Quality of Life in Memphis, TN on an Annual Income of $138,300
Living in Memphis, TN with an annual income of $138,300 offers a relatively comfortable lifestyle compared to many parts of the United States. Here’s an assessment of various factors affecting the quality of life:
Cost of Living
- Affordability: Memphis has a lower cost of living than the national average, making it more affordable for individuals or families earning $138,300.
- Consumer Goods and Services: Expenses for groceries, utilities, and transportation are generally below the national average.
- Taxation: Tennessee has no state income tax, which can increase disposable income compared to states with higher income taxes.
Housing Market
- Home Prices: The median home price in Memphis is significantly lower than the national median, making housing more accessible.
- Renting vs. Buying: With lower home prices, buying is often more economical compared to renting, offering good investment potential in the housing market.
- Property Taxes: While generally higher than some states without income tax, property taxes in Memphis remain manageable due to lower home prices.
Quality of Life
- Cultural Amenities: Memphis is rich in culture, with ample activities related to music, food, and the arts, enhancing residents' quality of life.
- Outdoor Activities: The city offers numerous parks and recreational opportunities, catering to an active lifestyle.
- Community and Diversity: A diverse population contributes to a varied cultural landscape and community-driven initiatives.
Access to Healthcare
- Healthcare Facilities: Memphis has reputable hospitals and medical centers, with increased access to care for residents.
- Costs: Healthcare costs are close to the national average, but the lower overall cost of living may balance any discrepancies.
Quality of K-12 Schools
- Public Education: The quality of public schools varies, with some highly rated institutions and others needing improvement.
- Private School Options: There are numerous private schools available, offering alternatives to public education.
- Educational Investments: Efforts to improve education and infrastructure continue to be a focus for community development.
Summary of Assessment
Individuals or families earning $138,300 in Memphis, TN, enjoy a favorable quality of life due to the lower than average cost of living and affordable housing market. The absence of a state income tax increases disposable income, which can be allocated towards cultural activities, private education
