Elgin vs Memphis
Cost of Living Comparison · 2026 Data
Elgin
Memphis
💡 The Verdict
Memphis is 3% cheaper than Elgin overall. A $75,000 salary in Elgin is equivalent to $72,414 in Memphis.
Category-by-Category Breakdown
Index values for Elgin (left) vs Memphis (right). National average = 100.
Detailed Price Comparison
Estimated item-level prices in Elgin versus Memphis. Differences shown from Elgin perspective.
| Item | Elgin | Memphis | Difference |
|---|---|---|---|
| 1-Bed Rent | $740/mo | $720/mo | +$20.00 |
| 2-Bed Rent | $1,020/mo | $1,000/mo | +$20.00 |
| 3-Bed Rent | $1,390/mo | $1,300/mo | +$90.00 |
| Bread (loaf) | $2.43 | $2.40 | +$0.03 |
| Milk (gallon) | $3.50 | $3.74 | $-0.24 |
| Eggs (dozen) | $2.50 | $3.05 | $-0.55 |
| Coffee (latte) | $5.71 | $5.47 | +$0.24 |
| Gas (gallon) | $2.92 | $3.29 | $-0.37 |
| Restaurant Meal | $12.78 | $13.90 | $-1.12 |
💰 Salary Equivalence
A $75,000 salary in Elgin has the same purchasing power as $72,414 in Memphis.
Conversely, $75,000 in Memphis equals $77,679 in Elgin.
💼 Take-Home Pay Comparison
Estimated annual take-home pay on a $75,000 salary after federal, FICA, and state income taxes.
The $3676 difference is driven by Illinois having a higher state income tax rate. Illinois details → · Tennessee details →
Reading These Numbers: Elgin (87) vs Memphis (84)
Elgin at 87 is 13% below the US average, while Memphis at 84 is 16% below average. The cost difference between these cities is relatively modest.
In Elgin, the composite index of 87 reflects a weighted calculation where housing carries the most influence at 70, followed by groceries (86), utilities (90), transportation (82), and healthcare (88). Costs are fairly balanced across categories.
For renters: With median rents of $1,020/mo in Elgin and $1,000/mo in Memphis, the annual rent difference is approximately $240.0. Over a 5-year period, that compounds to $1,200.0 in savings by choosing the more affordable city.
For homebuyers: The $66,000.0 difference in median home prices between Elgin and Memphis translates to meaningful differences in mortgage payments at current rates. Factor this into your budget alongside property taxes and insurance, which also vary by location.
🔗 Related Tools
📚 Moving & Relocation Resources
Amazon affiliate links
CITY PROFILES
Making Your Decision: Elgin vs Memphis
Choosing between Elgin and Memphis involves more than just comparing index numbers. Consider how each category aligns with your personal spending patterns. If you work from home, transportation costs matter less than housing and utilities. If you eat out frequently, the groceries index may understate your actual food spending — look at the restaurant meal prices in the detailed comparison table above instead.
The cost gap between Elgin and Memphis reflects thousands of individual pricing differences across housing markets, grocery chains, utility providers, and healthcare networks. No two households experience the same effective cost of living even in the same city, which is why the category breakdown matters more than the headline number. Adjust the lifestyle weighting sliders above to see how your spending priorities shift the comparison between these specific metros.