Quality of Life in Memphis, TN for an Income of $120,675

Overview of Cost of Living

• Cost of Living Index: Memphis has a cost of living index that is below the national average, offering more affordability in daily expenses compared to many U.S. cities.
• Major Expenses: Utilities and groceries are generally affordable, contributing to a balanced budget for a family or individual with an income of $120,675.

Housing Market

• Home Prices: The median home price in Memphis is significantly lower than the national median, allowing someone with this income to afford a comfortable home without spending a disproportionate amount of their salary on housing.
• Rental Market: For those not looking to buy, rent in Memphis is also quite reasonable, with costs considerably less than other major urban areas.

Quality of Life

• Lifestyle: With a relatively high salary and low living expenses, residents can enjoy a good quality of life, with extra discretionary income available for leisure, travel, and savings.
• Cultural and Recreational Opportunities: Memphis offers numerous cultural attractions, such as museums, music venues, and parks, enhancing the overall living experience without excessive costs.

Access to Healthcare

• Healthcare Facilities: The city boasts high-quality healthcare facilities, including hospitals and specialist services.
• Cost of Healthcare: Healthcare expenses are in line with national averages but remain affordable due to the overall lower cost of living in Memphis.

Quality of K-12 Schools

• Public Schools: The quality of K-12 education in Memphis varies, with some schools performing at or above the state average.
• Private Education: Families seeking alternative education options have access to reputable private schools, which are more affordable than in major metropolitan areas.

Summary

Living in Memphis, TN, with an income of $120,675 encompasses a high quality of life due to below-average living costs, affordable housing options, and access to good healthcare and education. Residents benefit from an enjoyable lifestyle with ample opportunities for cultural and recreational activities, balanced by a reasonable expenditure on essential services.