Memphis, TX is a small town in the northeast corner of Texas. It has a charming atmosphere and plenty of local businesses to explore. The local economy is supported by companies such as Memphis Realty Ltd., an established real estate agency, and Memphis Telecom Co., a long-time telecommunications provider in the area. With an average rental cost of $720 for a two-bedroom apartment and grocery cost index of 88 compared to 100 nationally, living in Memphis is very affordable. There are plenty of recreational activities to participate in such as visiting the nearby lake and outdoor recreation center or walking around the downtown area. Memphis provides its residents with safe neighborhoods and plenty of entertainment options to enjoy.
Memphis has an unemployment rate of 7.0%. The US average is 6.0%.
Memphis has seen the job market increase by 1.4% over the last year. Future job growth over the next ten years is predicted to be 12.0%, which is lower than the US average of 33.5%.
Tax Rates for Memphis
- The Sales Tax Rate for Memphis is 8.3%. 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 $16,776 a year. The US average is $28,555 a year.
- The Median household income of a Memphis resident is $41,685 a year. The US average is $69,021 a year.