Quality of Life in Memphis, TN: $127,650 Annual Income
Overview
Memphis, Tennessee, offers a distinct quality of life that is influenced by its unique cost of living factors, regional housing market, access to amenities, and community services. For someone earning $127,650 per year, here’s how their lifestyle might compare to the broader U.S.
Cost of Living
- Affordability: Memphis generally boasts a lower cost of living compared to the national average.
- Utilities: Utility costs are slightly below the national average, which can offer additional savings.
- Groceries and Dining: Food expenses are moderately priced, providing budget flexibility for dining out and grocery shopping.
Housing Market
- Home Prices: The median home price in Memphis is significantly lower than the national average, enabling more purchasing power for high-earning individuals.
- Rentals: Renting is affordable, but purchasing property is often a more economically viable option due to lower mortgage rates relative to rental costs.
- Property Taxes: Property taxes in Memphis are moderate, balancing the financial burden associated with homeownership.
Quality of Life
- Entertainment and Culture: Known as a cultural hub, Memphis offers rich music heritage, dining options, and vibrant arts scenes.
- Outdoor Activities: The city has numerous parks and recreational areas for outdoor and leisure activities.
- Crime Rate: Some areas may have higher crime rates, which could influence neighborhood choices.
Access to Healthcare
- Healthcare Facilities: Memphis is home to reputable hospitals and medical centers offering a range of services.
- Healthcare Costs: While healthcare quality is generally high, costs can vary based on insurance and healthcare facility, potentially higher than the national average in some areas.
Quality of K-12 Schools
- Public Schools: The quality of public schools can vary widely across different neighborhoods in Memphis.
- Private and Charter Schools: There are several highly-regarded private and charter schools, providing alternatives for education.
- Investment in Education: The city is making strides to improve educational outcomes, with various initiatives in place.
Assessment
Overall, a person earning $127,650 per year in Memphis can enjoy a comfortable lifestyle, leveraging the city’s affordability in housing and everyday expenses. The potential for vibrant cultural and social experiences adds value to living in Memphis. When weighing all factors, including education and healthcare access, the lifestyle offered
