Is it cheaper to live in Memphis or Richmond?

Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 20% below Richmond, VA's $1,390, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $38,000 a year in Memphis versus $48,000 in Richmond.

Which has lower taxes, Memphis or Richmond?

Memphis is taxed under Tennessee's rules (no state income tax and a 7% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% state sales tax).

Memphis vs Richmond Cost of Living 2026

Memphis

Tennessee

$1,110/mo est.

Richmond

Virginia

$1,390/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,110 in Memphis, TN versus $1,390 in Richmond, VA. Overall, Memphis, TN is roughly 20% cheaper to live in day-to-day than Richmond, VA, driven mainly by rent.

Median household income is $51,211 in Memphis, TN and $62,671 in Richmond, VA — about 18% higher in Richmond, VA. Tennessee has no state income tax and a 7% state sales tax; Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax.

Memphis, TN

Richmond, VA

Rent

Studio

$877

$1,183

+35% in Richmond, VA

1 Bedroom

$948

$1,195

+26% in Richmond, VA

2 Bedroom

$1,073

$1,374

+28% in Richmond, VA

3 Bedroom

$1,281

$1,447

+13% in Richmond, VA

Buying a Home

Median Home Value

$157,100

$328,100

+109% in Richmond, VA

Income

Median Household Income

$51,211

$62,671

+22% in Richmond, VA

Metro Median Wage (annual)

$46,890

$51,460

+10% in Richmond, VA

People & Lifestyle

Median Age

34.3 yr

34.5 yr

+0.2 yr in Richmond, VA

Homeownership

46.0%

43.5%

+2.5 pp in Memphis, TN

Bachelor's+ (25+)

28.2%

44.1%

+15.9 pp in Richmond, VA

Avg Commute

21.3 min

22.1 min

+0.8 min in Richmond, VA

Crime (per 100k/yr)

Violent Crime

2,507.6

349

+86% in Memphis, TN

Property Crime

6,966.3

3,240.2

+53% 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

63.1°F

58.9°F

+4.2°F in Memphis, TN

Annual Precipitation

53.7 in

43.6 in

+10.1 in in Memphis, TN

Gas

Regular Gasoline

$3.94/gal

$3.86/gal

+2% in Memphis, TN

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

Public Transit

Base Fare (one-way)

$1.75

—

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

Utilities

Electricity (¢/kWh)

14.5

17.6

+22% in Richmond, VA

Natural Gas ($/MCF)

$16.83

$23.66

+41% in Richmond, VA

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 (TN / VA)

5.3%

+1.7 pp in TN

Income Tax (top rate)

None

5.75%

+5.8 pp in VA

Memphis vs Richmond — FAQ

Is it cheaper to live in Memphis or Richmond?: Memphis, TN is cheaper. Its monthly baseline of $1,110 (1BR rent + utilities) runs about 20% below Richmond, VA's $1,390, mainly because of rent.
How much more do you need to earn to live in Memphis than in Richmond?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $38,000 a year in Memphis versus $48,000 in Richmond.
Which has lower taxes, Memphis or Richmond?: Memphis is taxed under Tennessee's rules (no state income tax and a 7% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% 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).