Housing costs in Memphis?
A typical home costs
$124,500, which is 63.2% less expensive than the national average of
$338,100 and 55.1% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$950 per month, which is 11.2% cheaper than the national average of
$1,070 and 7.4% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38118), Tennessee, a minimum annual income of
$23,760 for a family, and
$33,200 for a single person is recommended.
What does A.I. say about Memphis?
Living in 38118 Memphis, TN can be quite affordable. The overall cost of living index is slightly below the national average, making it a great choice for individuals and families looking to save money on their living expenses. Groceries, healthcare, utilities, and transportation all come in at lower than average prices while housing costs remain fairly consistent with the national averages. This makes it an excellent area for those looking to enjoy a good quality of life without breaking the bank.