Housing costs in Memphis?
A typical home costs
$225,700, which is 33.2% less expensive than the national average of
$338,100 and 18.6% 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 38132), Tennessee, a minimum annual income of
$43,200 for a family, and
$36,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38132 Memphis, TN is quite reasonable. The area has a median home value of $121,400 which is well below the national average. Rent for a one bedroom apartment can range from $600-$800 per month and utilities are quite affordable. Grocery prices are comparable to other areas and taxes are also lower than the national average. Overall, the cost of living in this area is quite reasonable and affordable for those looking to settle down in Memphis.