Cost of Living: Memphis, TN vs Rochester, MN (2026)

Memphis

Tennessee
68
VS

Rochester

Minnesota
93

Memphis is 27% cheaper than Rochester.

$1,123/mo ↓ 15%
Median Rent
$1,316/mo ↑ 17%
$51,211/yr ↓ 42%
Median Income
$87,767/yr ↑ 71%
$157,100 ↓ 45%
Home Value
$287,500 ↑ 83%
$1,087/mo ↓ 18%
Owner Costs
$1,332/mo ↑ 23%
629,063
Population
121,638

Tax Comparison

0%
Income Tax
9.85%
7.0%
State Sales Tax
6.875%
0.64%
Property Tax
1.11%

Affordability

26.3%
rent-to-income
Affordability
18.0%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Rochester, MN, the overall cost of living indices are 68 and 93 respectively (national median = 100). Rent is $193/month cheaper in Memphis, saving renters about $2,316/year.

Median household income is $36,556/year higher in Rochester. Home values also differ significantly — the median in Memphis is $157,100 compared to $287,500 in Rochester.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Minnesota's 9.85% rate.

Frequently Asked Questions

Memphis vs Rochester — common questions

Is Memphis or Rochester cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 93 (US average = 100).
What is the rent difference between Memphis and Rochester?
Median rent in Memphis is $1,123/month and in Rochester it's $1,316/month — a difference of $193/month.
Which city has higher income, Memphis or Rochester?
Median household income is $51,211 in Memphis and $87,767 in Rochester. Median household income is $36,556/year higher in Rochester.
How do taxes compare between Tennessee and Minnesota?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax.
Should I move to Memphis or Rochester?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Rochester has a cost index of 93 with rent of $1,316/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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