Memphis vs St. Louis: cost of living compared
St. Louis is 13% more expensive than Memphis overall. Memphis (TN) has no state income tax; MO tops out around 4.95%.
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
Memphis generally offers a more affordable cost of living compared to St. Louis, with overall expenses being noticeably lower. This difference is largely driven by significantly lower housing costs in Memphis, which impacts both buying and renting. While other categories like food, transportation, and healthcare also show Memphis as more budget-friendly, housing presents the most substantial gap between the two metros.
Housing
Housing in Memphis is considerably more affordable, whether you're looking to buy a home or rent an apartment. Median home prices are lower, and a typical one-bedroom rental costs less each month. Both metros feature a mix of historic and newer housing stock. Property taxes and insurance costs, which vary by location, are additional considerations beyond the mortgage or rent payment that contribute to the total cost of homeownership.
Taxes and everyday costs
Daily expenses for transportation, food, healthcare, and utilities are all somewhat lower in Memphis. A key difference for household budgets is Missouri's state income tax, which is absent in Tennessee. This means more take-home pay for residents of Memphis, further contributing to its overall affordability. Commute times are roughly similar, suggesting comparable daily travel demands in both cities.
Lifestyle trade-offs
Memphis, situated further south, experiences a warmer, more humid climate with longer summers, while St. Louis has distinct four seasons. Both cities are major river ports, influencing their historical development and character. Getting around in both metros typically relies on personal vehicles, though St. Louis offers more developed public transit options. Both cities have a rich cultural heritage and a range of amenities.
Bottom line
For those weighing a move, Memphis generally presents a more budget-friendly option across nearly all spending categories. The absence of a state income tax in Tennessee, combined with noticeably lower housing costs, can result in significant savings for households. While St. Louis offers a slightly more robust public transportation system, the overall financial advantage clearly leans towards Memphis for everyday expenses and major purchases like a home.
| Measure | Memphis, TN | St. Louis, MO |
|---|---|---|
| Overall cost of living (US avg = 100) | 78 | 88 |
| Housing index | 54 | 64 |
| Transportation index | 88 | 95 |
| Food index | 85 | 92 |
| Healthcare index | 88 | 95 |
| Utilities index | 92 | 95 |
| Misc index | 78 | 88 |
| Median home price | $178,000 | $218,000 |
| Median 1-bedroom rent | $900/mo | $1,050/mo |
| Average commute | 25 min | 27 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific St. Louis home with the True Cost Calculator.