St. Louis, MO vs Memphis, TN Cost of Living (2026)

St. Louis has a cost of living index of 89.4, about 10.6% below the national average. Housing runs below the national baseline, with a housing index of 78.8. Typical apartment rent is about $1,216 a month, and median home values are around $424,572. The median household income is approximately $54,000. The metro area's established suburbs carry higher values, but still significantly below coastal comparable markets. The city has faced economic challenges related to population decline and a shrinking tax base.

A $100,000 salary in an average-cost city stretches to about $111,900 in St. Louis. That extra room can make it easier to save, pay down debt, or stretch for a better housing setup. Several everyday categories, especially utilities and miscellaneous costs, stay below the national baseline.

Missouri has a progressive income tax that tops out at 4.95%. St. Louis city collects its own earnings tax of 1% on residents and non-residents who work within the city limits. Residents of St. Louis County, which is a separate jurisdiction from the city, do not pay the city earnings tax. That distinction matters: some workers choose to live in the county specifically to avoid the city tax while still commuting in for work. Property taxes vary across the metro, with St. Louis City having higher effective rates than most surrounding counties.

St. Louis is one of the more affordable places in the country to eat at restaurants. A meal at a mid-range restaurant often costs 20 to 30% less than equivalent dining in major coastal cities. Grocery costs also run below the national average. The city is primarily car-dependent, but traffic is manageable even during peak hours by large-metro standards. The MetroLink light rail system runs from the airport through downtown to Clayton, covering a useful corridor for some commuters.

Memphis has a cost of living index of 89.2, about 10.8% below the national average. Housing runs below the national baseline, with a housing index of 83.6. Typical apartment rent is about $1,576 a month, and median home values are around $412,965. The median household income is approximately $50,000.

A $100,000 salary in an average-cost city stretches to about $112,100 in Memphis. That extra room can make it easier to save, pay down debt, or stretch for a better housing setup. Several everyday categories, especially miscellaneous costs and transportation, stay below the national baseline.

Tennessee has no state income tax on wages. There is no Memphis city income tax on wages either. The sales tax rate, however, is high: combined state and local sales tax in Shelby County runs around 9.75%. Property taxes in Memphis are moderate in dollar terms, given low home values, though effective rates as a percentage of assessed value run around 1.5 to 1.8%.

Memphis's affordability comes with context. The city has high crime rates relative to national averages, and neighborhood quality varies significantly across relatively short distances. The metro area's suburban communities, particularly Germantown, Collierville, and Cordova in Shelby County, offer better school systems and lower crime rates at higher housing costs than the city core, though still well below national averages. Workers evaluating Memphis should think carefully about which part of the metro they would actually live in, rather than treating the city as a uniform option.