Quality of Life in Memphis, TN for an Income of $116,100
With an annual income of $116,100 in Memphis, Tennessee, individuals can enjoy a comfortable lifestyle relative to both local and national averages. This income level can afford a variety of luxuries and necessities, owing to Memphis's relatively low cost of living.
Cost of Living
- Overall Affordability: Memphis ranks as one of the more affordable major cities in the United States, making it an attractive place for individuals considering relocation or long-term residence.
- Comparison to National Average: Generally, the cost of living in Memphis is about 12-13% lower than the national average, which allows residents making $116,100 to have more purchasing power compared to the broader United States.
Housing Market
- Home Prices: The median home price in Memphis is significantly lower than the national median home price, making homeownership more accessible for individuals and families earning $116,100 per year.
- Rental Market: For those preferring to rent, Memphis offers competitive rental rates that are also below the national average, ensuring affordability whether purchasing or leasing a home.
Quality of Life
- Living Comfortably: An income of $116,100 supports a comfortable lifestyle that includes the ability to own a home, participate in recreational activities, and enjoy dining and entertainment options.
- Dining and Entertainment: Memphis is known for its vibrant music scene and diverse culinary landscape, with numerous affordable options available throughout the city.
Access to Healthcare
- Healthcare Facilities: Memphis is home to several notable healthcare facilities and hospitals, providing residents with access to quality health services.
- Cost of Healthcare: While healthcare costs are a concern nationwide, Memphis generally aligns with the national average, ensuring affordability within the budget of someone earning $116,100.
Quality of K-12 Schools
- Public Schools: The quality of public K-12 education in Memphis can vary, with some schools performing above state averages, while others are in need of improvement.
- Private Schools: For families seeking alternative education options, there are several private schools in the area, although this can become a significant budget item.
Summary of Assessment
Individuals earning $116,100 annually in Memphis, TN, can expect to lead a comfortable and financially rewarding life. With a cost of living below the national average and accessible housing prices, Memphis provides an ideal environment for home
