Buffalo vs Memphis: cost of living compared
Memphis is 5% cheaper than Buffalo overall. Memphis (TN) has no state income tax; NY tops out around 6.5%.
Indexes use a US average of 100: below 100 is cheaper than the national average. Housing and transportation are derived from median home prices, rents and commute times; figures come from BLS, Census ACS, Numbeo and the MIT Living Wage Calculator.
The big picture
Comparing Buffalo and Memphis reveals that Memphis generally offers a more affordable cost of living. While both metros are well below the national average, Memphis shows a slight edge in overall expenses. This difference is largely driven by lower housing costs and significantly cheaper utilities in Memphis, making it an attractive option for those prioritizing budget-friendly living.
Housing
Housing costs are notably lower in Memphis, both for purchasing a home and renting an apartment. The median home price in Memphis is less expensive, and median rent for a one-bedroom unit also comes in lower than in Buffalo. Both cities offer a range of housing types, from historic homes to more modern developments, but the entry point for ownership and rental is more accessible in Memphis.
Taxes and everyday costs
Daily expenses vary between the two cities. Memphis residents benefit from lower food costs, healthcare expenses, and significantly cheaper utilities compared to Buffalo. A major financial difference is state income tax; Tennessee has no broad state income tax, while New York does. Transportation costs are slightly higher in Memphis, though average commute times are quite similar.
Lifestyle trade-offs
Buffalo experiences distinct four-season weather, including significant winter snowfall, while Memphis has a warmer, humid climate with milder winters. Both cities are known for their rich history and cultural attractions. Getting around in both metros often relies on personal vehicles, though Buffalo has some public transit options. Memphis is a major logistics hub, and Buffalo has undergone significant revitalization.
Bottom line
For those considering a move, Memphis generally presents a more budget-friendly option across several key categories, especially in housing and utilities. The absence of state income tax in Tennessee further enhances its financial appeal for many. While Buffalo offers slightly cheaper transportation, the overall cost savings in Memphis could lead to a more favorable household budget for residents.
| Measure | Buffalo, NY | Memphis, TN |
|---|---|---|
| Overall cost of living (US avg = 100) | 82 | 78 |
| Housing index | 59 | 54 |
| Transportation index | 82 | 88 |
| Food index | 90 | 85 |
| Healthcare index | 92 | 88 |
| Utilities index | 105 | 92 |
| Misc index | 80 | 78 |
| Median home price | $198,000 | $178,000 |
| Median 1-bedroom rent | $975/mo | $900/mo |
| Average commute | 23 min | 25 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific Memphis home with the True Cost Calculator.