Housing costs in Memphis?
A typical home costs
$55,800, which is 83.5% less expensive than the national average of
$338,100 and 79.9% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$860 per month, which is 19.6% cheaper than the national average of
$1,070 and 18.6% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38106), Tennessee, a minimum annual income of
$10,800 for a family, and
$30,000 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in Memphis, TN 38106 is quite reasonable in comparison to other large metropolitan cities. According to the cost of living index, the overall cost of living in Memphis is about 4% lower than the national average. This can mean some significant savings for residents compared to other parts of the country. Housing costs are particularly attractive in 38106, with an average home price that is nearly three times lower than the national average. Groceries are also relatively inexpensive; prices tend to be about 10-15% lower than in other large cities. For those looking for a more affordable lifestyle without sacrificing amenities and attractions, 38106 Memphis is a great choice.