Quality of Life Assessment for a $158,625 Salary in Memphis, TN

Overview

A person earning $158,625 per year in Memphis, TN, typically enjoys a higher quality of life relative to many other regions in the United States due to the city's favorable cost of living and housing market. This income places an individual or household well above the median income levels both locally and nationally.

Cost of Living

• General Affordability: Memphis offers a lower cost of living compared to the national average. Expenses like groceries, utilities, and transportation are generally more affordable.
• Expense Categories:
  • Housing: Relatively low housing costs are a significant contributor to Memphis's affordability.
  • Healthcare and Education: These sectors are more cost-effective compared to larger metropolitan areas.

Housing Market

• Home Prices:
  • The median home price in Memphis is significantly lower than the national average, making homeownership accessible for individuals with this income.
  • For $158,625 per year, purchasing a comfortable, sizable home in a desirable neighborhood is a viable option.
• Housing Options:
  • Availability of diverse housing types ranging from modern apartments to historic homes.

Quality of Life

• Cultural and Recreational Activities:
  • Memphis boasts a vibrant cultural scene with music festivals, museums, and theaters.
  • There are ample outdoor activities, with numerous parks and the Mississippi River providing opportunities for recreation.
• Community Atmosphere:
  • Known for its friendly and welcoming community, which enhances the overall living experience.

Access to Healthcare

• Healthcare Facilities:
  • Memphis hosts several reputable hospitals and healthcare facilities.
  • Individuals can access a range of medical services at prices more affordable than those in larger cities.
• Quality of Care:
  • High standards of medical care due to the presence of notable health institutions.

Quality of K-12 Schools

• Public Schools:
  • The quality of public schools varies, with some high-performing schools and districts, but overall, there's room for improvement.
• Private and Charter Schools:
  • Numerous private and charter school options provide alternatives for families seeking different educational experiences.

Assessment Summary

Living in Memphis, TN, with an annual salary of $158,625 provides a robust quality of life thanks to the city's lower living costs and affordable housing market. Residents