Quality of Life in Memphis, TN: An Overview

Income and General Cost of Living

• Annual Income: $83,400
  • This salary is slightly above the median household income in the United States, which was approximately $68,700 in 2021.
• Cost of Living:
  • Memphis's cost of living is about 20% lower than the national average.
  • Groceries, transportation, and utilities tend to be more affordable in Memphis compared to larger cities.

Housing Market

• Home Prices:
  • The median home price in Memphis is significantly lower than the national median.
  • As of late 2023, the median home price in Memphis is around $250,000 versus the national median home price of approximately $375,000.
• Affordability:
  • A salary of $83,400 allows for comfortable mortgage payments, potentially leaving room for savings.

Quality of Life

• Community and Culture:
  • Rich in musical history and vibrant with cultural festivals.
  • Offers a mix of urban and suburban living options, with abundant parks and outdoor activities.
• Dining and Entertainment:
  • Renowned for its cuisine, particularly barbecue, and a bustling music scene.
  • Affordable dining options that cater to various tastes and budgets.

Access to Healthcare

• Healthcare Facilities:
  • Several top-rated hospitals and medical centers provide excellent medical care.
  • The cost of healthcare is also lower than the national average, making it more accessible for individuals and families.

Quality of K-12 Schools

• Public Education:
  • While there are exceptional public and private schools, some public schools in the area face challenges regarding funding and resources.
• School Choices:
  • A variety of magnet schools, private institutions, and improvement programs offer alternatives and enhanced educational opportunities.

Overall Assessment

Residents in Memphis, earning $83,400 annually, can enjoy a high quality of life due to the relatively low cost of living and affordable housing options. The city's cultural vibrancy, combined with affordable healthcare and diverse educational choices, makes it an attractive option for families and individuals seeking a balance between income and expenses.