Memphis lists the 25 cheapest places to live


Knoxville, Tenn. (WATE) – As Americans continue to feel the sting of inflation, Knoxville has been named one of the cheapest US cities to live in by personal and business finance site Kiplinger.

Using calculations of living expenses in 267 urban areas from the Council for Community and Economic Research, Kiplinger compiled a list of the 25 least expensive US cities with at least 50,000 residents in their metro area. The council’s cost of living index measures prices. for housing, groceries, utilities, transportation, health care, and various goods and services like going to the movies.

Memphis

Memphis came in at number 18 on Kiplinger’s list of cheapest cities with a cost of living about 15% lower than the national average. Like its Willing State counterparts, lower than average housing costs make Bluff City more attractive compared to other cities.

“The average house price is $305,002 – an amount that would elicit cries from people who live in America’s most expensive cities. (The national average is $398,690 per C2ER.) Renters also benefit. A typical apartment in Memphis rents for about $200 less per month than the US average.

Kiplinger

The city’s status as the premier inland port makes the city a hub for shipping and transportation jobs. Memphis is home to FedEx, International Paper, and AutoZone.

Entertainment options abound like the NBA’s Memphis Grizzlies, iconic Beale Street and Elvis Presley’s famous estate, “Graceland”.

The absence of income taxes and relatively low property taxes make Tennessee cities attractive to middle-class families and retirees. Here are the cities in Tennessee that are considered the cheapest to live in.

Knoxville

East Tennessee’s largest city landed 7th on Kiplinger’s list of the cheapest US cities to live in. According to cost of living calculations, the average cost of living in Knoxville is 17.7% lower than the US average, highlighted by low housing costs. which are 30% below the US average.

Apartment rents are about a third cheaper, and the price of a typical house in Knoxville is more than $100,000 below the national average.

“The city is notable for its overall affordability for everything from food to transportation, according to the cost of living index,” Kiplinger said.

The median household income in Knoxville is $56,857, with the median home value being $180,700. Knoxville’s friendly environment recently landed it on Forbes’ list of Best Places to Retire in 2022.

The Forbes article on Knoxville also cited the city’s many doctors per capita, good air quality, comfortable climate, and strong economy among factors attractive to retirees.

Housing costs could rise with Knoxville and many cities in its metro area among the fastest growing home price list in Tennessee. Knoxville’s population was 190,740 according to the 2020 U.S. Census.

jackson

Jackson, Tennessee ranked 11th on Kiplinger’s list thanks to a cost of living more than 16% lower than the national average. Housing costs, including mortgages, rents and insurance, are 29% lower than the US average.

Falling health care costs have also contributed to Jackson’s appeal.

“People looking to buy will be happy to hear that the average home price is $280,867, a savings of $118,000 over the national average. The average apartment rent is $889 compared to $1,218 for the whole of the United States,” Kiplinger wrote.

The city is home to major employers like Kellogg and Stanley Black & Decker. Jackson is home to the Ned R. McWherter West Tennessee Cultural Arts Center, the West Tennessee Healthcare Sportsplex, and the International Rock-A-Billy Hall of Fame Museum.

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