Is Memphis, TN cheaper than New York, NY?

Based on cost of living data, Memphis, TN is 48.8% cheaper than New York, NY. This translates to saving $3661 per month.

What salary do I need in Memphis, TN to live like I do in New York, NY?

If you earn $150,000 in New York, NY, you'd need approximately $106,071.429 in Memphis, TN to maintain the same standard of living.

How does housing cost compare between New York, NY and Memphis, TN?

Housing in Memphis, TN is 75.9% cheaper than in New York, NY. For a two-bedroom apartment, rent is $1,245/month in Memphis, TN compared to $3,590/month in New York, NY.

How much can I save per month by moving from New York, NY to Memphis, TN?

Moving from New York, NY to Memphis, TN could save you approximately $3661 per month, or $43929 per year, based on a $150,000 salary.

MoveNumbers

New York, NY

Tap to swap

Memphis, TN

Cost of Living Comparison 2026

Current salary in New York, NY

Numbers update automatically as you type

You'd save $3.7K/month moving to Memphis, TN

$150.0K in your current city equals $106.1K in Memphis, TN

Rent data from HUD ZIP-level estimates · COL index from New York-Newark-Jersey City, NY-NJ-PA area

Overall Cost

↓ 48.8%

Less expensive

Monthly Impact

$3,661

Savings

Annual Impact

$43.9K

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

New York, NY

Population:8337K

Cost Index:100

Median Home:$1.05M

Memphis, TN

Population:633K

Cost Index:51

Median Home:$129K

New York, NY

The Empire State

8.3M

Population

State Tax

Yes

Climate

Humid subtropical

Notable Facts

•Most populous city in the US
•Major global financial center
•World-renowned cultural hub

Major Industries

FinanceReal EstateTechnologyMedia

Memphis, TN

The Volunteer State

633K

Population

State Tax

No Income Tax

Located in Tennessee, this city has a population of 633K residents.

💡 Advantage: Tennessee has no state income tax!

Cost Breakdown by Category

Annual spending: New York, NY vs Memphis, TN

Category	New York, NY	Memphis, TN	Difference	Change
🏠Housing	$7,648/mo	$1,845/mo	↓ $5,803less	75.9%
📦Other	$2,034/mo	$1,674/mo	↓ $360less	17.7%
🚗Transportation	$1,602/mo	$1,243/mo	↓ $359less	22.4%
🛒Groceries	$1,165/mo	$939/mo	↓ $226less	19.4%
🏥Healthcare	$688/mo	$527/mo	↓ $161less	23.4%
⚡All Utilities	$600/mo	$530/mo	↓ $69.94less	11.7%

🏠Housing

↓ 75.9%

New York, NY

$7,648

Memphis, TN

$1,845

Difference

$5,803

less

📦Other

↓ 17.7%

New York, NY

$2,034

Memphis, TN

$1,674

Difference

$360

less

🚗Transportation

↓ 22.4%

New York, NY

$1,602

Memphis, TN

$1,243

Difference

$359

less

🛒Groceries

↓ 19.4%

New York, NY

$1,165

Memphis, TN

$939

Difference

$226

less

🏥Healthcare

↓ 23.4%

New York, NY

$688

Memphis, TN

$527

Difference

$161

less

⚡All Utilities

↓ 11.7%

New York, NY

$600

Memphis, TN

$530

Difference

$69.94

less

🏛️ Local Income Taxes

New York, NY: NYC Income Tax$5,689/yr (3.8%)

Memphis, TN has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$3,120

To$1,035

↓ $2,085

1 Bed

From$3,270

To$1,125

↓ $2,145

2 Bed

From$3,590

To$1,245

↓ $2,345

3 Bed

From$4,500

To$1,645

↓ $2,855

New York, NYZIP-level data

1BR range: $2,260–$3,990/mo

Memphis, TNZIP-level data

1BR range: $940–$1,730/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$13,737

Monthly in New York, NY

$6,758

Monthly in Memphis, TN

$6,979

Difference

Home Values

New York

Memphis

$1.05M

Median Value

$129K

↓ -0.1%

YoY Change

↓ -2.8%

↓ -5.9%

5-Year Change

↑ +25.1%

$471K - $3.49M

Price Range

$58K - $408K

Homes in Memphis are 88% less expensive than New York

Calculate payment - New York Calculate payment - Memphis

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $9.5K

Per year

Monthly Difference

$795

More take-home

Effective Rate Diff

6.4%

Rate difference

New York, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Memphis, TN

Federal Income Tax

Effective: 18.9%

$25.5K

Tennessee State Tax

No state income tax

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 24.7%

$37.0K

Take-Home Pay

$9,416/month

$113.0K

Additional Tax Information

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

Memphis, TN Tax Rates

Sales Tax:9.5%

Property Tax:0.7%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.