Quick answer
Memphis costs $940/month less overall ($1,455 vs $2,395/mo). Memphis also has lower state income tax (None vs 4.95%), widening the advantage for higher earners.
City Comparison · 2026
Chicago vs Memphis
Side-by-side on rent, home prices, taxes, walkability, jobs, and climate — with a straight verdict for each type of mover.
Last updated: April 23, 2026
Chicago vs Memphis at a Glance
| Metric | Chicago | Memphis |
|---|---|---|
| 1BR Monthly Rent | $1,850 | $1,220 ✓ |
| 2BR Monthly Rent | $2,350 | $1,220 ✓ |
| Median Home Price | $340K | $195K ✓ |
| Avg Utilities/mo | $155 | $150 ✓ |
| Avg Groceries/mo | $390 | $325 ✓ |
| Monthly Cost (1BR) | $2,395 | $1,455 ✓ |
| Walk Score | 78/100 ✓ | 36/100 |
| Transit Score | 65/100 ✓ | 28/100 |
| State Income Tax | 4.95% | None ✓ |
Monthly cost = 1BR rent + utilities + groceries for one person. ✓ marks the lower/better value.
Cost of Living: What the Numbers Actually Mean
Rent gap: Memphis's 1BR averages $980/month vs $1,850 in Chicago — a $870/month difference, or $10,440/year. That's a meaningful gap worth factoring into your decision.
State tax: Memphis charges None state income tax vs 4.95% in Chicago. On an $80K salary that's a $3,960/year difference. On $120K, the gap grows to $5,940 vs $0 — important context if you're choosing between tech job offers.
Home buying: Median homes in Memphis are $195K vs $340K in Chicago. At a 20% down payment, that's a $29,000 difference in upfront cash — significant at early-career savings rates.
Utilities: Chicago utilities run $5 more per month than Memphis. Factor this into your all-in monthly budget.
Walkability, Transit & Daily Life
Chicago, IL
Chicago's walkability means you can genuinely live without a car in the right neighborhoods.
TOP NEIGHBORHOODS
Memphis, TN
Car ownership is effectively mandatory in Memphis. Budget $400–600/month for a car if you don't own one.
TOP NEIGHBORHOODS
Climate
Chicago
Four true seasons; brutal winters (wind chills below -20°F common); outstanding summers
Memphis
Hot humid summers, mild winters with occasional ice storms, high annual rainfall
Job Market
Chicago top industries
Memphis top industries
Who Should Pick Which City
Move to Chicago if…
- →You're a urban explorers
- →You're a foodies
- →You're a architecture lovers
- →You're a transit users
- →You're a theater fans
- →You want to live without a car
Move to Memphis if…
- →You're a logistics / supply chain workers
- →You're a healthcare workers
- →You're a musicians
- →You're a remote workers seeking extreme affordability
- →You want zero state income tax
- →You're buying a home and want more for your money
Frequently Asked Questions
Is Chicago or Memphis cheaper to live in?
Memphis is cheaper overall. Monthly costs (1BR rent + utilities + groceries) run $1,455 in Memphis vs $2,395 in Chicago — a $940/month difference.
Which city is more walkable — Chicago or Memphis?
Chicago is more walkable with a Walk Score of 78/100 vs 36/100. Memphis is more car-dependent.
Chicago vs Memphis: which has lower state income tax?
Memphis has lower state income tax (None). On an $80K salary, that saves $3,960/year vs Chicago (4.95%).
Is Chicago or Memphis better for buying a home?
Memphis has lower median home prices at $195K vs $340K in Chicago — a $145,000 difference on the median home.