38016 Memphis, TN is a great place to live for those that are looking for an affordable place to call home. The average 2 bedroom rent in this area is $1,340, which is much lower than the national average of $1,430. In addition to the affordability of the area, Memphis also has a low grocery cost index of 98 compared to 100 in the US. This makes it easy to stay within your budget.
Memphis is also home to many attractions and businesses that make it a great place to live. Notable attractions include Sun Studio, National Civil Rights Museum, and Mud Island River Park. Local businesses include Gibson Guitar Factory, FedEx Global Hub, AutoZone Corporate Headquarters and Cargill Cotton Gin- Memphis Plant. With so many great things to see and do Memphis has something for everyone!
Memphis (zip 38016) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38016) has seen the job market increase by 2.1% 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 (zip 38016)
- The Sales Tax Rate for Memphis (zip 38016) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38016) 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 (zip 38016)
- The average income of a Memphis (zip 38016) resident is $32,962 a year. The US average is $28,555 a year.
- The Median household income of a Memphis (zip 38016) resident is $66,480 a year. The US average is $69,021 a year.