Side-by-side cost of living comparison for 2026
Median Income: $41,228
Population: 633,104
Median Income: $74,694
Population: 8,336,817
When comparing Memphis and New York City, the overall cost of living differs by 146.1%. New York City carries a cost index of 187 compared to Memphis's 76, meaning your dollar stretches 59% further in Memphis.
Housing is where the most significant gap appears between these two cities. Memphis has a housing index of 62 compared to New York City's 238. This 176-point difference translates to substantial monthly savings on rent or mortgage payments in Memphis.
Memphis is more affordable for: Housing, Food & Groceries, Transportation, Healthcare, Utilities, Entertainment, Taxes.
If you earn $60,000 in Memphis, you would need $147,632 in New York City to maintain the same standard of living. For a $100,000 salary, the equivalent would be $246,053.
The median household income in Memphis is $41,228 compared to $74,694 in New York City. New York City has higher incomes, though the higher cost of living may offset this advantage.
Safety: Memphis scores 3/10 while New York City scores 5/10 in our safety assessment.
Weather: Memphis has an edge in climate with a 6/10 weather score compared to New York City's 5/10.
Job Market: New York City has the stronger job market (9/10) compared to Memphis (5/10).
Memphis is the more affordable option overall, but cost is just one factor in deciding where to live. Consider your career opportunities, family needs, and lifestyle preferences alongside the financial comparison. New York City may justify its higher costs with a thriving job market that many residents find worthwhile.
