Housing costs in Memphis?
A typical home costs
$250,900, which is 25.8% less expensive than the national average of
$338,100 and 9.6% less expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,030 per month, which is 3.7% 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 38152), Tennessee, a minimum annual income of
$48,240 for a family, and
$36,000 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38152 Memphis, TN is fairly affordable. The overall cost of living index is estimated to be 87.5, which is lower than the national average of 100. Housing costs are especially low, with the median value for a home at $107,000 and a median rent of just $844 per month. Food costs also remain relatively low, as the region has many local restaurants and markets where residents can find fresh produce and other items at competitive prices. Additionally, there are many public transportation options available so that residents can get around without needing to own a car. All in all, the cost of living in 38152 Memphis, TN is quite reasonable for those looking to settle in the area.