Housing costs in Memphis?
A typical home costs
$156,200, which is 53.8% less expensive than the national average of
$338,100 and 43.7% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$980 per month, which is 8.4% cheaper than the national average of
$1,070 and 4.1% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38116), Tennessee, a minimum annual income of
$29,880 for a family, and
$34,000 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in Memphis, TN (zip code 38116) is relatively low compared to other cities. According to real estate website Zillow, the median home price for this area is $128,200, which is far below the national average of $200,000. Renters can expect to pay around $800 a month for an average two-bedroom apartment. Additionally, groceries costs tend to be lower than other cities as well. With all these factors combined, it's no wonder why many people are choosing to live in 38116 Memphis, TN.