Housing costs in Memphis?
A typical home costs
$222,600, which is 34.2% less expensive than the national average of
$338,100 and 19.8% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,130 per month, which is 5.6% more than the national average of
$1,070 and 9.7% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38134), Tennessee, a minimum annual income of
$42,480 for a family, and
$39,200 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38134 Memphis, TN is relatively low and affordable. The overall cost of living index for the area is 89.1 which is 11.9% below the national average. Housing costs are especially favorable with the median home price sitting at $138,400 and an average rental price of only $873 per month for a one-bedroom apartment. Food prices are also quite reasonable, with a meal at an inexpensive restaurant costing approximately $10 to $15, and utilities averaging around $150-$200 per month depending on residence size and energy efficiency. All things considered, Memphis is an incredibly budget-friendly place to live.