Quality of Life in Memphis, TN with an Annual Income of $123,450
Overview
With an annual income of $123,450, residents in Memphis, TN can enjoy a comfortable lifestyle considering the city's cost of living, housing market, access to healthcare, and quality of K-12 schools. This income level provides a favorable balance relative to the national average, allowing for financial stability and a satisfying quality of life.
Cost of Living
- Below National Average: Memphis boasts a lower cost of living compared to many other U.S. cities.
- Expenses: Everyday expenses such as groceries, transportation, and utilities are generally affordable.
- Savings Potential: Opportunities for saving and discretionary spending are significant at this income level, given the reasonable cost structure.
Housing Market
- Affordable Housing: Memphis offers a more affordable housing market compared to the national average.
- Home Prices: As of late 2023, the median home price in Memphis remains lower than in many other metropolitan areas, allowing for more purchasing power.
- Variety: Prospective homeowners can find a range of housing options, from historic properties to modern developments.
Quality of Life
- Cultural Vibrancy: Memphis is rich in cultural and recreational opportunities, with its music scene, museums, and parks.
- Community and Lifestyle: The city offers a blend of urban and suburban lifestyles, suitable for different living preferences.
- Crime Rate: It is essential to note some areas may have higher crime rates, requiring consideration when choosing residential locations.
Access to Healthcare
- Healthcare Facilities: Memphis houses reputable healthcare institutions and is known for its accessible medical services.
- Affordability: Healthcare costs are typically lower than the national average, contributing positively to residents' financial well-being.
Quality of K-12 Schools
- Public Schools: There are varied levels of performance among public schools, with some areas offering stronger education systems than others.
- Private and Charter Schools: A range of private and charter schools are available, providing alternatives for different educational preferences and needs.
- Educational Investment: Families may need to invest in educational resources or consider supplementary programs for enhanced learning outcomes.
Summary of Assessment
Overall, earning $123,450 annually in Memphis, TN allows for a standard of living that is highly competitive compared to many other U.S. locations. The relatively low cost of living combined
