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Cost of Living: Chicago, IL vs Memphis, TN

A data-driven comparison of housing, groceries, transportation, taxes, job market and more. See which city gives you more for your money.

19.6% Memphis, TN is cheaper overall
33.3% 33.3% cheaper housing
11.5% 11.5% cheaper groceries
Updated April 2026 · Data: Bureau of Labor Statistics, U.S. Census Bureau National average = 100

At a Glance

🏠 Housing 33.3% cheaper
Chicago
105
Memphis
70
🛒 Groceries 11.5% cheaper
Chicago
104
Memphis
92
🚗 Transportation 15.8% cheaper
Chicago
114
Memphis
96
🏥 Healthcare 12.6% cheaper
Chicago
103
Memphis
90
⚡ Utilities 3.0% cheaper
Chicago
101
Memphis
98

Detailed Breakdown

Category Chicago, IL Memphis, TN Difference
Overall Cost Index1078619.6% less
Housing1057033.3% less
Median 1BR Rent$1,700$95044.1% less
Median Home Price$310,000$165,00046.8% less
Groceries1049211.5% less
Transportation1149615.8% less
Healthcare1039012.6% less
Utilities101983.0% less

Tax Comparison

Tax Type Chicago, IL Memphis, TN
State Income Tax4.95%None (0%)
State Sales Tax6.25%7.00%
Avg Property Tax Rate1.95%0.56%
Estate / Inheritance TaxYesNone

What You'd Need to Earn

Chicago, IL
$74,000
Median household income
Memphis, TN
$48,000
Median household income
⚠️ Heads up: Memphis costs more but median income is lower. You may need to earn more to maintain the same standard of living.

Salary Equivalent Calculator

Find out what you'd need to earn in Memphis to maintain your Chicago lifestyle.

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Based on overall cost index: Chicago (107) vs Memphis (86). This is an estimate for comparison purposes.

Job Market Snapshot

Unemployment Rate
Chicago4.8%
Memphis4.8%
Job Growth (YoY)
Chicago2.1%
Memphis1.9%
Top Industries
ChicagoFinance, Manufacturing, Healthcare
MemphisLogistics, Healthcare, Manufacturing

Quality of Life

Avg Commute
Chicago35 min
Memphis24 min
Walk Score
Chicago78
Memphis34
Air Quality (AQI)
Chicago44
Memphis44
Avg Temperature
Chicago50°F
Memphis63°F
Population
Chicago2,665,039
Memphis633,104

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Planning Your Move?

Here are some helpful resources if you're considering relocating.

🏠 Find ApartmentsBrowse rentals in Chicago and Memphis → 🚚 Get Moving QuotesCompare prices from top movers → 📈 Check Home ValuesSee real estate trends in both cities → 💼 Search JobsFind open positions in Memphis →

Compare Other Cities

Chicago vs Austin → Chicago vs Denver → Chicago vs Nashville → Memphis vs Raleigh → Memphis vs Portland → Memphis vs Phoenix →

Frequently Asked Questions

Is Chicago or Memphis cheaper to live in?+
Memphis is the more affordable option overall. The biggest difference is in housing costs, where the gap is about 33.3%. Day-to-day expenses like groceries and transportation are closer between the two cities.
How much is rent in Chicago vs Memphis?+
A typical one-bedroom apartment costs around $1,700/month in Chicago and $950/month in Memphis — a difference of about $750 per month.
Which city has lower taxes, Chicago or Memphis?+
Illinois has a state income tax of 4.95% and sales tax of 6.25%. Tennessee has a state income tax of None (0%) and sales tax of 7.00%. Consider all tax types together when evaluating total tax burden, as states with no income tax often compensate with higher sales or property taxes.
Can I afford to move from Chicago to Memphis?+
Median household income in Chicago is $74,000 compared to $48,000 in Memphis. Use the salary calculator above to see what you'd need to earn to maintain your current standard of living.
What about buying a home in Chicago vs Memphis?+
The median home price in Chicago is $310,000 versus $165,000 in Memphis — a difference of $145,000. Property tax rates also differ: Illinois averages 1.95% while Tennessee averages 0.56%.