Memphis, known for its historic neighborhoods, views of the Mississippi River, and monuments to famous people like Elvis Presley and Dr. Martin Luther King, Jr., is an excellent place for job relocation.
Even though it is a big city in Tennessee, the area has a small-town feel that helps keep the community close and makes it a good place for families to live. In addition, its vibrant music scene attracts musicians wishing to advance their careers. The region also provides a wide range of job prospects as a hub for international trade and distribution.
You can see population statistics for the Memphis metro area from 1950 through 2022 in a graph and table.
Memphis is the 42nd largest metro region in the country, with a city population of more than 633,000 and a metropolitan area population of 1,163,000.
Memphis’ unemployment rate decreased to pre-pandemic levels in September 2022, falling to 4.1%. As a result, many employment postings were advertised on city platforms.
So, employees can choose jobs with higher earnings, additional benefits like hiring bonuses, and more flexibility surrounding virtual work because so many firms are hiring more employees. Also, many high-demand industries like education, nursing/healthcare, and hospitality offer hiring bonuses worth thousands of dollars to attract new workers and encourage current workers to suggest new prospects.
If you are looking for a job relocation, here are some reasons Memphis should be near the top of your list.
Business-friendly Climate
Tennessee is one of the most business-friendly states in the country because it has low debt and good regulations. In addition, the state and local tax loads are among the lowest in the nation since it is a right-to-work state without a personal income tax on wages.
So, businesses move to Memphis because it has many highly qualified workers, low taxes and operating costs, a business-friendly regulatory environment, and good infrastructures, such as interstate highways and Memphis International Airport, the busiest cargo airport in North America.
Because Memphis has one of the youngest populations in the Southeast, it has become a place where young people who want to make their mark go.
Memphis’ population of 25 to 36 has increased by around 10%.
According to Time magazine, Memphis was one of the five cities for millennial population growth in 2010–2015.
Memphis’s Economy is Overgrowing
Memphis’s economy is like a freight train. It runs on people who move up in their careers by being a part of something unique and full of job opportunities.
Compared to other large cities, Memphis has one of the most diverse economies in the country. The fact that it was near the Mississippi River helped Memphis’ transportation and logistics industries grow.
Anyone who wants to start a career in Memphis can do so if they wish to work in logistics, healthcare, retail auto sales, metals, employment services, or paper manufacturing.
Memphis is known for producing independent thinkers who came from poor backgrounds but went on to do great things, like businessman J.E. Walker, who was the first black millionaire in the United States.
Low Cost of Living
According to Money Crashers, Memphis is one of the most cost-effective American cities.
It has affordable housing, rent, healthcare, and public transportation costs, as well as the absence of state, local, or county income taxes, all of which allow you to keep more of your hard-earned money.
If you compare the cost of living between Nashville, TN, and Memphis, TN:
You would need around 4,501.89 dollars in Memphis, TN, to maintain the same standard of living that you can have with 6,400 dollars in Nashville, TN (assuming you rent in both cities).
Because…
Consumer Prices in Memphis, TN, are 23.71% lower than in Nashville, TN (without rent)
Consumer Prices, Including Rent in Memphis, TN, is 29.66% lower than in Nashville, TN
Rent Prices in Memphis, TN, are 38.57% lower than in Nashville, TN
Restaurant Prices in Memphis, TN, are 10.02% lower than in Nashville, TN
Groceries Prices in Memphis, TN, are 28.10% lower than in Nashville, TN
Local Purchasing Power in Memphis, TN, is 37.29% higher than in Nashville, TN
Housing Market
Memphis has an incredibly diversified housing market. In Memphis, housing is not only accessible but also comes in a variety of forms. So the leaders work hard at building the infrastructure Memphis needs to become the next “It City.”
Memphis’s rental market is driven by the fact that there aren’t enough houses to go around, and people need to live in smaller, secondary areas. So, Memphis is the best place for investors and homebuyers to compete for single-family homes, with investors seeming to have the upper hand.
137,521, or 54% of the households in Memphis, TN, are renter-occupied, while 118,235, or 46%, are owner-occupied.
In Memphis, there are a lot of community development groups that help families become homeowners while keeping the unique architectural features of our neighborhoods. In addition, there is lots of cheap housing for young professionals in Memphis, whether you want to buy or rent a new or old property.
After college, young people who want to avoid the costs of owning a home prefer low-maintenance housing that requires less care. Memphis has many housing options, from studio apartments to three-bedroom condos. It also has lovely single-family homes for people who want to raise a family in a roomy environment.
Memphis is the best location for raising a family because of the small-town feel it fosters and the tight-knit community it creates. So it makes sense that many students who come here to enroll in one of the top institutions or schools in the metro area choose to stay there forever. In addition, with its relatively low cost of living, the site is easy to call home, which makes it easier for immigrants to acclimate.
Fortunately, Memphis is among the best places for having a fantastic work-life balance. Because of this, it’s an excellent place for people looking for well-paying jobs in a city with an outstanding balance.
In the end, the best cities are home to intelligent citizens, abundant employment opportunities, diverse economies, reasonably priced housing, a low cost of living, a bunch of technology, and the capacity to maintain a healthy work-life balance.
That’s exactly what Memphis has, and it’s why the city’s economy is doing so well.
Bring your aspirations. Memphis is where you should develop.
If you need a place to stay until you find a temporary house, NowLeasing is the best place to start looking for it
Depending on your situation, you can ask for temporary housing in a certain place that meets your needs. For example, to make a move less stressful, you might need temporary housing near the new job
You’re not sure where to look for corporate housing in Memphis.
Begin with us. Now Leasing’s knowledge, resources, and years of experience will ensure you have a great time in Memphis.
