The 2 bedroom rent in 38116 Memphis, TN is $980 which is much lower than the US average of $1,430. Similarly the grocery cost index in this area is 93 versus 100 in the US. This makes Memphis an affordable city to live in. There are also many local businesses near 38116 Memphis, TN such as Kroger and Walmart for shopping necessities, Gold Strike Casino and Resort for entertainment and Zaxby's for a quick bite. Other companies located nearby include AT&T, FedEx Express, JCPenney and AutoZone.
Memphis (zip 38116) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38116) 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 38116)
- The Sales Tax Rate for Memphis (zip 38116) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38116) 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 38116)
- The average income of a Memphis (zip 38116) resident is $21,681 a year. The US average is $37,638 a year.
- The Median household income of a Memphis (zip 38116) resident is $38,862 a year. The US average is $69,021 a year.