Housing costs in Memphis?
A typical home costs
$308,600, which is 8.7% less expensive than the national average of
$338,100 and 11.2% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,340 per month, which is 25.2% more than the national average of
$1,070 and 23.9% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38016), Tennessee, a minimum annual income of
$59,040 for a family, and
$46,800 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38016 Memphis, TN is fairly low compared to other cities in the United States. According to Area Vibes, the cost of living in this city is 4% lower than the national average and 21% lower than the state average. The median home price here is $129,000, which is quite affordable. Food prices are also just slightly higher than the national average, making it a great place for those with a tight budget. Additionally, transportation costs tend to be on par with what one would expect from a major city like Memphis. All in all, 38016 Memphis is an excellent area for those looking for an affordable place to live without sacrificing too much in terms of amenities or quality of life.