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Cost of Living: Minneapolis, MN 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.

17.3% Memphis, TN is cheaper overall
35.2% 35.2% cheaper housing
8.9% 8.9% cheaper groceries
Updated April 2026 · Data: Bureau of Labor Statistics, U.S. Census Bureau National average = 100

At a Glance

🏠 Housing 35.2% cheaper
Minneapolis
108
Memphis
70
🛒 Groceries 8.9% cheaper
Minneapolis
101
Memphis
92
🚗 Transportation 9.4% cheaper
Minneapolis
106
Memphis
96
🏥 Healthcare 10.0% cheaper
Minneapolis
100
Memphis
90
⚡ Utilities 3.2% more
Minneapolis
95
Memphis
98

Detailed Breakdown

Category Minneapolis, MN Memphis, TN Difference
Overall Cost Index1048617.3% less
Housing1087035.2% less
Median 1BR Rent$1,350$95029.6% less
Median Home Price$330,000$165,00050.0% less
Groceries101928.9% less
Transportation106969.4% less
Healthcare1009010.0% less
Utilities95983.2% more

Tax Comparison

Tax Type Minneapolis, MN Memphis, TN
State Income Tax9.85% (top)None (0%)
State Sales Tax6.88%7.00%
Avg Property Tax Rate1.02%0.56%
Estate / Inheritance TaxYesNone

What You'd Need to Earn

Minneapolis, MN
$76,000
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 Minneapolis lifestyle.

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Based on overall cost index: Minneapolis (104) vs Memphis (86). This is an estimate for comparison purposes.

Job Market Snapshot

Unemployment Rate
Minneapolis3.2%
Memphis4.8%
Job Growth (YoY)
Minneapolis2.5%
Memphis1.9%
Top Industries
MinneapolisHealthcare, Finance, Retail
MemphisLogistics, Healthcare, Manufacturing

Quality of Life

Avg Commute
Minneapolis25 min
Memphis24 min
Walk Score
Minneapolis69
Memphis34
Air Quality (AQI)
Minneapolis36
Memphis44
Avg Temperature
Minneapolis45°F
Memphis63°F
Population
Minneapolis425,336
Memphis633,104

Moving from Minneapolis to Memphis?

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Planning Your Move?

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

🏠 Find ApartmentsBrowse rentals in Minneapolis 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

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Frequently Asked Questions

Is Minneapolis 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 35.2%. Day-to-day expenses like groceries and transportation are closer between the two cities.
How much is rent in Minneapolis vs Memphis?+
A typical one-bedroom apartment costs around $1,350/month in Minneapolis and $950/month in Memphis — a difference of about $400 per month.
Which city has lower taxes, Minneapolis or Memphis?+
Minnesota has a state income tax of 9.85% (top) and sales tax of 6.88%. 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 Minneapolis to Memphis?+
Median household income in Minneapolis is $76,000 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 Minneapolis vs Memphis?+
The median home price in Minneapolis is $330,000 versus $165,000 in Memphis — a difference of $165,000. Property tax rates also differ: Minnesota averages 1.02% while Tennessee averages 0.56%.