Memphis is located in the southeastern part of the US, along the Mississippi River. The city is considered one of the largest metropolitan areas in the country. Memphis has thrived as an economic hub over the past few years. It has played a significant role in the transportation and shipping industries, making it an attractive location for businesses that produce goods and ship them nationwide.
As home to one of the world’s largest cargo airports, the Memphis economy has been boosted even further by the manufacturing and transport industries. Manufacturing companies have faced tough economic trends forcing many of them to move offshore seeking cheaper labor, as well as diversifying their services. But Memphis has retained its status as a strong home for these businesses.
Despite the recent recession, which still had significant effects on some industries, the city is gradually recovering. The Memphis unemployment rate is hovering right around the US average at 4%.
Offering its residents a classy lifestyle, there is still a fairly low cost of living in Memphis. The area boasts a range of living conditions from community and family lifestyles to neighborhoods for retirees. It is an amazing city for those who enjoy a rural city with bits of big-city flair.
Memphis Housing Market
The area currently has an abundance of low-cost properties for those moving to Memphis. You’ll be able to find a wide variety of quality living spaces at a reasonable cost all around town. But as the Memphis housing market continues to warm up, you’ll want to act fast to avoid higher pricing over the next few years.
Houses are easy to find at a reasonable price for anyone from first-time homebuyers to experienced investors. Memphis ranks as one of the largest metro areas in the country but is still one of the easiest places to buy a home. The city has taken into account the total cost of a home, whether you are buying or renting. Factors like insurance and taxes have been priced according to these housing costs.
The average price of a home in Memphis is currently around $136,200. This is a significant 9.6% increase over the past year, due to the booming housing market. With another 2.4% increase over the next 12 months, the area is projected to keep growing. Thanks to the low-priced homes in the area, demand has gradually increased and more homes are being purchased every year.
Cost of Renting in Memphis
Memphis offers affordable housing to area residents. The rental options in Memphis include single-family homes, townhomes for lease, hotel rooms, corporate housing, luxury apartments, and a handful of others.
On average, monthly rent prices in Memphis for a one-bedroom unit in an apartment are around $900 in town, dropping to around $830 as you get further from the city center. These numbers are well below the US average at $1,230 per month in downtown areas and $980 on the outskirts.
Memphis Transportation Costs
Transportation prices in town are a bit more than other cities, with the Memphis cost of living index ranking just ten points higher than the US average. One way tickets on the local transit authority buses and trolleys around the city average $1.75 for adults, $1.35 for students, and $0.85 for senior citizens.
Public transport is controlled by Memphis Area Transit Authority (MATA) with simple and effective routes. Taking one of the city trolleys is another basic option if you live or work along with their set destinations.
You can also use shuttle transports to places like the Memphis International Airport located in downtown. If you need a ride, rideshare programs and local taxi services are readily available. But the easiest and most convenient way to travel around town will be in your own car. Thanks to the more rural atmosphere in the area, Memphis experiences minimal traffic compared to other big cities.
Rentable bikes are also available as a convenient means of transportation for short distances. You can rent a bike for an hour, a day, or even a week. You can simply purchase a membership card and pick up the bike. After your rental period has ended, they do request you return the bike to the rental station.
Memphis Utility Costs
Utilities will range depending on the size of your home or apartment. But basic Memphis utility costs for two people in a 915 square foot apartment include heating, electricity, cooling, water, garbage, and gas have an average around $140 per month. These costs are about $10 less than the US average.
For internet service around 60 Mbps downloading speeds, with unlimited data, averages $54 per month.
Food and Dining Costs in Memphis
Like many cities in the US, Memphis food and grocery costs tend to average out between the different food options. Things like milk, rice, eggs, and cheese are a bit more than average. While groceries like bread, chicken, and produce cost less in Memphis.
The cost of meals stays around the same as the rest of the country as well. Fast food restaurants can comfortably feed two people for about $13, with nicer restaurants charging around $50 for two of their 3-course meals.
There is a wide variety of good restaurants in Memphis, where you can sit back and relax as you enjoy your meal. The city is known for its barbecue, so you’ll have to decide which place has the best ribs and pulled pork. Be sure to check out Central BBQ, Rendezvous, and Cozy Corner as part of your search.
A few other places worth trying include Gus’s Famous Fried Chicken, The Arcade classic diner, or Alcenia’s southern-style cuisine.
Average Income in Memphis
The median income in Memphis is around $37,099 per year, which is about $16,000 less than the US average. But as the area’s unemployment rate continues to drop, these income numbers are expected to go up. In the meantime, a low cost of living in Memphis is reflected by these lower-income numbers, making for much more affordable living situations.
An average of around $22,000 is what locals will need to spend on basic necessities like housing, groceries, and other living expenses.
Other Living Expenses in Memphis
The cost of living index in Memphis is 65.95, setting it up as an affordable option in the US. Taking rent or a house payment out of the equation, the average cost of living expenses in Memphis for a single person is around $830. While a family of four can expect to pay around $2,960 per month.
Parents who need affordable things to do with kids in Memphis will find plenty of options including the Memphis Zoo, My Big Backyard, and the Children’s Museum of Memphis.
A range of other local events can be found to keep you entertained while you’re living in Memphis.
Moving to Memphis?
Memphis is a comfortable, budget-friendly city with great places to eat, affordable housing, and an efficient public transportation system. The area is growing rapidly as residents are filling up the city’s affordable neighborhoods.
The incredibly low cost of living in Memphis makes the city even more attractive to people planning to move there.
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