Boston is about 15% less expensive than Memphis overall - $100,000 in Memphis is worth about $85,141 in Boston.
The housing gap between Boston and Memphis is the headline story. A median home in Boston costs $710,400 compared to $157,100 in Memphis - a 78% difference that shapes everything from your down-payment timeline to your commute radius. For first-time buyers, that translates to a $71,040 down payment in Boston versus $15,710 in Memphis.
Renters see the same pattern. The typical apartment in Boston costs $2,093/month versus $1,123/month in Memphis. But income matters too: the median household in Boston earns $94,755 and in Memphis earns $51,211. That means rent swallows about 26.5% of median income in Boston and 26.3% in Memphis.
Both cities are similarly sized metros - Boston has 663,972 people and Memphis has 629,063. That means comparable access to jobs, airports, and cultural amenities without the extremes of a mega-city.
Monthly cost breakdown: Boston vs Memphis
These estimates use BLS Consumer Expenditure Survey shares scaled by each city’s cost-of-living index. Housing uses the city’s actual median rent; ownership uses a 6.7%, 30-year mortgage with 10% down on the median home.
| Category | Boston (rent) | Memphis (rent) | Boston (own) | Memphis (own) |
|---|---|---|---|---|
| Housing | $2,093 | $1,123 | $4,126 | $912 |
| Transportation | $1,402 | $645 | $1,402 | $645 |
| Food | $1,103 | $507 | $1,103 | $507 |
| Healthcare | $692 | $319 | $692 | $319 |
| Other | $2,462 | $1,133 | $2,462 | $1,133 |
| Total | $7,752 | $3,727 | $9,785 | $3,517 |
Scenario: who actually wins?
The Renter
If you rent a median apartment and keep other spending typical, your monthly nut in Boston is roughly $25,116 per year in rent alone - $11,640 more than in Memphis. Add utilities, food, and transport and the annual gap widens. The crossover point: you need to earn about $85,141 in Boston to match $100,000 in Memphis.
The First-Time Buyer
A 10% down payment on the median home costs $71,040 in Boston versus $15,710 in Memphis. On a 30-year fixed mortgage at 6.7%, the monthly P&I difference is roughly $3,213. Over five years, that’s $192,797 in extra (or saved) housing costs.
The Remote Worker
If your salary is locked to a national scale regardless of location, Memphis is the obvious win. A $120,000 remote salary in Memphis has the purchasing power of about $140,942 in Boston. The catch: some employers use location-based pay bands, which can erase part of that advantage.
The Family of Four
With two median incomes, a household in Boston earns roughly $142,132 and in Memphis earns $76,816. After housing, the next biggest budget line is usually childcare and education - costs that vary less by city than housing does. The family math usually comes down to: can you afford the home you want on local salaries? In Boston, that answer is harder.
Boston vs Memphis: the numbers
| Metric | Boston | Memphis | Difference |
|---|---|---|---|
| Cost-of-living index (US=100) | 108 | 92 | -15% |
| Median rent | $2,093 | $1,123 | -46% |
| Median home value | $710,400 | $157,100 | -78% |
| Median household income | $94,755 | $51,211 | -46% |
Cost of living = BEA Regional Price Parities (US average = 100). Rent, home value, and income from the U.S. Census ACS. See our methodology.
What your salary is worth
A $100,000 salary in Boston has the same buying power as about $85,141 in Memphis. Going the other way, $100,000 in Memphis is like $117,452 in Boston.
Use the calculator below to compare any salary between Boston and Memphis.
Job market snapshot: Boston vs Memphis
Highest-paying roles with available data. Median salary where BLS publishes one, otherwise the average - the median avoids skew from senior outliers, so it is preferred when present.
| Role | Boston | Memphis | Difference |
|---|---|---|---|
| Software Developer | $159,827 | $113,500 | -29% |
| Data Scientist | $145,640 | $101,120 | -31% |
| Marketing Manager | $106,937 | $132,720 | +24% |
| Financial Analyst | $129,095 | $82,390 | -36% |
| Physical Therapist | $118,696 | $100,220 | -16% |
| Project Manager | $116,207 | $56,480 | -51% |
| Mechanical Engineer | $108,959 | $99,990 | -8% |
Moving from Boston to Memphis: a practical checklist
Before you pack, run the numbers on these five items:
- Total compensation, not just base salary. Factor in bonuses, stock, 401(k) match, and remote-work stipends.
- Housing math for your situation. Rent vs. buy changes the winner. Use our calculator above to model both.
- State income tax. Boston and Memphis are in different states, so your take-home pay will shift even if your gross salary stays flat. See our paycheck calculator for the exact difference.
- Commute and transportation. Gas, insurance, and tolls vary by metro. Check whether your new commute is longer or shorter.
- Healthcare network coverage. If you have employer-sponsored insurance, confirm your preferred doctors and hospitals are in-network in Memphis.
Run these through our cost-of-living calculator with your actual salary to get a personalized answer.