Memphis, MI vs New Troy, MI

Memphis, MI and New Troy, MI have a very similar cost of living, with only a 0.1% difference in their overall index. Memphis scores 75 while New Troy scores 75 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Memphis is $832/month compared to $975/month in New Troy — a 15% difference. Interestingly, home values tell a different story: while Memphis has cheaper rent, New Troy actually has lower median home values ($174,400 vs $190,400).

Median household income in Memphis is $60,884 compared to $60,250 in New Troy (+1.1%). 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 Memphis spend roughly 16.4% of their income on rent, less than the 19.4% in New Troy.