Quality of Life in Memphis, TN on a $487,425 Annual Income
Overview of Income Relative to Memphis and National Averages
A yearly income of $487,425 places an individual or household in the upper-income bracket, both locally in Memphis, TN, and nationally across the United States. This income affords a high standard of living when considering the cost of living and housing market factors.
Cost of Living
- Local vs. National Average: Memphis has a lower cost of living compared to the national average. Expenses such as groceries, transportation, and utilities are generally more affordable.
- Affordability: With such a substantial income, individuals can comfortably cover essential expenses and discretionary spending, allowing for savings and investments.
Housing Market
- Median Home Price in Memphis: Approximately $175,000, significantly lower than the national median of around $430,000.
- Affordability: The high income easily accommodates the purchase of luxury homes or properties in desirable neighborhoods without financial strain.
- Market Dynamics: Memphis has a diverse housing market with options ranging from historic homes to modern developments, suitable for any preference.
Quality of Life Factors
Access to Healthcare
- Healthcare Facilities: Memphis is home to reputable health institutions, including St. Jude Children's Research Hospital and Methodist Le Bonheur Healthcare.
- Quality and Accessibility: High income allows access to top-tier medical services and specialty care, if necessary.
Education
- K-12 School Systems: Memphis offers both strong public schools and prestigious private institutions.
- Education Quality: Families can choose from a variety of educational options with higher incomes facilitating access to private schooling if desired.
Summary of the Assessment
Earning $487,425 annually in Memphis enables an exceptionally high quality of life due to the area's lower cost of living and housing affordability compared to national standards. This income ensures comfortable access to healthcare, quality education, and diverse lifestyle opportunities, allowing residents to enjoy both financial security and a well-rounded lifestyle.
