The city of Memphis, TN (zip code 38128) is one of the most affordable cities for rent in the US. The cost of a two-bedroom apartment is only $1,040, which is much lower than the national average of $1,430. Additionally, the Grocery Cost Index in this city is 93 versus 100 in the US. This makes living in Memphis very attractive for those on a limited budget.
Memphis has some great local companies to work with as well. FedEx Corporation and ORIX USA Corporation are two of the largest employers in town. AutoZone Incorporated and International Paper Company also have headquarters here. Other notable businesses include Smith&Nephew, Holiday Inn, First Tennessee Bank, SunTrust Banks, and ServiceMaster Global Holdings, Inc.
Memphis (zip 38128) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38128) 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 38128)
- The Sales Tax Rate for Memphis (zip 38128) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38128) 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 38128)
- The average income of a Memphis (zip 38128) resident is $15,897 a year. The US average is $28,555 a year.
- The Median household income of a Memphis (zip 38128) resident is $37,155 a year. The US average is $69,021 a year.