Memphis vs Palm Bay
Cost of Living Comparison · 2026 Data
Memphis
Palm Bay
💡 The Verdict
Memphis is 14% cheaper than Palm Bay overall. A $75,000 salary in Memphis is equivalent to $87,500 in Palm Bay.
Category-by-Category Breakdown
Index values for Memphis (left) vs Palm Bay (right). National average = 100.
Detailed Price Comparison
Estimated item-level prices in Memphis versus Palm Bay. Differences shown from Memphis perspective.
| Item | Memphis | Palm Bay | Difference |
|---|---|---|---|
| 1-Bed Rent | $720/mo | $930/mo | $-210.00 |
| 2-Bed Rent | $1,000/mo | $1,220/mo | $-220.00 |
| 3-Bed Rent | $1,300/mo | $1,530/mo | $-230.00 |
| Bread (loaf) | $2.40 | $3.05 | $-0.65 |
| Milk (gallon) | $3.74 | $4.01 | $-0.27 |
| Eggs (dozen) | $3.05 | $3.10 | $-0.05 |
| Coffee (latte) | $5.47 | $5.37 | +$0.10 |
| Gas (gallon) | $3.29 | $2.98 | +$0.31 |
| Restaurant Meal | $13.90 | $17.48 | $-3.58 |
💰 Salary Equivalence
A $75,000 salary in Memphis has the same purchasing power as $87,500 in Palm Bay.
Conversely, $75,000 in Palm Bay equals $64,286 in Memphis.
💼 Take-Home Pay Comparison
Estimated annual take-home pay on a $75,000 salary after federal, FICA, and state income taxes.
Both states have similar effective tax rates on this salary level. Tennessee details → · Florida details →
Reading These Numbers: Memphis (84) vs Palm Bay (98)
Memphis at 84 is 16% below the US average, while Palm Bay at 98 is 2% below average. There is a meaningful cost gap between these two cities that affects day-to-day budgeting.
In Memphis, the composite index of 84 reflects a weighted calculation where housing carries the most influence at 63, followed by groceries (93), utilities (88), transportation (98), and healthcare (92). Costs are fairly balanced across categories.
For renters: With median rents of $1,000/mo in Memphis and $1,220/mo in Palm Bay, the annual rent difference is approximately $2,640.0. Over a 5-year period, that compounds to $13,200.0 in savings by choosing the more affordable city.
For homebuyers: The $161,000.0 difference in median home prices between Memphis and Palm Bay 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.
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Making Your Decision: Memphis vs Palm Bay
Choosing between Memphis and Palm Bay 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.
Long-term affordability in Memphis versus Palm Bay depends partly on cost trajectory. Cities experiencing rapid population growth tend to see costs rise faster than established metros where supply has caught up with demand. While our index captures current conditions, consider whether the city trending cheaper today might converge toward average over the next five to ten years as more people discover it. Our quarterly updates help track these shifts over time.