Quality of Life in Memphis, TN for an Income of $118,050

Overview of Cost of Living

• General Expenses: Memphis, TN, has a lower cost of living than the national average. Basic living expenses, including groceries, transportation, and utilities, tend to be more affordable.
• Cost of Essentials: According to data, overall living costs are approximately 17% below the national average, which translates to more disposable income.

Housing Market

• Median Home Prices: The median home price in Memphis is considerably lower than the national median. As of recent data, the median price is around $200,000, compared to the national average of over $400,000.
• Affordability: This income allows for significant purchasing power in the housing market, providing options for spacious homes in desirable neighborhoods.

Quality of Life

• Work-Life Balance: With a relatively low cost of living, individuals can enjoy a balanced lifestyle, incorporating leisure activities and savings.
• Cultural and Recreational Opportunities: Memphis boasts a rich cultural scene, with attractions like the legendary Beale Street, the vibrant music scene, and numerous parks.

Access to Healthcare

• Healthcare Facilities: Memphis offers access to several reputable healthcare institutions, though the quality of care can vary.
• Healthcare Costs: The costs are moderate but generally more affordable compared to larger metropolitan areas.

Quality of K-12 Schools

• Public Schools: The quality of public schools is mixed, with some high-performing schools and others facing challenges.
• Private Education Options: There are numerous private and charter schools that provide alternative education choices, often at a higher cost.

Summary of Assessment

Residents in Memphis, TN, making $118,050 annually typically experience a high quality of life due to the city's lower cost of living and housing affordability. This allows for comfortable living conditions and potential savings or investments. While access to good healthcare is available, educational options might require consideration between public and private schools to ensure a quality K-12 experience.