Cost of Living in Memphis, MI
Housing
The housing market plays a significant role in determining the cost of living in Memphis, MI.
- Housing Index: 91 / 100
- Median Home Price is: $172,000
- Average Rent (2 BR Apartment): $1435 per month
- Average Rent (2 BR House): $1560 per month
Considering a move to Memphis, MI? With a median home price of 172000, homeownership is relatively affordable compared to many U.S. cities. However, the housing index of 91 indicates either a lack of available data or potentially limited rental options since both average rents for 2BR apartments and houses are set at 0.0. This could suggest either very few rental properties or an emerging housing market that’s not fully developed yet. Before making a decision, evaluate your lifestyle priorities in relation to housing availability and pricing trends in the area.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Memphis, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $237 per month
Living in Memphis, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $237 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Memphis is a financially viable option for your relocation.