Housing costs in Memphis?
A typical home costs
$122,600, which is 63.7% less expensive than the national average of
$338,100 and 55.8% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$850 per month, which is 20.6% cheaper than the national average of
$1,070 and 20.0% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38107), Tennessee, a minimum annual income of
$23,400 for a family, and
$30,000 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38107 Memphis, TN is generally affordable. According to BestPlaces, the overall cost of living index in the area is 62.33, which is on the lower end for major cities. Housing prices are especially low, with an average monthly rent for a one-bedroom apartment coming in at just $665. Basic grocery items also remain relatively inexpensive, and utilities are even more so. All in all, 38107 Memphis provides a great value for those looking to move to a major city while keeping their costs down.