Tips on buying a new home in Memphis, TN
Memphis, TN - New Home Market Profile
With a population of 671,000, Memphis is Tennessee's largest city and the second largest city in the southwest region to Jacksonville, Florida. A growing number of nationally and internationally known corporations are headquartered in Memphis, including FedEx Corporation, Autozone Incorporated, and International Paper. Entertainment and film are also rapid developing industries in the city with several major motion pictures filmed in Memphis during recent years. Tourists from around the world frequently come to see Graceland, the home of Rock 'n' Roll Legend, Elvis Presley. Memphis offers relatively low cost of living, a temperate climate, and top notch amenities.
Memphis In May is one of the city's biggest celebrations. Throughout the entire month, the event promotes Memphis' heritage outreach by honoring a different country's history and culture each year. At the Highland Strip located near University of Memphis, college students crowd up the many venues weekly to enjoy local musicians as well as national touring musicians. Blues fans come to Beale Street to witness live street performers and live music entertainment in the bars and clubs all day and night. In addition to the city's rich musical attractions, Memphis is famed for its barbecue. Locals and tourists appreciate the distinct use of pork at the many wonderful local barbecue restaurants.
Population (year 2000): 650,100
Estimated median household income in 2005: $33,244 (it was $32,285 in 2000)
Climate: Humid subtropical climate, with four distinct seasons.
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Memphis Real Estate Zindex (Provided By Zillow.com):
- Memphis: $82,233
- Tennessee: $114,563
- United States: $254,569
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Most common industries for males:
- Construction (10%)
- Accommodation and food services (7%)
- Administrative and support and waste management services (6%)
- Health care (5%)
- Other transportation, and support activities, and couriers (6%)
- Truck transportation (4%)
- Educational services (4%)
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Most common industries for females:
- Health care (16%)
- Educational services (12%)
- Accommodation and food services (9%)
- Public administration (6%)
- Other transportation, and support activities, and couriers (6%)
- Administrative and support and waste management services (5%)
- Finance and insurance (4%)
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Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".