Quality of Life in Memphis, TN for an Annual Income of $107,025
Memphis, Tennessee, offers a favorable quality of life for individuals earning $107,025 annually, primarily due to its lower cost of living compared to many metropolitan areas in the United States. Here's a detailed assessment:
Cost of Living
- Affordability: Memphis has a cost of living that is approximately 14% lower than the national average, making it an attractive location for those earning a substantial salary.
- Expenses: Common expenses such as groceries, utilities, and transportation are modestly priced, allowing for greater discretionary spending or savings.
Housing Market
- Median Home Price: The median home price in Memphis is significantly lower than the national average, offering an opportunity to purchase a spacious, comfortable home.
- Buying vs. Renting: With affordable housing prices, buying a property in Memphis is often more economically sound compared to renting, providing equity and investment growth potential.
Quality of Life
- Community and Culture: Memphis is renowned for its rich cultural tapestry, vibrant music scene, and community events, fostering an engaging and fulfilling lifestyle.
- Outdoor Activities: The city offers numerous parks and outdoor spaces, promoting a balanced and active way of life.
- Transportation: While public transportation options are limited, the city’s size and layout make car travel feasible and usually stress-free.
Access to Healthcare
- Healthcare Facilities: Memphis hosts several reputable healthcare facilities, including specialized hospitals and healthcare centers, ensuring quality medical care.
- Cost of Healthcare: Medical expenses, while variable, typically align with or are slightly below the national average, supported by employer health benefits for many professionals.
Quality of K-12 Schools
- Public Schools: The public school system in Memphis varies, with some high-performing schools, but also districts that face challenges.
- Private Schools: There are several high-quality private schools offering alternative education options, which can complement income brackets such as this.
Assessment Summary
Overall, someone earning $107,025 per year in Memphis, TN, can expect a highly favorable quality of life. The lower cost of living, affordable housing, rich cultural offerings, access to quality healthcare, and a variety of schooling options make Memphis an attractive choice for settling down and enjoying a well-rounded life.
