Cost of Living: New York, NY vs Memphis, TN (2026)

New York

New York
166
VS

Memphis

Tennessee
68

New York is 144% more expensive than Memphis.

$1,779/mo ↑ 58%
Median Rent
$1,123/mo ↓ 37%
$79,713/yr ↑ 56%
Median Income
$51,211/yr ↓ 36%
$751,700 ↑ 378%
Home Value
$157,100 ↓ 79%
$1,837/mo ↑ 69%
Owner Costs
$1,087/mo ↓ 41%
8,516,202
Population
629,063

Tax Comparison

10.9%
Income Tax
0%
4.0%
State Sales Tax
7.0%
1.62%
Property Tax
0.64%

Affordability

26.8%
rent-to-income
Affordability
26.3%
rent-to-income

Detailed Comparison

When comparing New York, NY and Memphis, TN, the overall cost of living indices are 166 and 68 respectively (national median = 100). Rent is $656/month cheaper in Memphis, saving renters about $7,872/year.

Median household income is $28,502/year higher in New York. Home values also differ significantly — the median in New York is $751,700 compared to $157,100 in Memphis.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over New York's 10.9% rate.

Frequently Asked Questions

New York vs Memphis — common questions

Is New York or Memphis cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 166 (US average = 100).
What is the rent difference between New York and Memphis?
Median rent in New York is $1,779/month and in Memphis it's $1,123/month — a difference of $656/month.
Which city has higher income, New York or Memphis?
Median household income is $79,713 in New York and $51,211 in Memphis. Median household income is $28,502/year higher in New York.
How do taxes compare between New York and Tennessee?
New York has 10.9% income tax, 4.0% sales tax, and 1.62% property tax. Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax.
Should I move to New York or Memphis?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Memphis has a cost index of 68 with rent of $1,123/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View New York details → View Memphis details →

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