Quick answer
Overall prices in the Memphis, TN metro were 92.2 vs 97.9 in Richmond, VA in 2024 (US = 100), so Memphis is 5.8% less expensive than Richmond; housing rents differ by 19% (79.8 vs 99.1). A $75,000 income in Memphis buys about what $79,621 buys in Richmond, per BEA.
Data as of 2024. Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024
| Price index (US = 100) | Memphis | Richmond | Memphis vs Richmond |
|---|---|---|---|
| All items | 92.2 | 97.9 | -5.8% |
| Goods | 96.2 | 96.8 | -0.6% |
| Housing (rents) | 79.8 | 99.1 | -19.5% |
| Utilities | 74.1 | 89.2 | -17.0% |
| Other services | 95.4 | 98.6 | -3.3% |
| All items, 2008 | 94.2 | 98.1 | -4.0% |
| $50,000 in Memphis equals in Richmond | $53,080 | ||
| $100,000 in Memphis equals in Richmond | $106,161 | ||
| $150,000 in Memphis equals in Richmond | $159,241 |
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Last updated 2026-10-16. Data only, not financial or tax advice.