Housing costs in Memphis?
A typical home costs
$421,600, which is 24.7% more expensive than the national average of
$338,100 and 52.0% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,260 per month, which is 17.8% more than the national average of
$1,070 and 19.0% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38120), Tennessee, a minimum annual income of
$80,640 for a family, and
$44,000 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38120 Memphis, TN is quite affordable. The average rent for a one bedroom apartment is $736 per month. Groceries, health care, and utilities are all relatively low as well. The median home price for this area is around $118,000, making it an attractive option for those looking to purchase a new house or investment property. Taxes are also reasonable with sales tax at 7.75% and income tax at 6%. Overall, Memphis offers an attractive cost of living that makes it a great place to live.