38120 Memphis, TN is a great place to live and work. It has an affordable 2 Bedroom rent of $1,260 which is $170 less than the US average of $1,430. Additionally, the Grocery Cost Index in 38120 Memphis is 103 compared to 100 in the US which means it’s slightly more expensive for groceries but still lower than most places in the state. Businesses in 38120 Memphis are booming with many popular companies located in the area such as Autozone, Hilton Hotels, and International Paper. Many local small businesses also thrive in this neighborhood providing goods and services for residents as well as visitors alike.
Memphis (zip 38120) has an unemployment rate of 8.0%. The US average is 6.0%.
Memphis (zip 38120) 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 38120)
- The Sales Tax Rate for Memphis (zip 38120) is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Memphis (zip 38120) 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 38120)
- The average income of a Memphis (zip 38120) resident is $86,795 a year. The US average is $37,638 a year.
- The Median household income of a Memphis (zip 38120) resident is $111,220 a year. The US average is $69,021 a year.