Calculate using real Memphis data. Median home price: $180,000. Property tax rate: 1.29%.
Memphis, TN has a cost of living index of 82, where 100 represents the national average. This means living in Memphis is 18% less expensive the national average.
The median household income in Memphis, TN is $41,228. Combined with a cost of living index of 82, this provides a picture of purchasing power in the area.
The median home price in Memphis, TN is $180,000 with a property tax rate of 1.29%. Monthly housing costs (mortgage + taxes + insurance) on a median-priced home would be approximately $1,254.