The Memphis, TN Metro Area offers an affordable cost of living compared to other cities in the United States. The average rent for a two bedroom apartment is $1,020 per month versus $1,430 nationally. Grocery costs are also lower than the national average, with an index score of 95 versus 100.
The Memphis area is home to many large companies such as FedEx Express, International Paper, and AutoZone. There's also plenty of local attractions to visit such as Stax Museum of American Soul Music and Sun Studio where Elvis Presley was discovered. The city also has great food like the iconic Rendezvous Barbecue Ribs or Gus's Fried Chicken. Additionally, the region is known for its music scene with the historic Beale Street offering live jazz and blues music.
Memphis Metro Area has an unemployment rate of 6.3%. The US average is 6.0%.
Memphis Metro Area has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 37.3%, which is higher than the US average of 33.5%.
Tax Rates for Memphis Metro Area
- The Sales Tax Rate for Memphis Metro Area is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Memphis Metro Area is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Memphis Metro Area
- The average income of a Memphis Metro Area resident is $25,191 a year. The US average is $28,555 a year.
- The Median household income of a Memphis Metro Area resident is $56,926 a year. The US average is $69,021 a year.