The Council for Community and Economic Research just released its quarterly Cost of Living Index showing the least and most expensive cities to live in. Memphis, TN came in at the 2nd least expensive cost of living (inexpensive real estate), while New York, NY’s boroughs came in 3 of the top 5 (good if you’re holding).
The Council analyzes 309 cities in the U.S. with 100 being the average. Of course just because a market is more expensive doesn’t mean that wages aren’t higher. There are trade-offs for each category. Still low cost of living is attractive for migration. Then again with New York City’s population growth, apparently high cost of living is attractive too.