Knoxville, TN vs Memphis, TN

Memphis is moderately more affordable than Knoxville, with a 5.8% lower cost of living index. Knoxville scores 84 compared to 79 for Memphis, where the US average is 100. This difference means residents of Knoxville can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Knoxville is $1,116/month compared to $1,123/month in Memphis — a 1% difference. Interestingly, home values tell a different story: while Knoxville has cheaper rent, Memphis actually has lower median home values ($157,100 vs $214,000).

Median household income in Knoxville is $50,994 compared to $51,211 in Memphis (-0.4%). Memphis offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Knoxville spend roughly 26.3% of their income on rent, less than the 26.3% in Memphis.