Quality of Life in Memphis, TN on a $123,000 Salary

Overview of Cost of Living

• Cost of Living Index: Memphis is known for its relatively low cost of living compared to the national average.
• Comparison to National Average: On a national scale, the cost of living in Memphis is about 14% lower, making it a more affordable place to reside for individuals and families.

Housing Market

• Average Home Price: The average home price in Memphis is significantly lower than the national median.
• Affordability: With a $123,000 yearly income, purchasing and maintaining a home is more accessible in Memphis than in many other cities. The income allows for greater flexibility in choosing desirable neighborhoods while still managing mortgage payments comfortably.

Quality of Life

• Income Utilization: Earning $123,000 per year in Memphis allows for a high standard of living, with disposable income for discretionary spending and savings.
• Cultural and Recreational Opportunities: The city offers a diverse array of cultural attractions, music festivals, and outdoor activities, enhancing the quality of life.

Access to Healthcare

• Healthcare Facilities: Memphis is home to several reputable hospitals and healthcare facilities, providing residents with good access to necessary medical services.
• Cost and Insurance: Healthcare costs in Memphis are generally lower than the national average. Access to employer-sponsored health insurance plans on a $123,000 salary ensures adequate healthcare coverage.

Quality of K-12 Schools

• Public Schools: The quality of public schools in Memphis can vary. Some areas offer strong educational programs, while others may face challenges.
• Private and Charter Options: There are many private and charter school options in Memphis that can be accessible with a $123,000 annual income, providing alternatives for families seeking top-tier education.

Summary

Living in Memphis on a $123,000 salary offers a robust quality of life due to the city's lower cost of living and affordable housing market. Residents enjoy a good balance between expenses and lifestyle, with ample opportunities to engage in cultural and recreational activities. While public school quality may vary, access to a range of educational and healthcare services supports a comfortable and fulfilling life in the city.