Housing costs in Memphis?
A typical home costs
$278,000, which is 17.8% less expensive than the national average of
$338,100 and 0.2% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,290 per month, which is 20.6% more than the national average of
$1,070 and 20.9% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38125), Tennessee, a minimum annual income of
$53,280 for a family, and
$44,800 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38125 Memphis, TN is relatively affordable. The median home value is around $91,300 and the median rent is about $862 per month. Overall, the cost of living in 38125 Memphis, TN is slightly below the national average. Grocery prices are lower than the rest of the country, transportation costs are also relatively low compared to other cities and states, and utilities including electricity and natural gas are both reasonably priced in Memphis. Living in this area can be quite affordable for most people looking to settle down here.