Memphis, TN is an increasingly popular location to reside due to its affordable cost of living. According to the data provided 2 bedroom rent in the city is almost 25% lower than the national average, while grocery costs are 7% lower than the US index. The low cost of living makes it attractive to young professionals and families looking for a new place to settle down. Memphis also has a strong economy with many local businesses operating in the area such as FedEx, St. Jude Children's Research Hospital, International Paper Company, AutoZone and ServiceMaster. With its variety of industries and low-cost housing options, Memphis is an ideal destination for those looking for an affordable city with plenty of opportunities.
Memphis has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis has seen the job market decrease by -5.9% over the last year. Future job growth over the next ten years is predicted to be 36.6%, which is higher than the US average of 33.5%.
Tax Rates for Memphis
- The Sales Tax Rate for Memphis is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Memphis
- The average income of a Memphis resident is $28,258 a year. The US average is $37,638 a year.
- The Median household income of a Memphis resident is $43,981 a year. The US average is $69,021 a year.