Is it cheaper to live in Laramie or Memphis?

Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 20% below Memphis, TN's $1,110, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $29,000 a year in Laramie versus $38,000 in Memphis.

Which has lower taxes, Laramie or Memphis?

Laramie is taxed under Wyoming's rules (no state income tax and a 4% state sales tax); Memphis under Tennessee's (no state income tax and a 7% state sales tax).

Laramie vs Memphis Cost of Living 2026

Laramie

Wyoming

$890/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 $890 in Laramie, WY versus $1,110 in Memphis, TN. Overall, Laramie, WY is roughly 20% cheaper to live in day-to-day than Memphis, TN, driven mainly by rent.

Median household income is $52,414 in Laramie, WY and $51,211 in Memphis, TN — about 2% higher in Laramie, WY. Wyoming has no state income tax and a 4% state sales tax; Tennessee has no state income tax and a 7% state sales tax.

Laramie, WY

Memphis, TN

Rent

Studio

$667

$877

+31% in Memphis, TN

1 Bedroom

$728

$948

+30% in Memphis, TN

2 Bedroom

$883

$1,073

+22% in Memphis, TN

3 Bedroom

$1,423

$1,281

+10% in Laramie, WY

Buying a Home

Median Home Value

$302,200

$157,100

+48% in Laramie, WY

Income

Median Household Income

$52,414

$51,211

+2% in Laramie, WY

Metro Median Wage (annual)

—

$46,890

People & Lifestyle

Median Age

26.9 yr

34.3 yr

+7.4 yr in Memphis, TN

Homeownership

44.1%

46.0%

+1.9 pp in Memphis, TN

Bachelor's+ (25+)

55.8%

28.2%

+27.6 pp in Laramie, WY

Avg Commute

13.5 min

21.3 min

+7.8 min in Memphis, TN

Crime (per 100k/yr)

Violent Crime

129.6

2,507.6

+1835% in Memphis, TN

Property Crime

1,175.9

6,966.3

+492% 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

41.0°F

63.1°F

+22.1°F in Memphis, TN

Annual Precipitation

10.9 in

53.7 in

+42.8 in in Memphis, TN

Gas

Regular Gasoline

$4.27/gal

$3.85/gal

+10% in Laramie, WY

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)

15.2

14.1

+8% in Laramie, WY

Natural Gas ($/MCF)

$18.28

$19.75

+8% in Memphis, TN

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

Groceries

Milk (gal)

$4.82

$4.00

+17% in Laramie, WY

Bread (lb)

$2.04

$1.75

+14% in Laramie, WY

Eggs (doz)

$2.19

$2.21

+1% in Memphis, TN

Ground Beef (lb)

$7.36

$6.45

+12% in Laramie, WY

Chicken (lb)

$2.01

$1.90

+6% in Laramie, WY

Bananas (lb)

$0.70

$0.62

+12% in Laramie, WY

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

State Taxes

Sales Tax (WY / TN)

+3.0 pp in TN

Income Tax (top rate)

None

about equal

Laramie vs Memphis — FAQ

Is it cheaper to live in Laramie or Memphis?: Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 20% below Memphis, TN's $1,110, mainly because of rent.
How much more do you need to earn to live in Laramie than in Memphis?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $29,000 a year in Laramie versus $38,000 in Memphis.
Which has lower taxes, Laramie or Memphis?: Laramie is taxed under Wyoming's rules (no state income tax and a 4% 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).