As we navigate the streets of Memphis, it’s easy to observe the significant burden that transportation costs place on our households and our community. However, the reality is that transportation expenses are a major burden on our finances, limiting our ability to invest. Memphis is gearing up for a significant increase in economic investments. This growth can be utilized to lower living expenses for households and improve access to opportunities by making investments in the transportation sector.
In Memphis, the average household spends a staggering 27% of its income on transportation. Transportation is considered affordable when it is under 15% of a household’s annual budget. In Memphis we are well above that. Investments in transportation are critical for equitable, sustainable long-term growth in Memphis.
The high cost of transportation in Memphis is largely due to our reliance on personal vehicles. We are heavily dependent on cars to get around, which leads to high expenses on fuel, maintenance, and parking. Additionally, our city’s limited public transportation options mean that many residents have no choice but to own a car, further intensifying the problem.
The impact of these high transportation costs is far-reaching. For low-income households, the burden of transportation expenses can be particularly incapacitating, leaving little room in the budget for other essential expenses like food, healthcare, and education. Furthermore, the lack of affordable transportation options limits access to job opportunities, education, and healthcare.
What can be done to address the high cost of transportation in Memphis? One solution is to invest in more efficient and affordable public transportation options, such as buses, Electric vehicles and ride sharing. By providing reliable and convenient public transportation, we can reduce our reliance on personal vehicles and lower transportation costs for households.
The high cost of transportation in Memphis is a significant barrier to wealth and opportunity for many residents. By investing in more affordable and efficient transportation options, we can reduce the burden of transportation expenses and create a more equitable and wealthy community for all.