30 Most Affordable Cities in America

3. Memphis, Tennessee

Cost of Living: 16.1% lower than the national average
Median Home Value: $124,779
Median Household Income: $41,228
Unemployment Rate: 6.9%

Memphis is a city situated along the Mississippi River in the state of Tennessee. With a population of over 633,104, it is the state’s second most populous city, trailing behind Nashville. One of the more historic and culturally significant cities in the southern U.S, Memphis has a wide variety of landscapes, diverse neighborhoods and public parks. The city’s economic development has been largely attributed to the transportation and shipping industries. With a decent economy, the city is home to three Fortune 500 companies: FedEx Corporation (NYSE: FDX), The International Paper Company (NYSE: IP) and AutoZone, Inc. (NYSE: AZO), among other major corporations. The city itself is an attractive location for those looking to save housing and rent costs, as Memphis boasts housing costs over 34.1% less than the national average, along with transportation and utilities costing 12.6% and 26.2% less than the average U.S, respectively. With a resilient economy, and great affordability, Memphis ranks 3rd on our list.

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