Cost of Living: Memphis, TN vs Waterbury, CT (2026)

Memphis

Tennessee
68
VS

Waterbury

Connecticut
76

Memphis is 11% cheaper than Waterbury.

$1,123/mo ↓ 5%
Median Rent
$1,180/mo ↑ 5%
$51,211/yr ≈ Same
Median Income
$51,642/yr ≈ Same
$157,100 ↓ 15%
Home Value
$185,400 ↑ 18%
$1,087/mo ↓ 15%
Owner Costs
$1,273/mo ↑ 17%
629,063
Population
114,356

Tax Comparison

0%
Income Tax
6.99%
7.0%
State Sales Tax
6.35%
0.64%
Property Tax
2.15%

Affordability

26.3%
rent-to-income
Affordability
27.4%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Waterbury, CT, the overall cost of living indices are 68 and 76 respectively (national median = 100). Rent is $57/month cheaper in Memphis, saving renters about $684/year.

Median household income is $431/year higher in Waterbury. Home values also differ significantly — the median in Memphis is $157,100 compared to $185,400 in Waterbury.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over Connecticut's 6.99% rate.

Frequently Asked Questions

Memphis vs Waterbury — common questions

Is Memphis or Waterbury cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 76 (US average = 100).
What is the rent difference between Memphis and Waterbury?
Median rent in Memphis is $1,123/month and in Waterbury it's $1,180/month — a difference of $57/month.
Which city has higher income, Memphis or Waterbury?
Median household income is $51,211 in Memphis and $51,642 in Waterbury. Median household income is $431/year higher in Waterbury.
How do taxes compare between Tennessee and Connecticut?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. Connecticut has 6.99% income tax, 6.35% sales tax, and 2.15% property tax.
Should I move to Memphis or Waterbury?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Waterbury has a cost index of 76 with rent of $1,180/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Memphis details → View Waterbury details →

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