Housing costs in Memphis?
A typical home costs
$240,400, which is 28.9% less expensive than the national average of
$338,100 and 13.3% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,040 per month, which is 2.8% cheaper than the national average of
$1,070 and close to the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38131), Tennessee, a minimum annual income of
$46,080 for a family, and
$36,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38131 Memphis, TN is relatively low compared to other major cities in the United States. Groceries, housing, and transportation costs are all around the national average, making it a great place for those looking to stretch their dollar further. In some neighborhoods, rent can be as low as $735 a month for one bedroom apartments and groceries can range from very inexpensive to slightly above average depending on where you shop. Overall, Memphis is an affordable place to live with many amenities that make it an ideal place for people of all budgets.