One of the first things most of us think about when we are getting ready to retire is the cost of living in our preferred destination. Fortunately, Memphis is one of the most affordable big cities in the United States.
As of July 2016, Forbes figures the overall cost of living in Memphis is 4.2 percent below the national average. But, how does the “BBQ Capital of the World” compare to the rest of the country when it comes to key expense areas?
Home prices and rents are on an upward trend in Memphis, but there are signs that this will end in the near future as job growth is stagnant and the population is leveling off. As of July 2015, the median home price in the Memphis area is $121,000. For those golden agers who prefer to rent, the average cost for a one-bedroom apartment in Memphis is $774 per month. For two bedrooms, you can expect to pay $884.
According to Sperling’s Best Places, Memphians spend a lot less on groceries than the national average. In fact, groceries cost about 8.4 percent less in Memphis than throughout the rest of the country. What does this look like in the grocery stores? Memphis-area grocery shoppers pay an average of $3.79 for a gallon of milk, $2.74 for a dozen eggs, and $3.16 for a pound of boneless, skinless chicken breasts according to numbers obtained in July of 2016.
Compared to the national average, the transportation expenses in Memphis are much lower. As a matter of fact, residents spend an average of ten percent less for transportation than the US average. And, retirees can count on spending even less since they do not have a daily commute. As of July 2016, gas prices in Memphis range from $1.60 to $2.30 per gallon. On average, auto insurance rates in Memphis are higher than the national average - $1,523 in Memphis versus $1,099 nationally. However, you can usually get better rates based on your driving habits, history, and type of vehicle you drive.
For the most part, senior care is more affordable in Memphis. The one exception is assisted living. In Memphis, you can expect to pay an average of $51,600 per year for a private room in an assisted living facility. The national median is $43,539. Home health care is about $5,500 cheaper per year in Memphis than the national average. Adult day health care is $14,300 in Memphis versus $17,680 nationally. And, private rooms and semi-private rooms in nursing homes are $75,555 and $69,168 respectively. Nationally, you can expect to pay $92,378 and $82,125 for these accommodations.
Comparison shop for housing based on walkability, pricing, and affordable transportation solutions to ensure you are getting the most out of your nest egg in Memphis.
Find assisted living in Memphis near you.