Memphis, TN (zip code 38108) is an affordable city for its residents. The average 2 bedroom rent costs $850 per month, which is significantly lower than the US average of $1,430. The grocery cost index in Memphis is also 90 versus 100 in the US. Local companies that make living in Memphis a great experience include The Peabody Hotel, St. Jude Children's Research Hospital and FedEx Corporation. All of these companies provide services that benefit locals and visitors alike.
Memphis (zip 38108) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38108) 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 38108)
- The Sales Tax Rate for Memphis (zip 38108) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38108) 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 38108)
- The average income of a Memphis (zip 38108) resident is $10,750 a year. The US average is $28,555 a year.
- The Median household income of a Memphis (zip 38108) resident is $27,778 a year. The US average is $69,021 a year.