City comparison
Memphis, TN vs Richmond, VA
What a paycheck is really worth in each city: prices, rent and state taxes.
Key findings
- Prices in Richmond, VA are 6.2% higher than in Memphis, TN. Someone earning $100,000 in Memphis, TN would need about $106,200 in Richmond, VA to live the same way.
- Rent is the bigger story: a typical 1-bedroom costs $1,507 a month in Richmond, VA versus $1,154 in Memphis, TN. On $100,000, that's 24% of take-home pay in Richmond, VA and 17% in Memphis, TN.
- On $100,000, estimated state income tax is about $4,936 a year higher in Richmond, VA than in Memphis, TN.
- For federal employees, locality pay changes a GS-13 step 1 salary by +4.5% moving from Memphis, TN to Richmond, VA ($106,437 → $111,183), while prices change by +6.2%. Net effect of the transfer: −1.6% in real buying power.
- Memphis, TN: price level 92.2 (cheaper)
- Richmond, VA: price level 97.9 (cheaper)
Map drawn from Census Bureau state boundaries and metro locations9,10; dot colours show BEA price levels2.
Side by side
| Memphis, TN | Richmond, VA | |
|---|---|---|
| Price level (U.S. = 100)2 | 92.2 | 97.9 |
| $100,000 is worth, in the other city2 | $106,161 in Richmond | $94,197 in Memphis |
| Typical 1-bedroom rent3 | $1,154/mo | $1,507/mo |
| Take-home on $100,00014,15,8 | $79,180 | $74,244 |
| State income tax on $100,000 (estimate)8 | $0 (TN) | $4,936 (VA) |
| Rent burden on $100,000 | 17% | 24% |
| Median pay, all jobs4 | $46,890 | $51,460 |
| Federal locality pay area7 | Rest of U.S. | Richmond, VA |
Rent areas: Memphis, TN-MS-AR HUD Metro FMR Area and Richmond, VA HUD Metro FMR Area. Metro areas: Memphis, TN-MS-AR and Richmond, VA.
What costs more or less
| Price level (U.S. = 100) | Memphis | Richmond |
|---|---|---|
| Housing (rent) | 79.8 | 99.1 |
| Goods | 96.2 | 96.8 |
| Utilities | 74.1 | 89.2 |
| Other services | 95.4 | 98.6 |
| Overall | 92.2 | 97.9 |
Moving with the same $100,000 salary
Memphis, TN → Richmond, VA
Same pay buys less
Buying power −5.8%; rent takes 24% of take-home; state tax +$4,936/yr.
51 Fair offer
Richmond, VA → Memphis, TN
Same pay goes further
Buying power +6.2%; rent takes 17% of take-home; state tax −$4,936/yr.
88 Strong offer
On the GS pay scale?
Memphis, TN is in the Rest of U.S. pay area; Richmond, VA is in Richmond, VA. The last column shows what a transfer from Memphis, TN to Richmond, VA at the same grade and step does to real buying power.
| Grade5,2 | Memphis, TN | Richmond, VA | Real change, Memphis → Richmond |
|---|---|---|---|
| GS-9 step 1 | $61,722 | $64,475 | −1.6% |
| GS-11 step 1 | $74,678 | $78,009 | −1.6% |
| GS-12 step 1 | $89,508 | $93,499 | −1.6% |
| GS-13 step 1 | $106,437 | $111,183 | −1.6% |
| GS-14 step 1 | $125,776 | $131,385 | −1.6% |
Pay for common jobs
| Median annual pay4 | Memphis, TN | Richmond, VA | Richmond pay in Memphis dollars |
|---|---|---|---|
| Elementary School Teachers, Except Special Education | $61,510 | $61,290 | $57,733 (−6.1%) |
| Software Developers | $125,580 | $132,120 | $124,453 (−0.9%) |
| Accountants and Auditors | $76,960 | $84,220 | $79,332 (+3.1%) |
| Registered Nurses | $81,500 | $93,580 | $88,149 (+8.2%) |
"Not published" means BLS doesn't release an estimate for that job in that metro.