Quality of Life in Memphis, TN on a $197,550 Annual Income
When considering a salary of $197,550 in Memphis, TN, it's important to evaluate how this income stands against the cost of living, the housing market, access to healthcare, and quality of education compared to national averages.
Cost of Living
- Overall Cost of Living: Memphis has a relatively low cost of living compared to national averages. Expenses like groceries, transportation, and utilities tend to be lower.
- Savings Potential: With an above-average income like $197,550, individuals can experience a comfortable lifestyle with significant opportunities for savings and investments.
Housing Market
- Median Home Prices: As of the latest data, the median home price in Memphis is significantly lower than the national average, making it more affordable for residents to own property compared to many other parts of the U.S.
- Housing Affordability: With your income, affording a median-priced home in Memphis can be quite feasible, allowing for potential investment in higher-end real estate or larger properties.
Quality of Life
- Lifestyle Opportunities: Memphis offers a rich cultural scene, especially with its known history in music and Southern cuisine, enhancing the quality of life with diverse recreational options.
- Cost of Living Advantage: The lower cost of living allows for discretionary spending on entertainment, dining, and travel.
Access to Healthcare
- Healthcare Facilities: Memphis hosts several reputable hospitals and healthcare facilities, offering accessible and quality medical care.
- Healthcare Costs: Although healthcare costs might be slightly above average, the income level provides sufficient coverage for quality healthcare services.
Quality of K-12 Schools
- Public Education: The quality of public schools in Memphis varies, with some highly rated and others needing improvement, which might affect choosing neighborhoods based on school quality.
- Private Education Options: Given the high income, private schooling can also be considered as a viable option to ensure access to quality education.
Assessment Summary
Overall, a $197,550 annual salary in Memphis, TN, affords a high quality of life relative to the cost of living and the affordable housing market. This income level supports comfortable living with the possibility of investment in real estate or other areas. With access to good healthcare facilities and various educational opportunities, Memphis offers a well-rounded environment for individuals and families looking to enjoy both economic and cultural advantages.
