Memphis is the second cheapest place to live

Right after Harlingen, Texas.  No, I hadn't heard of Harlingen before now. From CBS Money Watch.

10 cheapest places to live in the U.S.
Memphis, Tenn. 
Boasting a rich musical heritage, Memphis, Tenn., has a month-long festival each year called "Memphis in May" that attracts visitors from around the world. The average cost of a home here is $180,375, while the average two-bedroom/two-bathroom apartment rents for $726 a month. While housing prices are less expensive than in Harlingen, groceries are pricier. A pound of ground beef costs $2.60, for example. The cost of living in Memphis is 14.3 percent lower than the national average.


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