To keep the same standard of living as $100,000 in Chicago, you'd need about $90,100 in Memphis — a $9,900 saving per year.
Estimated monthly spending for a middle-income household, adjusted by each metro's BEA price level.
The salary you'd need in Memphis to maintain the same purchasing power as each income level in Chicago, using the BEA price ratio of 0.901.
| Salary in Chicago | Equivalent in Memphis | Difference |
|---|---|---|
| $50,000 | $45,000 | −$5,000 |
| $75,000 | $67,500 | −$7,500 |
| $100,000 | $90,100 | −$9,900 |
| $150,000 | $135,100 | −$14,900 |
| $200,000 | $180,100 | −$19,900 |
Moving from Chicago, IL to Memphis, TN means your everyday costs are cheaper by roughly 9.9%. The U.S. Bureau of Economic Analysis measures Chicago's overall price level at 102.6 and Memphis's at 92.4, where 100 represents the national average. In practical terms, a household spending $5,241 per month in Chicago would spend about $4,687 for the equivalent lifestyle in Memphis — a swing of $554 every month, or $6,648 per year.
Housing is the decisive factor. Estimated monthly housing runs $2,198 in Chicago against $1,813 in Memphis. Because rent and mortgage costs vary far more between metros than groceries or utilities, the housing line alone accounts for most of the 9.9% gap.
For salary negotiation or a remote-work relocation, the key number is the equivalent salary. A $100,000 income in Chicago has the same purchasing power as $90,100 in Memphis. Looked at the other way, $100,000 in Memphis is worth about $111,000 in Chicago terms. Use the Cost of Living Calculator to plug in your own expenses.
Price levels don't include income tax, which can significantly swing your real take-home pay — especially between IL and TN.
Memphis is 9.9% cheaper than Chicago overall. Based on the U.S. Bureau of Economic Analysis Regional Price Parities (2023), Chicago has a price level of 102.6 versus 92.4 for Memphis, where 100 equals the national average.
To maintain the same purchasing power as a $100,000 salary in Chicago, you would need about $90,100 in Memphis — a difference of $9,900 per year.
Estimated monthly housing runs about $2,198 in Chicago versus $1,813 in Memphis. Housing is the single biggest driver of the cost-of-living gap between the two metros.
Sources & methodology
Price levels use the U.S. Bureau of Economic Analysis Regional Price Parities for metropolitan areas (2023, the most recent metro-level release). Chicago maps to the Chicago-Naperville-Elgin, IL-IN-WI MSA; Memphis maps to the Memphis, TN-MS-AR MSA. Category spending baselines come from the U.S. Bureau of Labor Statistics Consumer Expenditure Survey. Category-level figures are modeled estimates and are illustrative; actual costs vary by household. This is a planning tool, not financial advice.
