Richmond vs Memphis

Memphis is cheaper to live in overall. Richmond has a cost of living index of 98 while Memphis has an index of 83, where 100 represents the US national average. Memphis is 15% cheaper than Richmond overall.

The median 1-bedroom rent in Richmond is $1,400 per month compared to $1,050 in Memphis. The median home price in Richmond is $310,000 versus $175,000 in Memphis. Housing is typically the largest factor in cost of living differences between cities.

Richmond has a cost of living index of 98 and Memphis has an index of 83, both measured against a US national average of 100. An index above 100 means more expensive than the national average — below 100 means cheaper.

To maintain the same purchasing power as a salary in Richmond, multiply by 0.85. For example a $75,000 salary in Richmond is equivalent to approximately $63,520 in Memphis.

Richmond has a median household income of $55,766 per year versus $42,982 in Memphis. Higher incomes must be weighed against cost of living. Use the Dayblip salary tools to see specific job salaries in both cities.

Whether moving from Richmond to Memphis is worthwhile depends on your salary, lifestyle, and priorities. Memphis is 15% cheaper overall — with the biggest difference in housing. Use the Dayblip cost of living calculator to enter your specific salary and see the exact dollar impact.