Is it cheaper to live in Charleston or Memphis?

Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 31% below Charleston, SC's $1,620, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $57,000 a year in Charleston versus $38,000 in Memphis.

Which has lower taxes, Charleston or Memphis?

Charleston is taxed under South Carolina's rules (a top state income tax rate of 6.00% and a 6% state sales tax); Memphis under Tennessee's (no state income tax and a 7% state sales tax).

Charleston vs Memphis Cost of Living 2026

Charleston

South Carolina

$1,620/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 $1,620 in Charleston, SC versus $1,110 in Memphis, TN. Overall, Memphis, TN is roughly 31% cheaper to live in day-to-day than Charleston, SC, driven mainly by rent.

Median household income is $90,038 in Charleston, SC and $51,211 in Memphis, TN — about 43% higher in Charleston, SC. South Carolina has a top state income tax rate of 6.00% and a 6% state sales tax; Tennessee has no state income tax and a 7% state sales tax.

Charleston, SC

Memphis, TN

Rent

Studio

$1,579

$877

+44% in Charleston, SC

1 Bedroom

$1,430

$948

+34% in Charleston, SC

2 Bedroom

$1,684

$1,073

+36% in Charleston, SC

3 Bedroom

$2,076

$1,281

+38% in Charleston, SC

Buying a Home

Median Home Value

$469,100

$157,100

+67% in Charleston, SC

Income

Median Household Income

$90,038

$51,211

+43% in Charleston, SC

Metro Median Wage (annual)

$49,150

$46,890

+5% in Charleston, SC

People & Lifestyle

Median Age

36.1 yr

34.3 yr

+1.8 yr in Charleston, SC

Homeownership

55.6%

46.0%

+9.6 pp in Charleston, SC

Bachelor's+ (25+)

57.7%

28.2%

+29.5 pp in Charleston, SC

Avg Commute

23.8 min

21.3 min

+2.5 min in Charleston, SC

Crime (per 100k/yr)

Violent Crime

358.8

2,507.6

+599% in Memphis, TN

Property Crime

2,035.1

6,966.3

+242% 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

66.7°F

63.1°F

+3.6°F in Charleston, SC

Annual Precipitation

44.4 in

53.7 in

+9.3 in in Memphis, TN

Gas

Regular Gasoline

$3.86/gal

$3.94/gal

+2% in Memphis, TN

Area: East Coast (PADD 1) vs Midwest (PADD 2).

Public Transit

Base Fare (one-way)

—

$1.75

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

Utilities

Electricity (¢/kWh)

16.2

14.5

+11% in Charleston, SC

Natural Gas ($/MCF)

$27.35

$16.83

+38% in Charleston, SC

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

Groceries

Milk (gal)

$4.00

about equal

Bread (lb)

$1.75

about equal

Eggs (doz)

$2.21

about equal

Ground Beef (lb)

$6.45

about equal

Chicken (lb)

$1.90

about equal

Bananas (lb)

$0.62

about equal

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

State Taxes

Sales Tax (SC / TN)

+1.0 pp in TN

Income Tax (top rate)

6.00%

None

+6.0 pp in SC

Charleston vs Memphis — FAQ

Is it cheaper to live in Charleston or Memphis?: Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 31% below Charleston, SC's $1,620, mainly because of rent.
How much more do you need to earn to live in Charleston than in Memphis?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $57,000 a year in Charleston versus $38,000 in Memphis.
Which has lower taxes, Charleston or Memphis?: Charleston is taxed under South Carolina's rules (a top state income tax rate of 6.00% and a 6% 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).