Is it cheaper to live in Bozeman or Memphis?

Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 18% below Bozeman, MT's $1,360, mainly because of rent.

How much more do you need to earn to live in Bozeman than in Memphis?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $49,000 a year in Bozeman versus $38,000 in Memphis.

Which has lower taxes, Bozeman or Memphis?

Bozeman is taxed under Montana's rules (a top state income tax rate of 5.65% and no state sales tax); Memphis under Tennessee's (no state income tax and a 7% state sales tax).

Bozeman vs Memphis Cost of Living 2026

Bozeman

Montana

$1,360/mo est.

Memphis

Tennessee

$1,110/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,360 in Bozeman, MT versus $1,110 in Memphis, TN. Overall, Memphis, TN is roughly 18% cheaper to live in day-to-day than Bozeman, MT, driven mainly by rent.

Median household income is $79,903 in Bozeman, MT and $51,211 in Memphis, TN — about 36% higher in Bozeman, MT. Montana has a top state income tax rate of 5.65% and no state sales tax; Tennessee has no state income tax and a 7% state sales tax.

Bozeman, MT

Memphis, TN

Rent

Studio

$1,064

$877

+18% in Bozeman, MT

1 Bedroom

$1,214

$948

+22% in Bozeman, MT

2 Bedroom

$1,528

$1,073

+30% in Bozeman, MT

3 Bedroom

$2,057

$1,281

+38% in Bozeman, MT

Buying a Home

Median Home Value

$614,900

$157,100

+74% in Bozeman, MT

Income

Median Household Income

$79,903

$51,211

+36% in Bozeman, MT

Metro Median Wage (annual)

$54,830

$46,890

+14% in Bozeman, MT

People & Lifestyle

Median Age

28.6 yr

34.3 yr

+5.7 yr in Memphis, TN

Homeownership

44.6%

46.0%

+1.4 pp in Memphis, TN

Bachelor's+ (25+)

65.1%

28.2%

+36.9 pp in Bozeman, MT

Avg Commute

15.4 min

21.3 min

+5.9 min in Memphis, TN

Crime (per 100k/yr)

Violent Crime

451.2

2,507.6

+456% in Memphis, TN

Property Crime

1,808.3

6,966.3

+285% in Memphis, TN

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature

45.3°F

63.1°F

+17.8°F in Memphis, TN

Annual Precipitation

14.0 in

53.7 in

+39.7 in in Memphis, TN

Gas

Regular Gasoline

$4.27/gal

$3.85/gal

+10% in Bozeman, MT

Area: Rocky Mountain (PADD 4) vs Midwest (PADD 2).

Public Transit

Base Fare (one-way)

—

$1.75

Adult base one-way fare — — vs MATA (2026).

Utilities

Electricity (¢/kWh)

15.1

14.1

+7% in Bozeman, MT

Natural Gas ($/MCF)

$10.12

$19.75

+95% in Memphis, TN

Residential, state-level averages (EIA). MCF = 1,000 cubic feet.

Groceries

Milk (gal)

$4.82

$4.00

+17% in Bozeman, MT

Bread (lb)

$2.04

$1.75

+14% in Bozeman, MT

Eggs (doz)

$2.19

$2.21

+1% in Memphis, TN

Ground Beef (lb)

$7.36

$6.45

+12% in Bozeman, MT

Chicken (lb)

$2.01

$1.90

+6% in Bozeman, MT

Bananas (lb)

$0.70

$0.62

+12% in Bozeman, MT

Average prices — West vs South (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (MT / TN)

None

+7.0 pp in TN

Income Tax (top rate)

5.65%

None

+5.7 pp in MT

Bozeman vs Memphis — FAQ

Is it cheaper to live in Bozeman or Memphis?: Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 18% below Bozeman, MT's $1,360, mainly because of rent.
How much more do you need to earn to live in Bozeman than in Memphis?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $49,000 a year in Bozeman versus $38,000 in Memphis.
Which has lower taxes, Bozeman or Memphis?: Bozeman is taxed under Montana's rules (a top state income tax rate of 5.65% and no state sales tax); Memphis under Tennessee's (no state income tax and a 7% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).