Memphis, TN vs Richmond, VA: 68 vs 98

$1,123/mo ↓ 15%

Median Rent

$1,314/mo ↑ 17%

$51,211/yr ↓ 18%

Median Income

$62,671/yr ↑ 22%

$157,100 ↓ 52%

Home Value

$328,100 ↑ 109%

$1,087/mo ↓ 21%

Owner Costs

$1,374/mo ↑ 26%

629,063

Population

227,595

Detailed Comparison

When comparing Memphis, TN and Richmond, VA, the overall cost of living indices are 68 and 98 respectively (national median = 100). Rent is $191/month cheaper in Memphis, saving renters about $2,292/year.

Median household income is $11,460/year higher in Richmond. Home values also differ significantly — the median in Memphis is $157,100 compared to $328,100 in Richmond.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Virginia's 5.75% 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 98 (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 $1,314/month — a difference of $191/month.

Which city has higher income, Memphis or Richmond?

Median household income is $51,211 in Memphis and $62,671 in Richmond. Median household income is $11,460/year higher in Richmond.

How do taxes compare between Tennessee and Virginia?

Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% 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 98 with rent of $1,314/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.

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

Memphis

Richmond

Tax Comparison

Affordability

Detailed Comparison

Frequently Asked Questions

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