Cost of Living: Memphis, TN vs Waco, TX (2026)

Memphis

Tennessee
68
VS

Waco

Texas
72

Memphis is 6% cheaper than Waco.

$1,123/mo ↑ 2%
Median Rent
$1,098/mo ↓ 2%
$51,211/yr ≈ Same
Median Income
$51,468/yr ≈ Same
$157,100 ↓ 21%
Home Value
$199,600 ↑ 27%
$1,087/mo ≈ Same
Owner Costs
$1,094/mo ≈ Same
629,063
Population
141,925

Tax Comparison

0%
Income Tax
0%
7.0%
State Sales Tax
6.25%
0.64%
Property Tax
1.6%

Affordability

26.3%
rent-to-income
Affordability
25.6%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Waco, TX, the overall cost of living indices are 68 and 72 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $257/year higher in Waco. Home values also differ significantly — the median in Memphis is $157,100 compared to $199,600 in Waco.

Frequently Asked Questions

Memphis vs Waco — common questions

Is Memphis or Waco cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 72 (US average = 100).
What is the rent difference between Memphis and Waco?
Median rent in Memphis is $1,123/month and in Waco it's $1,098/month — a difference of $25/month.
Which city has higher income, Memphis or Waco?
Median household income is $51,211 in Memphis and $51,468 in Waco. Median household income is $257/year higher in Waco.
How do taxes compare between Tennessee and Texas?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Memphis or Waco?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Waco has a cost index of 72 with rent of $1,098/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Waco details →

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