Housing costs in Memphis?
A typical home costs
$44,100, which is 87.0% less expensive than the national average of
$338,100 and 79.4% less expensive than the average Alabama home, at
$214,000. Renting a two-bedroom unit in Memphis costs
$800 per month, which is 44.1% cheaper than the national average of
$1,430 and 17.5% cheaper than the state average of
$940.
Can I afford Memphis?
To live comfortably in Memphis, Alabama, a minimum annual income of
$8,280 for a family, and
$24,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in Memphis, AL is quite reasonable. The median home price in the city is $129,400 and the median household income is around $41,000. Overall, housing costs are low and affordable for people from all backgrounds. Additionally, utility costs are low and overall cost of goods can be relatively inexpensive depending on where you shop. With a lower cost of living than other major cities like New York or Los Angeles, Memphis can be a great place to live for those who want to save money while still having access to big city amenities.