Quality of Life in Memphis, TN on a $155,100 Income
Income Overview
Earning $155,100 annually in Memphis, TN places you comfortably above the median household income, allowing for a favorable quality of life in this region.
Cost of Living
- Lower than National Average: The cost of living in Memphis is around 8-10% less than the national average, contributing to increased purchasing power.
- Utilities: Residents often benefit from lower utility costs compared to other major U.S. cities.
- Groceries and Transportation: Slightly less expensive than national averages, contributing to generally affordable day-to-day living expenses.
Housing Market
- Affordability: The median home price in Memphis is significantly lower than the U.S. median, making homeownership more accessible.
- Property Taxes: Typically lower than many other states, which adds further affordability to owning a home.
- Market Trends: Although prices have seen gradual increases, Memphis remains a buyer-friendly market compared to other metropolitan areas.
Quality of Life
- Community and Culture: Known for its rich musical heritage and vibrant cultural scene, Memphis offers a variety of recreational activities and community events.
- Diverse Dining and Entertainment: A wide array of dining options and social venues cater to varied tastes and preferences.
Access to Healthcare
- Healthcare Options: Memphis provides access to reputable healthcare facilities, including renowned hospitals and specialized medical centers.
- Cost of Healthcare: Costs are relatively aligned with national averages, although availability and proximity add value.
Quality of K-12 Schools
- Public Schools: Varied performance amongst public schools, with some highly rated institutions particularly in suburban areas.
- Private and Charter Schools: A substantial number of private and charter schools offer alternative education options, often favored for their specialized programs.
Summary
Living in Memphis, TN on a $155,100 salary allows for a comfortable lifestyle due to:
- A relatively low cost of living and affordable housing market
- Access to quality healthcare and varied education options
- A rich cultural and community atmosphere
Overall, Memphis offers a favorable balance of cost, quality, and amenities, making it an attractive option for individuals or families in this income bracket.
