennessee
68
VS

Richmond

California
161

Memphis is 58% cheaper than Richmond.

$1,123/mo ↓ 41%
Median Rent
$1,895/mo ↑ 69%
$51,211/yr ↓ 43%
Median Income
$90,038/yr ↑ 76%
$157,100 ↓ 76%
Home Value
$650,100 ↑ 314%
$1,087/mo ↓ 46%
Owner Costs
$2,015/mo ↑ 85%
629,063
Population
115,396

Tax Comparison

0%
Income Tax
13.3%
7.0%
State Sales Tax
7.25%
0.64%
Property Tax
0.71%

Affordability

26.3%
rent-to-income
Affordability
25.3%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Richmond, CA, the overall cost of living indices are 68 and 161 respectively (national median = 100). Rent is $772/month cheaper in Memphis, saving renters about $9,264/year.

Median household income is $38,827/year higher in Richmond. Home values also differ significantly — the median in Memphis is $157,100 compared to $650,100 in Richmond.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over California's 13.3% rate.

Frequently Asked Questions

Memphis vs Richmond — common questions

Is Memphis or Richmond cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 161 (US average = 100).
What is the rent difference between Memphis and Richmond?
Median rent in Memphis is $1,123/month and in Richmond it's $1,895/month — a difference of $772/month.
Which city has higher income, Memphis or Richmond?
Median household income is $51,211 in Memphis and $90,038 in Richmond. Median household income is $38,827/year higher in Richmond.
How do taxes compare between Tennessee and California?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. California has 13.3% income tax, 7.25% sales tax, and 0.71% property tax.
Should I move to Memphis or Richmond?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Richmond has a cost index of 161 with rent of $1,895/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Richmond details →

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