Housing costs in Memphis?
A typical home costs
$60,100, which is 82.2% less expensive than the national average of
$338,100 and 78.3% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$850 per month, which is 20.6% cheaper than the national average of
$1,070 and 20.0% cheaper than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38126), Tennessee, a minimum annual income of
$11,520 for a family, and
$29,600 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38126 Memphis, TN is significantly lower than the national average. According to BestPlaces, the cost of living index in 38126 Memphis, TN is 76.45, which is 24.55% lower than the US average. The biggest factor contributing to this difference is the overall affordability of goods and services. Groceries are 7% cheaper than the national average; housing costs are 31% lower; and utilities are 13% cheaper. Additionally, healthcare costs and transportation expenses are also significantly lower compared to other cities across America. In short, 38126 Memphis, TN is an affordable place to live with an excellent quality of life.