Memphis ranks America's #4 cheapest city to live in - Action News 5 - Memphis, Tennessee

Memphis ranks America's #4 cheapest city to live in

Posted: Updated:
MEMPHIS, TN -

(WMC-TV) - There are a lot of reasons people may choose to live in Memphis. The Mississippi River's location makes the city a shipping and transportation hub, something Memphians have known for quite some time. But did you know the Bluff City is one of the cheapest places in the country to settle down?

According to Kiplinger.com, a personal finance and business website, Memphis is the fourth cheapest city in which to live in the United States.

Kiplinger compiled its list based on the Council for Community and Economic Research calculations of living expenses in 307 urban areas with populations above 50,000.

The Cost of Living Index measures the price of housing, groceries, utilities, transportation, health care, and miscellaneous goods and services.

The 10 finalists are from across the country, but they all have "super-affordable housing options for renters and homeowners".

Memphis, the biggest city in Tennessee, also has half-a-million more people than the next largest city on the list, McAllen, Texas, which ranked second for cheapest city.

But, as Kiplinger says, there are "no big city prices" in the Bluff City, where one can easily find and buy a home for under $100,000, a feat practically unmatched in any other city the same size.

Kiplinger.com also noted Memphis is home to three Fortune 500 companies (FedEx, International Paper and Autozone), as well as numerous colleges and universities.

Copyright 2013 WMC-TV . All rights reserved.

Powered by WorldNow