What Is the Cost of Living in Memphis, Tennessee?
Whether you’re moving to Memphis, Tennessee to look for a new job opportunity or want to move to the city to experience a hip, metropolitan vibe, you’re probably wondering what kind of apartment you can afford there. The concept of the cost of living can help you determine which apartment you can afford and which neighborhoods you should consider.
What is the “cost of living”?
The cost of living is an estimate of how much money a person would need to cover the essentials of living, such as food, rent, health care, and transportation, in a given area. The cost of living can vary widely across the United States. What might get you a two-bedroom apartment in one city might only be enough for a studio in another. A higher cost of living means that it costs more to maintain an average quality of life in a given city than a city with a lower cost of living.
You can get a cost of living estimate by adding the prices of everyday items that a person would need to maintain an average quality of life. These factors include things like groceries, utilities, and other necessary expenses.
The cost of living is linked to wages since people will need a higher income to afford a more expensive place. In the United States, New York, Boston and San Francisco are among the cities with the highest cost of living.
Cost of living index
A cost of living index can help compare the cost of living in different cities. A cost of living index is a factor to consider when deciding to move to a new area, as it will give you an idea of what you can afford.
How much do I have to pay in rent?
There are different ways of determining how much you should pay in rent relative to your overall budget. One of the simplest and most popular rules of thumb to follow is the 30% rule.
The 30% rule says that in general, your monthly rent and housing costs should not exceed 30% of your monthly pre-tax income. If you earn $ 5,000 per month, you shouldn’t be paying more than $ 1,500 per month in rent.
However, this rule is more of a guideline than an absolute. For example, when you are just starting out or living in a city with a higher cost of living, you might have to pay a little over 30% in rent, at least initially. Conversely, if you live in a relatively inexpensive area or are further along in your career, you may be able to find a prime position at less than 30% of your monthly income.
What’s the cost of living in Memphis, Tennessee?
Suppose you are planning to move to Memphis. In this case, the good news is that this city has one of the lowest costs of living for a large metropolitan area in the United States, with prices generally well below national averages. To give a bit of context at this point, Memphis is around 39% cheaper to live than New York.
A cost of living index according to US News & World Report estimates that a single person living in Memphis can expect to pay around $ 800 a month in non-rent living expenses, while a family of four should s ‘expect to spend around $ 2,800 per month.
Memphis is also an attractive place to live, in addition to being affordable. It’s one of the largest metropolitan areas in the state, but it still manages to have a small-town feel, which makes Memphis particularly appealing to families. Memphis has a rich music and arts scene and hosts memorials to such figures as Dr. Martin Luther King Jr. and Elvis Presley. The city is also a hub of global transit, which means you’ll find various career options here.
How much does an apartment cost in Memphis, Tennessee?
The average monthly rent for apartments in Memphis by size is as follows:
- Studio: $ 683
- One bedroom: $ 867
- Two bedrooms: $ 895
- Three bedrooms: $ 1,168
- Four bedrooms: $ 1,681
How to find a cheap apartment in Memphis?
Zumper allows you to find affordable but attractive apartments in Memphis. Use Zumper’s platform to find hundreds of thousands of verified properties you can rent. Reserve the property on site and apply without competition. You will know if you will receive the approval within 24 hours. Zumper lets you filter your search results based on everything you need to know, from neighborhood and number of rooms to prices and pet policies.
Find the best Memphis homes and apartments on Zumper
What’s the cheapest rent in Memphis?
You can use Zumper to find the cheapest rental in Memphis with all the amenities you want. Try to search the most affordable areas of Memphis to find an apartment that fits your budget.
East Memphis is one of the largest neighborhoods in Memphis and combines urban amenities and the best suburban community living in one place. Cooper-Young, located in East Memphis, is one of the most attractive neighborhoods in Memphis. With an average rental cost of a bedroom of $ 680 per month, it is still eminently affordable. Cooper-Young features an artistic vibe, vintage buildings, and a thriving LGBTQ + community.
Consider Binghampton, an area with various options including single family homes, brick cottages, and adorable bungalows. According to Thrillist, Binghampton is “a favorite among people of all ages and lifestyles, thanks to its abundant green space, local restaurants and nightlife, tight-knit community, and quick trips to the city center.”
With a low cost of living, great neighborhoods, and lots of culture and history, Memphis, Tennessee is a great place to live. Search Memphis apartments on Zumper and find your new home.