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Cost of Living: Memphis, TN vs Richmond, VA

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

16.3% Richmond, VA is more expensive overall
48.6% 48.6% more expensive housing
6.5% 6.5% more expensive groceries
Updated April 2026 · Data: Bureau of Labor Statistics, U.S. Census Bureau National average = 100

At a Glance

🏠 Housing 48.6% more
Memphis
70
Richmond
104
🛒 Groceries 6.5% more
Memphis
92
Richmond
98
🚗 Transportation 2.1% more
Memphis
96
Richmond
98
🏥 Healthcare 11.1% more
Memphis
90
Richmond
100
⚡ Utilities ~Same
Memphis
98
Richmond
100

Detailed Breakdown

Category Memphis, TN Richmond, VA Difference
Overall Cost Index8610016.3% more
Housing7010448.6% more
Median 1BR Rent$950$1,30036.8% more
Median Home Price$165,000$320,00093.9% more
Groceries92986.5% more
Transportation96982.1% more
Healthcare9010011.1% more
Utilities98100~Same

Tax Comparison

Tax Type Memphis, TN Richmond, VA
State Income TaxNone (0%)5.75% (top)
State Sales Tax7.00%5.30%
Avg Property Tax Rate0.56%0.74%
Estate / Inheritance TaxNoneNone

What You'd Need to Earn

Memphis, TN
$48,000
Median household income
Richmond, VA
$62,000
Median household income
✅ Good news: Income in Richmond outpaces the cost difference, so your purchasing power should hold up.

Salary Equivalent Calculator

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

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Based on overall cost index: Memphis (86) vs Richmond (100). This is an estimate for comparison purposes.

Job Market Snapshot

Unemployment Rate
Memphis4.8%
Richmond3.4%
Job Growth (YoY)
Memphis1.9%
Richmond2.5%
Top Industries
MemphisLogistics, Healthcare, Manufacturing
RichmondFinance, Government, Manufacturing

Quality of Life

Avg Commute
Memphis24 min
Richmond24 min
Walk Score
Memphis34
Richmond52
Air Quality (AQI)
Memphis44
Richmond38
Avg Temperature
Memphis63°F
Richmond58°F
Population
Memphis633,104
Richmond226,610

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Planning Your Move?

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

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

Compare Other Cities

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

Frequently Asked Questions

Is Memphis or Richmond cheaper to live in?+
Memphis is the more affordable option overall. The biggest difference is in housing costs, where the gap is about 48.6%. Day-to-day expenses like groceries and transportation are closer between the two cities.
How much is rent in Memphis vs Richmond?+
A typical one-bedroom apartment costs around $950/month in Memphis and $1,300/month in Richmond — a difference of about $350 per month.
Which city has lower taxes, Memphis or Richmond?+
Tennessee has a state income tax of None (0%) and sales tax of 7.00%. Virginia has a state income tax of 5.75% (top) and sales tax of 5.30%. 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 Memphis to Richmond?+
Median household income in Memphis is $48,000 compared to $62,000 in Richmond. 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 Memphis vs Richmond?+
The median home price in Memphis is $165,000 versus $320,000 in Richmond — a difference of $155,000. Property tax rates also differ: Tennessee averages 0.56% while Virginia averages 0.74%.