Housing costs in Memphis?
A typical home costs
$217,200, which is 35.8% less expensive than the national average of
$338,100 and 21.7% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,020 per month, which is 28.7% cheaper than the national average of
$1,430 and 4.9% cheaper than the state average of
$1,070.
Can I afford Memphis?
To live comfortably in Memphis Tennes Metro Area, Tennessee, a minimum annual income of
$41,760 for a family, and
$35,600 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in the Memphis, TN Metro Area is lower than the US average. This is evidenced by a Cost of Living index score of 86.1 compared to the US average score of 100. This makes Memphis an attractive option for people looking to save money while still having access to all the amenities offered by a big city. The median house value in the area is also lower than the US average at $217,200 compared to $338,100 nationwide. This further confirms that living expenses are below the national standard, making it a great place for budget-conscious individuals.