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Crunching costs, sorting signals, rendering insights.
Crunching costs, sorting signals, rendering insights.
Moving to Memphis looks like a financial upgrade — better income-to-cost ratio.
Memphis has a cost index of 86 vs 104 for Knoxville. Memphis is 18 points cheaper overall. Monthly rent goes from $1,708 to $1,234 (-28%).
If you earn the Knoxville median of $50,994, you would need approximately $42,168/year in Memphis to maintain equivalent purchasing power, based on the cost index difference of 18 points (17%).
Median rent in Knoxville is $1,708/month. In Memphis it is $1,234/month — a difference of $474 per month, or $5,688 per year.
Moving to Memphis looks like a financial upgrade — better income-to-cost ratio. The salary equivalent to maintain your current lifestyle is $42,168/year in Memphis. The median income there is $51,211.
Estimated monthly essentials total $3,686 in Knoxville vs $2,900 in Memphis — a difference of $786/month ($9,432/year).
The median home price in Memphis is $142,870 vs $363,688 in Knoxville. With 20% down and a 6.5% rate, the estimated monthly mortgage payment is $722 in Memphis vs $1,839 in Knoxville.