Housing costs in Memphis?
A typical home costs
$288,800, which is 14.6% less expensive than the national average of
$338,100 and 4.1% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,250 per month, which is 16.8% more than the national average of
$1,070 and 18.4% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38117), Tennessee, a minimum annual income of
$55,440 for a family, and
$43,600 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38117 Memphis, TN is relatively affordable compared to other cities. According to BestPlaces, the overall cost of living index in 38117 Memphis, TN is 78.20 which is lower than the US average of 100. Housing expenses take up the largest portion of living costs in the area with a median home price of $153,100. However, groceries and restaurant prices are lower than the US average making it easy to find affordable meal options. Additionally, utilities and transportation are both affordable with below average gas prices and a wide variety of public transportation options available. Overall, 38117 Memphis, TN offers an affordable cost of living compared to many other cities across the country.