Cost of Living: Memphis, TN vs St. Petersburg, FL (2026)

Memphis

Tennessee
68
VS

St. Petersburg

Florida
106

Memphis is 36% cheaper than St. Petersburg.

$1,123/mo ↓ 27%
Median Rent
$1,542/mo ↑ 37%
$51,211/yr ↓ 30%
Median Income
$73,118/yr ↑ 43%
$157,100 ↓ 53%
Home Value
$331,500 ↑ 111%
$1,087/mo ↓ 24%
Owner Costs
$1,435/mo ↑ 32%
629,063
Population
260,646

Tax Comparison

0%
Income Tax
0%
7.0%
State Sales Tax
6.0%
0.64%
Property Tax
0.86%

Affordability

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

Detailed Comparison

When comparing Memphis, TN and St. Petersburg, FL, the overall cost of living indices are 68 and 106 respectively (national median = 100). Rent is $419/month cheaper in Memphis, saving renters about $5,028/year.

Median household income is $21,907/year higher in St. Petersburg. Home values also differ significantly — the median in Memphis is $157,100 compared to $331,500 in St. Petersburg.

Frequently Asked Questions

Memphis vs St. Petersburg — common questions

Is Memphis or St. Petersburg cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 106 (US average = 100).
What is the rent difference between Memphis and St. Petersburg?
Median rent in Memphis is $1,123/month and in St. Petersburg it's $1,542/month — a difference of $419/month.
Which city has higher income, Memphis or St. Petersburg?
Median household income is $51,211 in Memphis and $73,118 in St. Petersburg. Median household income is $21,907/year higher in St. Petersburg.
How do taxes compare between Tennessee and Florida?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Florida has 0% income tax, 6.0% sales tax, and 0.86% property tax.
Should I move to Memphis or St. Petersburg?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while St. Petersburg has a cost index of 106 with rent of $1,542/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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