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ToolsCheapest NearMemphis

Affordable Alternatives to Memphis

Cities ranked by lifestyle match — walkability, job market, and cost of living — not just the cheapest price tag.

COL Index83100 = US avg
1BR Rent$1,100/mo
Walk Score31/100
State Income TaxNone

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High-yield savings accounts — top rates today

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Openbank logo
Openbank
Openbank 12-Month CD
4.45%APY
See reviewOpen account
Peak Bank logo
Peak Bank
Peak Bank 12-Month CD
4.42%APY
See reviewOpen account

More affordable metros

All other established metros cheaper than Memphis, sorted by cost of living.

🎵 Jackson, MS
COL 791BR $1,000/moSave $100/mo on rent5% cheaper
DetailsCompare
🎯 Springfield, MO
COL 791BR $950/moSave $150/mo on rent5% cheaper
DetailsCompare
🌮 Laredo, TX
COL 791BR $950/moSave $150/mo on rent5% cheaper
DetailsCompare
🌮 El Paso, TX
COL 801BR $1,050/moSave $50/mo on rent4% cheaper
DetailsCompare
🤠 Amarillo, TX
COL 801BR $950/moSave $150/mo on rent4% cheaper
DetailsCompare
⚙️ Montgomery, AL
COL 811BR $1,050/moSave $50/mo on rent2% cheaper
DetailsCompare

Memphis at a glance

83
COL index
100 = US avg
$1,100
1BR rent
per month
$200K
Home price
median
None
State tax
income

Cities with similar cost of living

Scranton, PACOL: 83Columbus, GACOL: 83Kansas City, KSCOL: 83Dayton, OHCOL: 83

COL data: Numbeo, Zillow, BLS · Walk scores: Walk Score® · Q1 2026 · For general guidance only