Quality of Life for a Resident in Memphis, TN Earned Income: $84,000/year

Summary of Cost of Living

• Affordability: Memphis boasts a lower cost of living in comparison to the national average, making an $84,000 salary stretch further than in many other U.S. cities.
• Prices for Goods and Services: Daily expenses such as groceries, dining out, and transportation are generally cheaper than the national average, contributing to overall economic comfort.

Housing Market

• Home Prices: The median home price in Memphis is significantly more affordable than the national average, making homeownership more attainable for residents.
• Rental Market: Those opting to rent will also find Memphis affordable, with rental prices lower than in other metropolitan areas, allowing for a comfortable lifestyle even for those not purchasing a home.
• Investment Opportunity: The affordability and steady demand for housing make Memphis attractive for real estate investment.

Quality of Life

• Cultural Amenities: Memphis, known for its rich musical heritage and vibrant arts scene, offers a unique cultural experience with myriad events and entertainment options.
• Outdoor Spaces: Residents enjoy access to plentiful parks and the Mississippi River, providing ample opportunities for outdoor activities and recreation.

Access to Healthcare

• Healthcare Facilities: Memphis is home to several reputable hospitals and healthcare facilities, offering a variety of medical services.
• Affordability of Healthcare: The cost of healthcare is relatively average compared to the national spectrum, ensuring medical needs are met without excessive financial burden.

Quality of K-12 Schools

• Public Education: The quality of public K-12 education varies, with some schools performing above average while others face challenges, reflecting the broader national trends in education disparities.
• Private and Charter School Options: Families in Memphis also have access to a selection of private and charter schools that provide additional educational opportunities.

Overall Assessment

Living in Memphis with a salary of $84,000 annually offers a high quality of life relative to many parts of the United States. The lower cost of living and affordable housing market contribute significantly to economic comfort, while the city’s cultural richness and outdoor activities enhance personal and community well-being. Access to healthcare and a range of educational options further support a balanced and fulfilling lifestyle for residents.