The median income in Memphis is $41,864. However, it’s advisable to spend no more than 30% of your take home pay on rent. If you rent a one bedroom apartment in Memphis for $1,001, you need a salary of $40,040 to live comfortably. For a two bedroom apartment that costs $1,167, you’ll need a salary of at least $46,680.
How much do you need to live comfortably in Memphis?
In Memphis, the site lists the median income as $38,230 a year, but says the needed income if you’re a homeowner is $63,595 a year, and that the needed income if you’re a renter is $69,331.
How much does it cost to live in Memphis TN?
Memphis cost of living is 76.0
| COST OF LIVING | Memphis | Tennessee |
|---|---|---|
| Grocery | 93.3 | 95.4 |
| Health | 98.4 | 101.9 |
| Housing | 37.1 | 71.2 |
| Median Home Cost | $123,800 | $231,600 |
Is living in Memphis expensive?
Summary about cost of living in Memphis, TN, United States: Family of four estimated monthly costs are 3,037$ without rent. A single person estimated monthly costs are 871$ without rent. Memphis is 37.27% less expensive than New York (without rent).
Is Memphis Tennessee a cheap place to live at?
If you’re looking for an affordable metropolitan city to call home, Memphis is a great choice. The overall cost of living in Memphis is 24% lower than the national average and 11.6% lower than the state average in Tennessee. Compared to Nashville, Tennessee, Memphis is 25.6% cheaper.
Why is rent so high in Memphis?
The increasing number of renovations is related to what national experts say is the main driver of rent increases in places like Memphis: more people deciding to rent there. During earlier parts of the pandemic, many people moved out of cities and more young adults decided to live with friends or family.
How affordable is Memphis?
Memphis’s housing expenses are 34% lower than the national average and the utility prices are 3% higher than the national average. Transportation expenses like bus fares and gas prices are 11% lower than the national average. Memphis has grocery prices that are 9% lower than the national average.
What is a good salary in Memphis TN?
A good salary in Memphis, TN is anything over $39,000. That’s because the median income in Memphis is $39,000, which means if you earn more than that you’re earning more than 50% of the people living in Memphis. The average salary in Memphis is $47,593. A good hourly wage in Memphis is $18.75 per hour.
What are the pros and cons of living in Memphis Tennessee?
Here are the key pros and cons of moving to Memphis, TN:
| The Pros of Living in Memphis | The Cons of Living in Memphis |
|---|---|
| You’ll enjoy sports | High sales tax |
| Memphians are friendly | You’ll need a car to move around in Memphis |
| Top-quality education | You may have to deal with tornadoes and violent storms |
Why should I move to Memphis?
One of the top reasons to move to Memphis is its low cost of living. Almost everything, from groceries to utilities through education and recreation, is considerably cheaper in Memphis and well below the national average.
What is the best part of Memphis to live in?
Best Neighborhoods in Memphis for Families
- Bartlett.
- Cordova.
- East Memphis.
- Germantown.
- River Oaks-Kirby-Balmoral.
How much is the average electric bill in Tennessee?
around $123.30
In Tennessee, the average monthly electricity bill is around $123.30. This is just a slight step above the country’s average, which is $111.67. In total, most Tennessee residents pay around $145 a month for their utilities in total.
What is the cheapest city to live in Tennessee?
Alcoa is the cheapest place to live in Tennessee. The median home value is around $146,500 and monthly apartment rentals are around $700 per month.
What city has the lowest cost of living?
Wichita Falls, Texas, was named the city with the lowest cost of living. Visit Business Insider’s homepage for more stories.
Is it cheaper to live in Tennessee or Florida?
Tennessee is 5.5% cheaper than Florida.
Why is rent increasing?
Meera Chindooroy, head of campaigns at the NRLA, said rent rises were fuelled by rising costs for landlords – including inflation, energy prices and costs for materials needed for repairs, as well as supply and demand pressures.
What is the cost of living in Tennessee?
Our cost of living indices are based on a US average of 100. An amount below 100 means Tennessee is cheaper than the US average.
Tennessee cost of living is 87.6.
| COST OF LIVING | Tennessee | United States |
|---|---|---|
| Grocery | 95.4 | 100 |
| Health | 101.9 | 100 |
| Housing | 71.2 | 100 |
| Median Home Cost | $231,600 | $291,700 |
How much are utilities in Memphis Tennessee?
List of prices in Memphis, Tennessee Current as of May 2022.
| Food | Update prices |
|---|---|
| Utilities 1 month (heating, electricity, gas) for 2 people in 85m2 flat | $176 |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | $989 |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area | $771 |
Is Memphis a poor city?
In 2019, Memphis continued in second place in both overall poverty and child poverty among large Metropolitan Statistical Areas (MSA) with populations greater than 1,000,000 and in child poverty among large cities with populations greater than 500,000.
Is Memphis Good place to live?
Memphis has a fairly low cost of living for a large metro area. Rent prices and mortgage expenses are considerably lower than the national average. Expenses for food and services are also significantly lower than in other major regions, especially in the more rural areas that spread out beyond the metro region.
What is the racial makeup of Memphis TN?
The 5 largest ethnic groups in Memphis, TN are Black or African American (Non-Hispanic) (62.8%), White (Non-Hispanic) (25.9%), White (Hispanic) (4.46%), Other (Hispanic) (2.89%), and Asian (Non-Hispanic) (2.08%). 0% of the households in Memphis, TN speak a non-English language at home as their primary language.
