Memphis vs Jackson

Category-by-Category Breakdown

Index values shown. National average = 100. Lower is cheaper.

💰 Salary Equivalence

To maintain the same standard of living:

See exact take-home pay: Tennessee salaries · Mississippi salaries

Living in Memphis vs Jackson

Housing is typically the biggest factor in any cost-of-living comparison. Memphis has a housing index of 63 while Jackson sits at 56 (national average = 100). The median home in Memphis costs $155,000 compared to $125,000 in Jackson, a difference of $30,000. Monthly rent follows a similar pattern: $1,000 in Memphis versus $900 in Jackson.

Groceries and everyday expenses show a narrower gap: Memphis scores 93 while Jackson scores 95.

Healthcare costs in Memphis (92) are higher than Jackson (88).

Median household income in Memphis is $41,228 compared to $36,528 in Jackson. When adjusted for cost of living, purchasing power is similar in both cities.

Relocating: Memphis vs Jackson

If you are considering a move between Memphis (index: 84) and Jackson (index: 82), the 2% cost difference has real implications for your budget. Jackson is the more affordable option, but the right choice depends on your income, career opportunities, and lifestyle priorities.

Housing budget reality: Using the 28% rule (spending no more than 28% of gross income on housing), the median household in Memphis can afford $962/month, while the median household in Jackson can afford $852/month. With median homes at $155,000 in Memphis versus $125,000 in Jackson, both cities offer reasonable homeownership opportunities at median income.

Renting vs buying: At $1,000/month in Memphis and $900/month in Jackson, renters face similar costs in both cities. The rent-to-own ratio in each city determines whether renting or buying offers better value for your situation.

Income adjustment: A $75,000 salary goes further in Jackson where costs are 18% below the national average. Before accepting a job in either city, use the salary equivalence data above to understand what you would need to earn to maintain your current standard of living.

Reading These Numbers: Memphis (84) vs Jackson (82)

The cost of living index uses 100 as the national average. Memphis at 84 is 16% below the US average, while Jackson at 82 is 18% below average. Both cities are relatively affordable compared to the national average.

Memphis and Jackson land within 2 points of each other on the composite index (84 vs 82), so the overall cost picture is similar. Housing shows the widest single-category margin at 63 versus 56, making it the area where residents will feel the most day-to-day price difference between Memphis and Jackson. Housing costs are comparable between the two metros, with Memphis at 63 and Jackson at 56 on the housing sub-index and median home prices of $155,000 and $125,000 respectively. Neither city is cheaper across the board: Memphis has an edge in groceries, while Jackson is more affordable for housing and utilities. Your actual savings depend on which categories consume the biggest share of your personal budget.

For renters: With median rents of $1,000/month in Memphis and $900/month in Jackson, the annual rent difference is approximately $1,200. Over a 5-year period, that compounds to $6,000 in savings by choosing the more affordable city.

For homebuyers: The $30,000 difference in median home prices between Memphis and Jackson translates to roughly $1,800 per month in mortgage payments at current rates. Factor this into your budget alongside property taxes and insurance, which also vary by location.

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