Quality of Life in Memphis, TN on an $87,300 Salary
Cost of Living
- Overall Cost of Living: Memphis generally has a lower cost of living compared to many major cities in the U.S. This includes housing, transportation, and groceries.
- Comparison to National Average: The cost of living in Memphis is about 15-20% lower than the national average, allowing residents to stretch their income further.
Housing Market
- Median Home Price: As of 2023, the median home price in Memphis is relatively affordable, approximately $205,000, compared to the national median of around $400,000.
- Housing Affordability: On an $87,300 salary, purchasing a home in Memphis is quite feasible. With lower property prices and reasonable tax rates, homeownership is accessible.
- Renting: Average rent for a two-bedroom apartment is about $1,100, which is substantially lower than in many other urban areas in the U.S.
Quality of Life
- Entertainment and Leisure: Memphis offers a rich cultural scene with music, dining, and historical attractions, enhancing residents' quality of life.
- Transportation: Public transportation options are somewhat limited, so owning a car is generally necessary for convenience.
- Climate: The city experiences a moderate climate with hot summers and mild winters, making outdoor activities possible year-round.
Access to Healthcare
- Healthcare Facilities: Memphis has several reputable hospitals and healthcare facilities, such as the Methodist and Baptist Memorial Health Systems.
- Healthcare Costs: While healthcare is accessible, costs can be above average depending on insurance coverage.
Quality of K-12 Schools
- Public Schools: The quality of public K-12 education in Memphis can vary significantly. Some schools are highly rated, while others may face challenges.
- Private and Charter Schools: There are several private and charter schools that offer strong educational programs, presenting alternatives to public schooling.
Summary
Living in Memphis, TN, with an $87,300 annual salary allows for a good quality of life relative to many parts of the country. The lower overall cost of living, affordable housing market, and engaging cultural scene contribute positively. Although the public school system presents variability, and healthcare costs can be high, the overall setting provides a balanced and comfortable lifestyle for residents in this income bracket.
