Memphis, TN 38106 is an affordable place to live with a two bedroom rent of only $860 compared to the US average of $1,430. Grocery Cost Index is also lower than the US average at 91 versus 100. There are several local companies in Memphis that make it a great place to live and work. Companies such as Baptist Memorial Health Care Corporation, International Paper Company, and FedEx Corporation provide great employment opportunities for locals. Other locally owned businesses include AutoZone Inc., First Tennessee Bank, and ServiceMaster Global Holdings Inc. These businesses support the local economy and provide goods and services that are essential for residents of Memphis.
Memphis (zip 38106) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38106) 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 38106)
- The Sales Tax Rate for Memphis (zip 38106) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38106) 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 38106)
- The average income of a Memphis (zip 38106) resident is $12,939 a year. The US average is $28,555 a year.
- The Median household income of a Memphis (zip 38106) resident is $27,881 a year. The US average is $69,021 a year.