Housing costs in Memphis?
A typical home costs
$160,500, which is 52.5% less expensive than the national average of
$338,100 and 42.1% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$930 per month, which is 13.1% cheaper than the national average of
$1,070 and 9.7% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38112), Tennessee, a minimum annual income of
$30,600 for a family, and
$32,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38112 Memphis, TN is relatively low compared to other parts of the country. The median home value in this zip code is just over $70,000, well below the national average. Additionally, the median rent price for a two bedroom apartment is around $860 a month. Groceries and other necessities also tend to be inexpensive relative to other cities and towns. With an overall cost of living index that is more than 14% lower than the national average, it is easy to see why 38112 Memphis has become such a desirable place to live for those seeking affordable living options.