City comparison
Memphis, TN vs Waco, TX
What a paycheck is really worth in each city: prices, rent and state taxes.
Key findings
- Overall prices in Memphis, TN (92.2) and Waco, TX (92.5, U.S. average = 100) are within 1% of each other, so $100,000 in Memphis, TN goes as far as $100,400 in Waco, TX.
- Rent is the bigger story: a typical 1-bedroom costs $1,154 a month in Memphis, TN versus $996 in Waco, TX. On $100,000, that's 17% of take-home pay in Memphis, TN and 15% in Waco, TX.
- Estimated state income tax on $100,000 is close: $0 a year in TN and $0 in TX.
- Both cities are in the same federal pay area (Rest of U.S.), so a GS-13 step 1 earns $106,437 in either. A transfer from Memphis, TN to Waco, TX changes real buying power by −0.4%, purely from prices.
- Memphis, TN: price level 92.2 (cheaper)
- Waco, TX: price level 92.5 (cheaper)
Map drawn from Census Bureau state boundaries and metro locations9,10; dot colours show BEA price levels2.
Side by side
| Memphis, TN | Waco, TX | |
|---|---|---|
| Price level (U.S. = 100)2 | 92.2 | 92.5 |
| $100,000 is worth, in the other city2 | $100,402 in Waco | $99,599 in Memphis |
| Typical 1-bedroom rent3 | $1,154/mo | $996/mo |
| Take-home on $100,00014,15,8 | $79,180 | $79,180 |
| State income tax on $100,000 (estimate)8 | $0 (TN) | $0 (TX) |
| Rent burden on $100,000 | 17% | 15% |
| Median pay, all jobs4 | $46,890 | $46,020 |
| Federal locality pay area7 | Rest of U.S. | Rest of U.S. |
Rent areas: Memphis, TN-MS-AR HUD Metro FMR Area and Waco, TX HUD Metro FMR Area. Metro areas: Memphis, TN-MS-AR and Waco, TX.
What costs more or less
| Price level (U.S. = 100) | Memphis | Waco |
|---|---|---|
| Housing (rent) | 79.8 | 83.5 |
| Goods | 96.2 | 93.8 |
| Utilities | 74.1 | 81.0 |
| Other services | 95.4 | 96.2 |
| Overall | 92.2 | 92.5 |
Moving with the same $100,000 salary
Memphis, TN → Waco, TX
Roughly even
Buying power −0.4%; rent takes 15% of take-home; state tax +$0/yr.
67 Fair offer
Waco, TX → Memphis, TN
Roughly even
Buying power +0.4%; rent takes 17% of take-home; state tax +$0/yr.
70 Strong offer
On the GS pay scale?
Both metros are in the Rest of U.S. locality pay area, so GS salaries are identical. The last column shows what a transfer from Memphis, TN to Waco, TX at the same grade and step does to real buying power.
| Grade5,2 | Memphis, TN | Waco, TX | Real change, Memphis → Waco |
|---|---|---|---|
| GS-9 step 1 | $61,722 | $61,722 | −0.4% |
| GS-11 step 1 | $74,678 | $74,678 | −0.4% |
| GS-12 step 1 | $89,508 | $89,508 | −0.4% |
| GS-13 step 1 | $106,437 | $106,437 | −0.4% |
| GS-14 step 1 | $125,776 | $125,776 | −0.4% |
Pay for common jobs
| Median annual pay4 | Memphis, TN | Waco, TX | Waco pay in Memphis dollars |
|---|---|---|---|
| Elementary School Teachers, Except Special Education | $61,510 | $59,100 | $58,863 (−4.3%) |
| Software Developers | $125,580 | $123,080 | $122,587 (−2.4%) |
| Accountants and Auditors | $76,960 | $76,140 | $75,835 (−1.5%) |
| Registered Nurses | $81,500 | $92,890 | $92,518 (+13.5%) |
"Not published" means BLS doesn't release an estimate for that job in that metro.