Cost of Living: Memphis, TN vs Springfield, MO (2026)

Memphis

Tennessee
68
VS

Springfield

Missouri
60

Memphis is 13% more expensive than Springfield.

$1,123/mo ↑ 22%
Median Rent
$920/mo ↓ 18%
$51,211/yr ↑ 11%
Median Income
$45,984/yr ↓ 10%
$157,100 ↓ 5%
Home Value
$165,200 ↑ 5%
$1,087/mo ↑ 20%
Owner Costs
$908/mo ↓ 16%
629,063
Population
169,432

Tax Comparison

0%
Income Tax
4.95%
7.0%
State Sales Tax
4.225%
0.64%
Property Tax
0.93%

Affordability

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

Detailed Comparison

When comparing Memphis, TN and Springfield, MO, the overall cost of living indices are 68 and 60 respectively (national median = 100). Rent is $203/month cheaper in Springfield, saving renters about $2,436/year.

Median household income is $5,227/year higher in Memphis. Home values also differ significantly — the median in Memphis is $157,100 compared to $165,200 in Springfield.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Missouri's 4.95% rate.

Frequently Asked Questions

Memphis vs Springfield — common questions

Is Memphis or Springfield cheaper to live in?
Based on our cost index, Springfield is cheaper to live in with an index of 60 compared to 68 (US average = 100).
What is the rent difference between Memphis and Springfield?
Median rent in Memphis is $1,123/month and in Springfield it's $920/month — a difference of $203/month.
Which city has higher income, Memphis or Springfield?
Median household income is $51,211 in Memphis and $45,984 in Springfield. Median household income is $5,227/year higher in Memphis.
How do taxes compare between Tennessee and Missouri?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Missouri has 4.95% income tax, 4.225% sales tax, and 0.93% property tax.
Should I move to Memphis or Springfield?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Springfield has a cost index of 60 with rent of $920/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Springfield details →

More Comparisons

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