Quality of Life in Memphis, TN for an Income of $112,875

Cost of Living

• Overall Affordability: Memphis is known for its relatively low cost of living compared to the national average. With an income of $112,875, residents can comfortably cover expenses and maintain a moderate to high standard of living.
• Comparison to National Average: The cost of living in Memphis is around 12% lower than the U.S. average, meaning your dollar stretches further here, allowing for more discretionary spending or savings.

Housing Market

• Home Prices: The median home price in Memphis is significantly lower than the national median, making home ownership more accessible. As of 2023, the median is around $200,000-$250,000.
• Affordability: With an income of $112,875, purchasing a home in Memphis is quite feasible, with many options available in desirable neighborhoods that are well within budget.

Quality of Life

• Work-Life Balance: Memphis offers a vibrant culture and community with numerous parks, restaurants, and music venues, contributing to a fulfilling lifestyle.
• Community and Culture: Known for its rich musical heritage, residents can enjoy an active cultural scene with ample opportunities for leisure and recreation.

Access to Healthcare

• Healthcare Services: Memphis has a variety of healthcare providers and several renowned hospitals and medical centers. While healthcare costs are generally in line with national averages, having a higher income facilitates better access to a wide range of services.
• Insurance and Affordability: The income level allows for comprehensive health insurance coverage, which may include options for premium plans with wider networks.

Quality of K-12 Schools

• Public Education: The quality of K-12 education can vary significantly based on the district. Some areas of Memphis have highly rated schools, while others may be less reputable.
• Private School Availability: For those seeking alternatives, Memphis offers various private schools which are a viable option given the income level.

Summary

Living in Memphis, TN on an income of $112,875 provides a solid quality of life. The lower cost of living and housing affordability compared to the national average allow individuals to enjoy financial comfort and flexibility. Though the quality of public education varies, alternatives exist to suit different needs. With accessible healthcare and a rich cultural landscape, residents can experience both security and enjoyment.