Quality of Life in Memphis, TN on a $118,875 Annual Salary
Living in Memphis, Tennessee, with an annual income of $118,875 offers a quality of life that is generally favorable compared to many parts of the United States. Let’s explore the various aspects including cost of living, the housing market, quality of life, healthcare access, and education quality.
Cost of Living
- Affordability: Memphis boasts a cost of living that is approximately 20% lower than the national average.
- Essentials: Groceries and transportation costs are generally affordable, contributing positively to overall living expenses.
- Savings Potential: With a higher-than-average income and a lower cost of living, there is substantial potential for savings and discretionary spending.
Housing Market
- Home Prices: The median home price in Memphis is significantly more affordable than the national median, offering more buying power.
- Housing Options: There is a wide variety of housing options available, from historic homes to modern apartments.
- Property Taxes: Relatively low property taxes make owning a home in Memphis more financially manageable.
Quality of Life
- Cultural Amenities: Memphis offers rich cultural experiences including music venues, museums, and festivals celebrating its heritage.
- Outdoor Activities: There are ample parks and recreational areas for those who enjoy outdoor activities.
- Dining and Entertainment: The city is known for its vibrant food scene, particularly its barbecue and soul food cuisine.
Access to Healthcare
- Healthcare Facilities: Memphis is home to several reputable hospitals and healthcare providers.
- Specialist Care: Access to a variety of healthcare specialists ensures comprehensive care is available.
- Health Insurance: With an income of $118,875, quality health insurance is accessible, often through employer-sponsored plans.
Quality of K-12 Schools
- Public Schools: The quality of public education can vary, with some schools performing above average while others may require improvement.
- Private Education: There are numerous private school options that offer high standards of education, though they come with additional tuition costs.
- School Choice: The presence of charter schools and a variety of extracurricular options contribute to diverse educational opportunities for children.
Overall Assessment
Living in Memphis with an annual income of $118,875 allows for a comfortable lifestyle with opportunities for savings and leisure spending. The affordable housing market and lower cost of living relative to the national average make owning property an achievable goal. While the quality of public
