Quality of Life in Memphis, TN on an Annual Income of $130,950

Overview of Cost of Living

• Cost of Living Index: Memphis typically has a lower cost of living compared to many other U.S. cities, significantly benefiting individuals earning $130,950 per year.
• Comparison to National Average: The cost of living in Memphis is below the national average, allowing for more disposable income.
• Income Tax: Tennessee does not impose a state income tax, positively impacting take-home pay.

Housing Market

• Median Home Price: As of recent data, the median home price in Memphis is considerably lower than the national average, making home ownership more accessible.
• Affordability: An income of $130,950 enables individuals to take advantage of affordable real estate, often allowing for larger homes in desirable neighborhoods.

Quality of Life

• Standard of Living: With a solid income and a reasonable cost of living, residents can enjoy a comfortable lifestyle with opportunities for savings and investments.
• Cultural and Recreational Opportunities: Memphis offers a rich cultural scene with music, dining, and entertainment that is generally more affordable than in larger cities.
• Community Vibe: The city boasts a friendly, community-oriented atmosphere with a mix of Southern charm and urban living.

Access to Healthcare

• Healthcare Facilities: Memphis is home to several reputable hospitals and medical centers, providing residents with quality healthcare access.
• Healthcare Costs: Despite a generally lower cost of living, healthcare costs can be slightly higher than average, but the income level helps cushion these expenses.

Quality of K-12 Schools

• Public Schools: The quality of public schools in Memphis varies widely, with some schools performing above state standards and others facing challenges.
• Private and Charter Schools: There are numerous private and charter school options available, which may require additional funds from the household budget.
• Investment in Education: Higher earnings afford families the flexibility to invest in their children's education, whether through private schooling or supplementary programs.

Summary of Assessment

Living in Memphis, TN on an income of $130,950 offers a high quality of life due to the city's lower cost of living and affordable housing market. Residents can comfortably cover their expenses while enjoying various cultural, recreational, and educational opportunities. Despite some challenges in the public school system and slightly higher healthcare costs, the absence of a state income tax