Located in the state of Tennessee, Memphis is a highly populated city with a population of 655,857 inhabitants. Memphis is very likely to be a great place to live for singles as only 50%, of the population (over fifteen) is classified as married. If you are not a fan of long commutes, you will enjoy living in Memphis. With average one way commute time of only 22 minutes, getting to and from work is a breeze compared to the national average of 26 minutes.
Living in Memphis can be a good experience for anyone relocating to the town. Having said that, in the state of Tennessee, there are many amazing places to live, so choose wisely! Finding the best places to live in Memphis and nearby areas is a much easier task when you can rely on information and data from the livability score, which includes crime, cost of living, education, employment, housing and other important metrics.
Memphis, TN receives 65 out of 100 for its livability score; this results in a ranking of #219 in Tennessee and #16,845 in the USA. Based on the scores for each individual category, Memphis has received high marks for amenities (A+), cost of living (B+) and weather (B-). Unfortunately for Memphis, there are some categories for which it does not score well, this includes: crime (F), education (F) and employment (F).
Based on the proximity of local amenities like grocery stores, restaurants, coffee shops, parks, librairies, etc., Memphis has received a higher than average score for its local amenities. If you’re planning on relocating and making this area your permanent home, it’s nice to know that there is an ample amount of amenities and things to do within walking distance or a short drive. Some of the notable things to do include: Graceland, Sun Studio, and Beale Street.
Memphis real estate prices and overall affordability will play a huge role in determining if the area is the right fit for you. Of course there are probably some other items on your “wish list”, but even before they are considered, let’s take a look at the home prices and affordability in Memphis. The median home price for Memphis homes is $93,700, which is 35.8% lower than the Tennessee average. If we take a closer look at the affordability of homes in Memphis, we’ll see that the home price to income ratio is 2.5, which is 19.4% lower than the Tennessee average. For most people, purchasing a new home is the biggest investment they will make in their lifetime. Taking a look at overall real estate appreciation rates in Memphis will offer some insight into determining if your home purchase will be a solid investment for years to come. In Memphis, the year-over-year appreciation rates were 6.5%, and the 5 year appreciation rates came in at 8.4%.