Chicago, IL vs Memphis, TN
Cost of living comparison · 2023 Census ACS data
Quick Summary
Chicago is materially more expensive on housing — $315,000 for a typical home compared with $157,000 in Memphis, a gap of roughly 50%. Memphis also has no state income tax, while the other state tops out at 5.0% — a meaningful annual difference at higher income levels.
Median Home Value
$315,200
$157,100 ✓
Zillow Home Value
$312,456
$142,869
Median Gross Rent
$1,380/mo
$1,123/mo ✓
Owner Occupied %
45.5%
46.0%
Price-to-Rent Ratio
19.0x
11.7x
Median Household Income
$75,134 ✓
$51,211
Per Capita Income
$48,148
$32,314
Unemployment Rate
7.9% ✓
8.3%
Poverty Rate
16.8%
22.5%
Avg Commute (min)
36.7 min
23.0 min
Drove Alone %
46.0%
77.8%
Public Transit %
19.3%
0.8%
Work From Home %
18.3%
8.0%
State Income Tax
5.0%
None
Total Sales Tax
8.7% ✓
9.6%
Property Tax Rate
2.2%
0.7%
Bachelor's Degree %
24.9%
16.9%
Median Age
35.7
34.3
Avg High Temp
60.3°F
73.0°F
Annual Precipitation
34.4"
54.9"
Annual Snowfall
—
2.7"
Chicago, IL 3 wins
- ✓Total Sales Tax
- ✓Median Household Income
- ✓Unemployment Rate
Memphis, TN 2 wins
- ✓Median Home Value
- ✓Median Gross Rent
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