Chicago-Naperville-Elgin vs Memphis
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Memphis is 49% cheaper for renters. A 2-bedroom rents for $819/mo vs $1,222/mo in Chicago-Naperville-Elgin — saving $4,836/year.
Rent by Unit Size
| Unit Size | Chicago-Naperville-Elgin | Memphis | Difference |
|---|---|---|---|
| Studio | $849 | $560 | $289 |
| 1 Bedroom | $1,023 | $682 | $341 |
| 2 Bedrooms | $1,222 | $819 | $403 |
| 3 Bedrooms | $1,528 | $1,011 | $517 |
| 4 Bedrooms | $1,886 | $1,184 | $702 |
| Median Income | $79,852 | $44,652 | $35,200 |
Chicago-Naperville-Elgin
- Studio
- $849/mo
- 1 BR
- $1,023/mo
- 2 BR
- $1,222/mo
- 3 BR
- $1,528/mo
- 4 BR
- $1,886/mo
- Median Income
- $79,852/yr
Memphis
- Studio
- $560/mo
- 1 BR
- $682/mo
- 2 BR
- $819/mo
- 3 BR
- $1,011/mo
- 4 BR
- $1,184/mo
- Median Income
- $44,652/yr
Frequently Asked Questions
Is Chicago-Naperville-Elgin or Memphis cheaper to rent in?
Memphis is cheaper — a 2-bedroom Fair Market Rent is $819/mo vs $1,222/mo in Chicago-Naperville-Elgin. That's $403/mo or $4,836/year more expensive in Chicago-Naperville-Elgin (49% higher).
What is the 2-bedroom rent in Chicago-Naperville-Elgin vs Memphis?
The HUD Fair Market Rent for a 2-bedroom in Chicago-Naperville-Elgin is $1,222/month. In Memphis, a 2-bedroom FMR is $819/month.
How do incomes compare between Chicago-Naperville-Elgin and Memphis?
The median household income in Chicago-Naperville-Elgin is $79,852/year. In Memphis it is $44,652/year. Chicago-Naperville-Elgin has the higher median income.
What is the studio rent in Chicago-Naperville-Elgin vs Memphis?
A studio apartment Fair Market Rent in Chicago-Naperville-Elgin is $849/mo. In Memphis it is $560/mo.