The median income is the area is below $28,000, about half of what is needed to meet the “50/30/20” rule. In Memphis, the site lists the median income as $38,230 a year, but says the needed income if you’re a homeowner is $63,595 a year, and that the needed income if you’re a renter is $69,331.
Contents
How much do you need to make to live comfortably in Memphis?
Memphis is another city where residents aren’t making enough to really take advantage of the low cost of living the way one would hope. While you would need less than $70,000 a year to live comfortably there, the median earner in the city is making less than $40,000 a year.
What is a good salary in Memphis TN?
Average Salary in Memphis, TN
| Annual Salary | Weekly Pay | |
|---|---|---|
| Top Earners | $84,893 | $1,632 |
| 75th Percentile | $69,801 | $1,342 |
| Average | $58,468 | $1,124 |
| 25th Percentile | $46,691 | $897 |
Is it expensive to live in Memphis?
Memphis’s housing expenses are 34% lower than the national average and the utility prices are 3% higher than the national average. Transportation expenses like bus fares and gas prices are 11% lower than the national average. Memphis has grocery prices that are 9% lower than the national average.
Is Memphis a cheap place to live?
On top of that, a recent WalletHub study rates Memphis as second among 150 major cities for having the lowest median forecast for a rent increase, and second for having the lowest cost of living.The study, for example, shows that Memphis ranks 63 out of 150 cities for rent affordability. That’s not bad.
What are the pros and cons of living in Memphis Tennessee?
Here are the key pros and cons of moving to Memphis, TN:
| The Pros of Living in Memphis | The Cons of Living in Memphis |
|---|---|
| You’ll enjoy sports | High sales tax |
| Memphians are friendly | You’ll need a car to move around in Memphis |
| Top-quality education | You may have to deal with tornadoes and violent storms |
Is Memphis Good place to live?
Have you ever wanted to live in a city where music and culture fill the streets? Then Memphis might be the perfect place for you! Not only is the second largest city in Tennessee the birthplace of rock and roll, but it also has affordable housing, great schools, some of the best barbecue, and much more.
Is Memphis a poor city?
The city of Memphis has a poverty rate of 27.8%. Child poverty is 44.9%, while the poverty rate for people over age 65 is the lowest of any age group at 15.8%. Poverty in Memphis has increased markedly for all ages and for non-Hispanic Blacks as a whole, while decreasing for non-Hispanic Whites and for Latinos.
How much do you need to make to live comfortably in Tennessee?
Typical Expenses
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 1 Child | |
| Civic | $1,811 | $3,554 |
| Other | $2,875 | $5,144 |
| Required annual income after taxes | $23,718 | $51,743 |
Where is the lowest cost of living in the US?
Here are the 10 most affordable states in the U.S.:
- Indiana. Average cost of living index: 90.57.
- Michigan. Average cost of living index: 90.40.
- Missouri. Average cost of living index: 89.75.
- Tennessee. Average cost of living index: 89.49.
- Georgia. Average cost of living index: 89.30.
- Arkansas.
- Alabama.
- Oklahoma.
What part of Memphis is bad?
Downtown has the unenviable title of the most dangerous neighborhood in Memphis. The downtown area of Memphis is located along the Mississippi River between Interstate 40 to the north, Interstate 55 to the south, and I-240 to the east. In downtown, the crime rate is 363% above the national average.
Where should I not live in Memphis?
The most dangerous areas in Memphis is based on data from the local law enforcement agency and when not available, also includes estimates based on demographic data.
- Downtown.
- Parkway Village-Oakhaven.
- Shelby Forest-Frayser.
- Berclair-Highland Heights.
- Midtown.
- White Haven-Coro Lake.
- Raleigh.
- East Memphis-Colonial-Yorkshire.
Is it safe to live in Memphis TN?
Safety. We’ve got to admit that Memphis isn’t exactly a safe place to live.The Memphis Police Department oversees law and order, and they have a busy job keeping citizens safe – Memphis is safer than only 0.6 percent of the cities in the nation and you have a 1 in 13 chance of being a victim of crime here.
Is moving to Memphis a good idea?
Low cost of Living – One of the things that makes Memphis so attractive to people who are relocating is the low cost of living. From the price of dinner, the utilities of a household and the cost of housing itself to the price of other good and services. The city itself boasts a 91.8 on the cost of living index.
Who lives in Memphis Tennessee?
Some—but by no means all—of the famous people who have at one point have called Memphis home include:
- Elvis Presley, whose Graceland mansion is still a major Memphis tourist attraction to this day.
- Morgan Freeman.
- Justin Timberlake.
- Cybill Shepherd.
- Elise Neal.
- Kathy Bates.
Where should I move in Memphis?
To help you find the best location for you, here are the 20 best places to live in Memphis.
- Midtown. Thrillist says that one of the best places to live in Memphis is Midtown.
- East Memphis.
- Downtown.
- Oakland.
- Brighton.
- Munford.
- Millington.
- Horn Lake.
Does Memphis get snow?
Memphis, Tennessee gets 54 inches of rain, on average, per year. The US average is 38 inches of rain per year. Memphis averages 3 inches of snow per year. The US average is 28 inches of snow per year.
What is the median salary in Memphis?
– The average income of a Memphis resident is $21,909 a year. The US average is $28,555 a year.
Income and Salaries for Memphis.
| ECONOMY | Memphis, Tennessee | United States |
|---|---|---|
| Income Tax | 0.0% | 4.6% |
| Income per Cap. | $23,629 | $31,177 |
| Household Income | $38,230 | $57,652 |
| Family Median Income | $45,673 | $70,850 |
Is Memphis the poorest city in America?
In 2019, Memphis continued in second place in both overall poverty and child poverty among large Metropolitan Statistical Areas (MSA) with populations greater than 1,000,000 and in child poverty among large cities with populations greater than 500,000.
What is Memphis known as?
The name Memphis means Established and Beautiful. Known worldwide as the “Home of the Blues & Birthplace of Rock ‘n’ Roll – not to mention gospel, jazz, R&B, rap and soul. Close to 20 percent of the earliest inductees (24 of the 97) in the Rock ‘n’ Roll Hall of Fame have come from within a 100-mile radius of Memphis.
What is a livable salary in Tennessee?
Living Wage Calculation for Davidson County, Tennessee
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $14.84 | $30.69 |
| Poverty Wage | $6.13 | $12.60 |
| Minimum Wage | $7.25 | $7.25 |
