Quality of Life in Memphis, TN: A Financial Assessment

Income Overview

• Annual Income: $158,325
• Comparison: Significantly higher than the median household income in Memphis and above the national median.

Cost of Living

• General Cost of Living:
  • Memphis boasts a cost of living that is below the national average.
  • Lower expenses in food, healthcare, and transportation compared to many other U.S. cities.
• Index Comparison:
  • Overall cost of living index in Memphis is approximately 80, with the U.S. average being 100.

Housing Market

• Average Home Price:
  • Median home prices in Memphis are generally lower than the national average.
  • Affordable options with a wide range of choices, from urban lofts in downtown to suburban homes.
• Affordability:
  • With a salary of $158,325, purchasing a home in Memphis would typically take up a smaller portion of income relative to many other cities, leaving more disposable income for other expenses.

Quality of Life

• Cultural and Recreational Activities:
  • Memphis is rich in culture with its music heritage, arts scene, and outdoor activities along the Mississippi River.
• Community and Lifestyle:
  • Offers a blend of Southern charm and modern urban living.
  • Welcoming communities with diverse neighborhoods to choose from.

Access to Healthcare

• Healthcare Facilities:
  • Presence of reputable hospitals and medical centers.
  • Below-average healthcare costs compared to other major cities.
• Healthcare Quality:
  • Facilities like St. Jude Children's Research Hospital and Methodist Le Bonheur Healthcare serve as highlights.

Quality of K-12 Schools

• Public Schools:
  • Varying quality with some high-performing charter and magnet schools.
  • Program availability and performance can be inconsistent across districts.
• Private Schools:
  • Availability of several well-regarded private school options.
  • Financial access is enhanced by the higher salary bracket.

Summary of Assessment

Individuals earning $158,325 annually in Memphis, TN, enjoy a high quality of life, owing to the overall lower cost of living and more affordable housing market compared to the national average. Access to quality healthcare remains strong, and while public school quality can be variable, there are several strong private and charter options. This income allows for a comfortable lifestyle complemented by Memphis's vibrant culture and