Denver vs Memphis: cost of living compared

Memphis is 39% cheaper than Denver overall. Memphis (TN) has no state income tax; CO tops out around 4.4%.

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

Moving between Denver and Memphis presents a substantial shift in living expenses. Denver's overall cost of living is considerably higher than the national average, while Memphis is noticeably more affordable. This significant difference is primarily driven by housing costs, which are dramatically higher in Denver. Other categories like food, transportation, and healthcare also contribute to Denver being more expensive, though utilities show a smaller gap.

Housing

Housing costs represent the largest divergence between these two metros. Both buying a home and renting an apartment are substantially more expensive in Denver compared to Memphis. Denver generally features a mix of newer and older homes, often with higher property values, while Memphis offers a wider array of more historically established housing options at a much lower price point. Property taxes and insurance costs will also reflect these differing values.

Taxes and everyday costs

Daily expenses vary considerably. Tennessee has no state income tax, unlike Colorado, which contributes to more take-home pay in Memphis. Transportation, food, and healthcare costs are all noticeably higher in Denver. While utilities are slightly more affordable in Memphis, the difference is less pronounced than other categories. Overall, routine spending on essential goods and services will be significantly lower in Memphis.

Lifestyle trade-offs

Beyond costs, a move involves distinct lifestyle changes. Denver offers a mountain climate with four distinct seasons, including snowy winters, and a focus on outdoor recreation. Its urban areas tend to be denser with more public transit options. Memphis, located on the Mississippi River, experiences a humid subtropical climate with hot summers and mild winters, and relies more heavily on personal vehicles for getting around. The pace of life and urban density also differ between the two metros.

Bottom line

For households considering a move between Denver and Memphis, the financial implications are profound. A move from Denver to Memphis would likely result in substantial savings across nearly all budget categories, particularly housing. Conversely, relocating from Memphis to Denver would require a significantly larger budget to maintain a similar standard of living, primarily due to the much higher housing market and broader cost of goods and services.

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.

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