Housing costs in Memphis?
A typical home costs
$266,000, which is 21.3% less expensive than the national average of
$338,100 and 21.6% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Memphis costs
$1,000 per month, which is 30.1% cheaper than the national average of
$1,430 and 10.0% cheaper than the state average of
$1,100.
Can I afford Memphis?
To live comfortably in Memphis (zip 48041), Michigan, a minimum annual income of
$51,120 for a family, and
$31,600 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in Memphis, MI (zip code 48041) is quite reasonable. The median home value is $122,100, and the median rent for a two-bedroom apartment is only $835 per month. Utilities are also affordable, with electric rates being just 6.31 cents per kilowatt hour. Groceries are relatively inexpensive as well, with the average family grocery bill coming in at $53.96 per week. This makes Memphis an attractive option for families looking for an affordable place to live.