Housing costs in Memphis?
A typical home costs
$279,600, which is 17.3% less expensive than the national average of
$338,100 and 0.8% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,120 per month, which is 4.7% more than the national average of
$1,070 and 8.9% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38119), Tennessee, a minimum annual income of
$53,640 for a family, and
$39,200 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38119 Memphis, TN is quite affordable. According to Sperling's Best Places, the median home price in the area is just under $100,000 and the overall cost of living is 6% lower than the national average. Additionally, Memphis' sales tax rate is only 9.25%, which is slightly lower than the state average. While utilities can be a bit expensive due to Memphis' hot and humid climate, groceries are surprisingly low-cost and there are plenty of affordable restaurants and entertainment options around town. All in all, 38119 Memphis, TN offers an excellent quality of life at an affordable price point.