Is my budget ok for living in downtown Memphis (real estate, apartments)

[James Kellogg]

I would appreciate comments from readers.

I am thinking of moving to downtown Memphis. I would be about 50 years of age when I moved there in the next several months. I am single, I just have myself to support. If I buy a downtown condo for all cash so that I have no mortgage and I am living on fixed income of approximately $65 - 68,000 per year before taxes, would I be able to live decently in downtown and save money each year?
I am just talking about a decent basic lifestyle, nothing fancy but hopefully I wouldn't have to live horribly on the cheap either.

I also wonder if there are areas downtown where pretty much everything that I need is in short walking distance so that I do not need a car or to even get on a trolley if I don't feel like it. Are there areas in downtown where I could buy a condo and have an easy walk to conveniences such as a full service grocery/food maket that carries meat as well as other food products, banks, a good gym, dry cleaners, pharmacy etc.?

Thanks in advance for your comments.

[simcity]

For walkability, enter the address of building that the condo is within here (courtesy of PearlBob for finding this site for us):
Walk Score - Helping homebuyers, renters, and real estate agents find houses and apartments in great neighborhoods.

Since you say you can buy your condo outright, I'd say your doing better than most Memphians and you have another 15 years to work before retirement and social security benefits. How about do a 15 yr mortgage and invest that cash for higher returns (high yield foreign bonds, cheap U.S. bank stocks, oil futures). Plus, you can use the interest of your mortgage as a write off and interest rates are still historically low.

Since you don't have dependents, and you wish to live modestly, I think you will have it easy here on your income. Memphis is one of the lower cost of living cities in this nation after all. You'll find that our property taxes are ridiculous though, especially for commercial.

[Pearlbob]

Memphis is pretty cheap compared to most large cities. There are no grocery stores downtown though, so you'd need a car to do any sort of shopping. There is a pharmacy in the Walgreens, and a couple gyms.

[fittoac]

You could definitely afford to live downtown comfortably on that salary. (I make way less than that and I live fine here!) Pearlbob is right- there are no grocery stores downtown. The closest one is about a 10 minute drive in midtown. That's a huge point of discussion for all downtown residents though, and I feel like there is no way this can last too much longer. There's just too much of a market for it! As for everything else though (restaurants galore, bars, other forms of entertainment like street festivals, dry cleaners, etc.) there are plenty within walking distance.

[pushkinswife]

If you choose to live on the island there is Ms Cordelias grocery store. Miss Cordelia's Grocery (http://www.misscordelias.com/aboutus.php - broken link)

I don't do my main shopping there because the prices are somewhat higher depending on what you get--furthermore, they don't carry a wide variety of things. However, it is good quality, clean, and they have a friendly staff. I often go there on days that I need just a few items. Good luck to you.

[James Kellogg]

Thanks to everyone who was kind enough to respond to my question about budget concerns in downtown Memphis and living without a car.

I had also asked about living in downtown and being walking distance from from conveniences such as grocery stores, banks, a good gym, dry cleaners etc. - basically the things that one needs or may want to live a normal basic life.

I know that some of you commented that there is no grocery store in downtown Memphis, but what about a store which I think is called Jack's food? I called them on the phone and they said that they are right near the Claridge House Condos and that they do have a butcher/meat department.

Please understand that I am just a basic kind of guy. I don't need a giant supermarket. If it is a basic grocery store that sells things like meat, orange juice, milk, paper towels, soda etc. - that is all that I need. If I am in walking proximity to the other things that I mentioned, than I should be ok.

I had also asked about banks in downtown. I know about downtown just a little bit. I know where the Claridge House is so let me also ask are there banks that are walking distance - a few to several blocks from where the Claridge House is.


Thanks again for your comments,




James

[JoeCartpath]

Yes, there are several banks downtown - so that won't be a problem. 1st Tennessee, Regions, Sun Trust among others.

I haven't been in Jack's in years...since I used to work at 100 N. Main. It's like the small neighborhood grocery stores that used to be all over the older parts of town. Their selection, of course, won't be like Kroger or Schnucks - but they'll have the basics. It's a little bit of a hike to South Main (if that's where you're think about living), but not that bad....unless you're carrying a couple of bags of groceries!

You might also want to reconsider not having a car. Memphis covers a very large area (I live in the city limits, and it's over 20 miles to downtown), and a lot of the things you might want to see and do could be a long way away....and public transportation here isn't the greatest. If nothing else condsider having a older, reliable used car with only liability insurance. License is only about $100 per year, and liability insurance for pleasure use only and very low annual mileage shouldn't cost much. I can't imagine living in Memphis without a car and having to rely on taxis, city buses or catching rides with friends. I suppose a motorcycle or scooter could be another option....

[fittoac]

as for the banks, there's also a bank of america at main st. and beale. i'm not familiar with jack's.