The 38118 zip code in Memphis is a great place to call home with a 2 Bedroom Rent of $950, far below the US average of $1,430. In addition to affordable rent, the Grocery Cost Index for the area is 92 versus 100 in the US. This means that grocery costs are lower than usual in this part of Memphis.
The 38118 zip code is full of local businesses offering everything from retail to restaurants. Some notable companies in the area include Papa's Soul Food & BBQ Spot which offers hearty soul food dishes for takeout or delivery, Neston Home Solutions which provides furniture assembly services and Darrick's Barber Shop where customers can get their hair cut and styled. All these businesses offer quality services at competitive prices making it easy to find what you need in the 38118 zip code.
Memphis (zip 38118) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38118) 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 38118)
- The Sales Tax Rate for Memphis (zip 38118) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38118) 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 38118)
- The average income of a Memphis (zip 38118) resident is $17,990 a year. The US average is $37,638 a year.
- The Median household income of a Memphis (zip 38118) resident is $38,589 a year. The US average is $69,021 a year.