salaryMemphis is 6% cheaperBased on official 2024 price levels from the U.S. Bureau of Economic Analysis.
I need in Richmond to live the same way.
🏠 Rent per month
$1,399
$1,644
🛏️ 2-bedroom rent
$1,194
$1,520
💵 Families earn per year
$55,797
$69,657
🔑 Buying a house
$169,000
$353,000
📊 Overall prices (U.S. = 100)
92.2
97.9
🏛️ Property tax per year
$1,845
$3,150
⚡ Electric bill per month
$223
$141
👥 People living there
618,980
229,359
Commute to work
21.1 min
21.7 min
College degree
28%
45.6%
Own their home
44.9%
43.5%
Below poverty line
23.1%
18.2%
Unemployment
8.3%
5.7%
Bottom line
- Pick Memphis for lower rent, cheaper 2-bedroom apartments, cheaper homes and 1 more.
- Pick Richmond for higher incomes, a more educated workforce, less poverty and 1 more.
Pay for the same job
| Job | Memphis | Richmond | Difference |
|---|---|---|---|
| Server (Waiter/Waitress) | $24,550 | $38,470 | +57% in Richmond |
| Dental Hygienist | $78,580 | $104,250 | +33% in Richmond |
| Police Officer | $75,410 | $62,720 | -17% in Richmond |
| Registered Nurse | $81,500 | $93,580 | +15% in Richmond |
| Market Research Analyst | $71,600 | $81,660 | +14% in Richmond |
| Medical Assistant | $39,260 | $44,490 | +13% in Richmond |
| Nursing Assistant | $38,010 | $42,720 | +12% in Richmond |
| Accountant | $76,960 | $84,220 | +9% in Richmond |
Frequently asked questions
Is Memphis or Richmond cheaper to live in?
Memphis is about 6% cheaper overall. Rent is $1,399 a month there versus $1,644 in Richmond.
What salary do I need in Richmond to match $60,000 in Memphis?
About $63,697 a year gives the same standard of living in Richmond.
Where do people earn more, Memphis or Richmond?
The typical household earns $55,797 in Memphis and $69,657 in Richmond, 20% more in Richmond.