Memphis TN vs MS | The Surprising Cost Differences

Рет қаралды 1,074

Күн бұрын

We talk to a lot of people moving to Memphis, who are actually moving to the Mississippi side of the Metro area. Will you save a ton of money in Mississippi, or will it actually cost you more than living in Tennessee?
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Пікірлер: 19

@christianjenkins6075 Жыл бұрын

Great video, my guess is that mississippi will eliminate the income tax by 2030. The legislatures have already spoke that no income tax is their long term goal. Once this is announced those property values in desoto county will increase and be on par with the tennessee side of the memphis burbs. I prefer the germantown/collierville homes as they are older neighborhoods and seem to have a better infrastructure for sustainable growth whereas desoto doesn't look like they know what to do with new developments in regards to city planning.

@MovingToMemphis Жыл бұрын

You’re probably right about all that. I do think it will take some time for the infrastructure to catch up to all the growth. Driving around olive branch it’s just one massive new development neighborhood after the next. Huge potential upside there though if values catch up to the TN side. Are you local or considering the area for a move?

@christianjenkins6075 Жыл бұрын

@@MovingToMemphis somewhat newly local. will be looking to buy in a few years. Renting for now until I get my ducks in a row and some savings to fall back on. Love memphis with all my heart so far. The north sucks, taxes are too high and crime is just as bad. I don't think I'll ever leave. Will be moving my parents down here ideally into a townhouse as well for retirement within the next few years.They love the food and the people. May God bless you and thanks for the awesome channel!

@P__Star Жыл бұрын

Coming from California, I was happy to settle in the TN side and enjoy the cheaper vehicle registration fees (on a new $55k vehicle, CA charges about $700 for registration on top of the $4500 in sales tax). It sounds like Mississippi isn't much different from what CA charges.

@MovingToMemphis Жыл бұрын

Except for lower home prices, I believe Tennessee is going to be lower for most people. Especially at higher incomes and/or if you like new cars.

@P__Star Жыл бұрын

@@MovingToMemphis it does seem that the biggest plus to being on the Mississippi side is a lower crime rate. Looking at the crime maps online, they change from dark red to dark green right at the state line. Saving money doesn't mean much if it gets taken from you by thieves!

@MovingToMemphis Жыл бұрын

It’s true there are some high crime areas in Memphis, there are plenty of places on the TN side that are just as safe as MS.

@P__Star Жыл бұрын

@@MovingToMemphis I used the tips in one of your previous videos to find a good area on this side of the line when we moved here. I appreciate the info you guys provide!

@MovingToMemphis Жыл бұрын

Don't end up singing the blues about your move to Memphis! 📱 Text or Call: (901) 295-2956 📩 Email: memphis@moving-to.net 📺 Subscribe 👉 klykn.me/SUBMEM

@lisagundrum8910 Жыл бұрын

From PA and I thought $45 a year for car registration was high. Is the price the same for a used car in Mississippi?

@MovingToMemphis Жыл бұрын

It depends on the value. My 8 year old truck was $91 this year in MS. My wife’s 2 year old explorer that started year 1 at $800, was just $500 year 2 and $270 this year.

@lisagundrum8910 Жыл бұрын

@@MovingToMemphis Thank you for your quick reply! Interesting, I’ve never heard of registration being that expensive. Good to know, thank you for these important tips.

@alobaidius6606 11 ай бұрын

So if I work in MS and live in TN will I avoid paying state tax?

@MovingToMemphis 10 ай бұрын

You might want to talk to an accountant on that one.

@MM-zn1tz Жыл бұрын

Mississippi lowered its top income tax rate to 4%, I think.

@MovingToMemphis Жыл бұрын

They actually used to have a 3% bracket, but they eliminated that. According to the MS Department of revenue, the current structure is: 0% on the first $5,000 of taxable income. 4% on the next $5,000 of taxable income. 5% on all taxable income over $10,000.

@MM-zn1tz Жыл бұрын

@@MovingToMemphis I googled and apparently the current rate doesn't drop until 2024 (4.7%) and then 4.4% in 2025 and 4.0% in 2026.