The costs of living in Memphis explained
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Living in Memphis has many upsides. From being a basketball city, a country music capital of the world, and home to a BBQ world championship, there are many reasons to love this city. However, one of the favorite things Memphis residents love about this place is how affordable it is. It is great to have many amenities, events, social gatherings, abundant nightlife, and an amazing job market available. But if the price of living is way too high, that makes it much harder to enjoy these benefits. Luckily, Memphis is as affordable as it is entertaining. So, before you call your moving companies in Tennessee, let us go over the costs of living in Memphis. Once we do so, you can decide for yourself whether relocating here is the right choice.
What are the costs of living in Memphis?
The overall costs of living in Memphis are 13% lower than the national average. This includes groceries, bills, gas, housing, and healthcare. This is extremely important for growing young families and people who want to retire here. Memphis is 15th on the list of the cheapest places to buy a property in the US. And the renting market is highly favorable as well. The more popular cities like Nashville are the most expensive with an average price of $1.500 per month. But across Tennessee and especially in Memphis, you can expect to pay $700 for a two-bedroom and around $1000 for a three-bedroom apartment. This is amazing, especially when we consider the growth in the population and the higher demand on the market in 2022. In a nutshell, get ready to save some money once you move to Memphis.
The real estate market in Memphis
Property prices are stabilized over the years and with some of the lowest property taxes in the US, this place is even more appealing for buying a property. The average property tax is around $1.200 which is twice lower than the national average. And when we add no state income tax to this equation, you can expect a hefty amount of around $3.500 added to your savings account per year. The only downside is the 9.75% sales tax, but we will talk a bit more about it later down the line. For the purposes of explaining the costs of living in Memphis, we will take a recent Covid outbreak as an example. Yes, it forced many people to relocate to the south which led to an all-time record of 9% growth which is 2% higher than the national average.
Memphis now has 6.2 million residents, and it is predicted that the growth will continue, and it will reach almost 8 million residents by 2040. Such high growth resulted in new homes being built and the market stabilizing. Now, the price for a family home is around $210k which is 22% lower than the national average. Overall, Memphis quickly became one of the hot spots for young families. So, if the costs of living in Memphis lured you in, and made this topic interesting, you can start searching for Memphis moving companies and get ready to become a resident within a week or so. If not, let us continue and explain a bit more about the cost of living in this amazing city.
What are the costs of basic needs
There is no income tax in Memphis but there is a property tax which is, luckily, much lower than in the rest of the US. But the sales tax is almost at 10%. Although, suburban areas are sitting at 7% which is a bit better. Luckily, there is a tax-free weekend a couple of times a year where people can cover the shopping at a much lower expense. Usually, it goes around the time when the school year begins so everyone can afford the basic necessities for their children. And for the best deals and inexpensive shopping in general, you must check Southaven outlets. There you’ll find some of the best deals, especially during the time of holidays.
Moreover, if you want to get around Memphis, you should own a personal vehicle. Simply because there is a MATA that operates locally within the inner city area and there is bus transportation in Downtown Memphis. All other areas have no public transportation which is something you must think about in advance. Although, gas is cheaper than before sitting at $2.99 or so. This means you can own a car and support the monthly expense easily. Lastly, the winters in Memphis are mild with only a couple of days of snowing. This is good because you can cut on cleaning, maintenance, and other snow and ice-related expenses. It is easier on the clothes shipping and car maintenance as well.
Groceries and utilities
Inflation hits everyone no matter where you live. And Memphis is no exception. The price of groceries went up at least 15% in some areas. Although, this is still way below the national average. And if you are mostly cooking and eating at home, you shouldn’t worry about a thing. Restaurants are where inflation hits the most. If you intend on dining outside, you must be ready to set aside at least 30% of your overall income. Of course, this depends on how much you earn. But still, those prices in some restaurants are way too high.
Utility bills have gone up around 35-40% in some areas. Heating and electricity are the main issues for most people. Luckily, those mild winters we already mentioned are working to your advantage. The heating period is no longer than 3 months which is good for your budget. Lastly, moving labor in Memphis is cheaper than in the rest of Tennessee because there is a high demand and prices must stay competitive. This will also work to your advantage once you start preparing the budget for the Memphis relocation.
Final words on the costs of living in Memphis
Healthcare is way below the national average and what makes it even better, it is of the highest quality. We must name the St. Jude Children’s Research Hospital as one of the best cancer treatment hospitals in the world. Obviously, there are hundreds of hospitals and private practices in Tennessee. And most of them are way above the quality bar. And when we include the scorching summers and the high humidity levels that influence people with heart problems, there is a bigger need for doctor appointments. This may be an extra expense yearly, but it is still affordable.
Although, as long as you live through the two scorching months per year, you won’t have this issue anymore. You will spend less on heating and the AC because the weather across the year is generally mild and comfortable. So, as you can see, aside from shopping, gas, residential movers Memphis, and real estate, healthcare is affordable as well.
Now that we’ve gone over the costs of living in Memphis, what are you going to do with this information? Is Memphis the right place to relocate to or you’ll continue your search? Hopefully, we helped you enough to make the right decision. And if we did, you should pick up the phone, contact Spyder Moving and Storage, and start preparing for the upcoming relocation. Memphis awaits!
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