Housing costs in Memphis?
A typical home costs
$278,500, which is 17.6% less expensive than the national average of
$338,100 and 27.3% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Memphis costs
$970 per month, which is 32.2% cheaper than the national average of
$1,430 and 13.4% cheaper than the state average of
$1,100.
Can I afford Memphis?
To live comfortably in Memphis, Michigan, a minimum annual income of
$53,280 for a family, and
$30,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in Memphis, MI is relatively low compared to other cities in the United States. According to BestPlaces, the overall cost of living index in Memphis is approximately 12 percent lower than the national average. The housing costs are particularly low, with an average monthly rent for a one-bedroom apartment being just over $500 and average home prices around $100,000. Additionally, utilities such as electricity and water are very affordable in Memphis. Food costs are also generally cheaper than most other cities. All of these factors make living in Memphis an attractive option for those looking for a cost-effective place to live.