The city of Memphis, TN has a population of about 650,000 and is located in the far southwestern corner of the state. The median two bedroom rent in the city is $850 per month, which is less than half the national average of $1,430. Additionally, groceries are more affordable in Memphis with an index rating of 90 compared to 100 for the nation as a whole.
Memphis offers plenty of job opportunities for those looking to move or stay in the area. Major employers in the area include FedEx Corporation, AutoZone and St. Jude Children's Research Hospital. Other popular companies include International Paper, Nike and ServiceMaster Global Holdings Inc. Salaries vary depending on experience and education level but salaries at these businesses typically range from $30-50K per year with higher salaries available for managerial positions.
Memphis (zip 38107) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38107) 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 (zip 38107)
- The Sales Tax Rate for Memphis (zip 38107) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38107) 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 38107)
- The average income of a Memphis (zip 38107) resident is $22,090 a year. The US average is $37,638 a year.
- The Median household income of a Memphis (zip 38107) resident is $33,941 a year. The US average is $69,021 a year.