Housing costs in Memphis?
A typical home costs
$278,300, which is 17.7% less expensive than the national average of
$338,100 and 0.3% more expensive than the average Tennessee home, at
$277,400. Renting a two-bedroom unit in Memphis costs
$1,100 per month, which is 2.8% more than the national average of
$1,070 and 7.3% more than the state average of
$1,020.
Can I afford Memphis?
To live comfortably in Memphis (zip 38104), Tennessee, a minimum annual income of
$53,280 for a family, and
$38,400 for a single person is recommended.
What does A.I. say about Memphis?
The cost of living in 38104 Memphis, TN is quite reasonable. According to Best Places, the overall cost of living index for the zip code is 90 which is 10% lower than the U.S. average. In particular, housing costs are low with a median home price of just over $120,000 and rental prices typically ranging from $650 to $850 for a one-bedroom apartment. Food costs are also relatively inexpensive with groceries averaging around 13% less than the national average.