The Cost of Living In Tennessee
People have been flocking to Tennessee for the last two decades for various reasons. Nearly 600,000 people have moved to the state since 2010. They are drawn by its cool cities, stunning countryside, and plenty of employment opportunities. The cost of living is another consideration. For a long time now, life in Tennessee has been inexpensive, but how cheap is it really? We have broken down how Tennessee does on each component of the cost of living index so that you may see how you stack up. Take a look a closer look at the cost of living in Tennessee.
A Quick Guide on The Cost of Living in Tennessee
Tennessee is well-known for its unique blues culture and country music events. Tennessee has a cheap cost of living, which is great news if you like listening to and dancing to country, bluegrass, or rock ‘n’ roll. Perhaps it will convince you to at least consider relocating there. If you’re considering making Tennessee your new home, you’ve certainly wondered how the state’s basic cost of living stacks up against the rest of the nation. You don’t have to wonder anymore. We at Best Cross Country Movers have done the research for you.
Grocery prices in Tennessee
Based on our cost of living index, food costs in Tennessee are 5% lower than the national average, making it one of the most affordable states in which to live. Five cents on the dollar may not seem like much, but it rapidly adds up when you’re trying to feed a family. Food is abundantly produced and processed in Tennessee and the surrounding area, allowing for low-priced supermarket selections. The cost of living in Tennessee is lower than average for a number of reasons, and this grocery discount is only one of them.
Housing prices in Tennessee
Home prices in Tennessee are similar to those in any other state in that they may fluctuate greatly depending on the neighborhood. You may still expect to spend far less than the national average in Nashville so long as you avoid shopping in the city’s most affluent areas. The typical value of a property in Tennessee is close to $165,000. That’s a significant cost advantage for the state since it’s around $65,000 less than the national average. Real estate prices in Tennessee are considered very affordable. Such affordable home alternatives may be found in even the most desirable metropolitan regions. For instance, the typical property price in Chattanooga, Tennessee is a very affordable $150,100. Options like this provide metropolitan amenities at a more reasonable cost of living.
What’s the average monthly rent in Tennessee?
The rental market in Tennessee is also easily accessible. On average, rental prices are 20%-30% lower than the national average for all property categories. That works out to around $600 for a studio apartment in most of the state and just over $1100 for a three-bedroom home. It varies from city to city; in Nashville, for example, the range of reasonable monthly rents is often somewhat over the national median. However, the overall median rent in Tennessee is below the national average.
Utility costs in Tennessee
When calculating the total monthly cost of living and developing a spending plan to accommodate that total, monthly utility expenses are another major consideration. To be sure, modern conveniences like running water and electricity make life much easier. The typical household in Tennessee spends around $123.30 on monthly power costs. This is somewhat more than the national average of $111.67. The average monthly cost of utilities for a Tennessee resident is $150.
How much do medical services cost in Tennessee?
When comparing the cost of healthcare in Tennessee to the rest of the country, there isn’t much of a difference. Health care costs are somewhat greater in certain parts of Tennessee than in others. Health care costs in the Nashville area, for instance, are up to seven percent more than the national average. Knoxville’s healthcare costs are 16% cheaper than the national average, which is much lower than the 4% lower cost seen in neighboring Chattanooga. It’s possible to obtain affordable medical care for you and your family in Tennessee, depending on where you settle down.
How much does a university degree in Tennessee typically cost?
Want to pursue your academic and professional goals in Tennessee? Tennessee residents may choose between pricier and more inexpensive alternatives. Student loan interest rates in Tennessee are much lower than those in many other states. However, the amount you have to pay for college will be different for each institution you apply to. Tuition at the University of Tennessee in Knoxville starts at $13,006 per year and rises to $73,150 at the well-regarded Vanderbilt University. Simply said, if you live in Tennessee and are interested in furthering your education, you will not have any trouble finding a school that is both affordable and relevant to your interests.
Taxes in Tennessee
Tennessee’s tax system doesn’t deviate from the national norm. To begin, you won’t have to send any of your hard-earned money to the federal government since there is no income tax in the state. However, you should be aware of the 2% tax on interest and profits that is in place since 2021. Depending on whatever county you’re in, the amount of sales tax you’ll have to pay in Tennessee will vary. While certain counties may impose a higher sales tax, the average state sales tax is from 8.5% to 9.7%.
Transportation system and transportation prices
It is surprisingly simple to travel throughout the state of Tennessee. Tennessee has low gas costs and manageable commuting times. Tennesseans spend fewer hours per year behind the wheel than those in other states, making it easier for newcomers’ wallets to stretch to visit more of Tennessee.
What are the best-paid professions in Tennessee?
Want to make the most of your time in Tennessee? Pursue a rewarding profession. Surgeons, psychiatrists, orthodontists, family doctors, obstetricians, gynecologists, and general physicians all rank among the state’s highest-paid professionals. Tennessee is a great place to pursue a career in medicine since there is a high need for qualified individuals. Considering the work-life balance in Tennessee, we can honestly say that Tennessee is one of the best US places for starting over. Many people have sold their houses to pay of their debt and start living comfortably in Tennessee.
What’s the minimum wage in Tennessee?
Tennessee, in contrast to the majority of other states, does not have a statutory minimum wage. Many entry-level positions may initially pay the federal minimum wage of $7.25 per hour, which has been in effect since 2009. On the other hand, you can always count on having a job in Tennessee.
Approximately how much savings would you need to live comfortably in Tennessee?
A family of four (two adults and two children) in Nashville would need an annual income of approximately $80,000 (or around $7,000 a month) to get by. Nashville’s yearly cost of living may be several thousand dollars more. Chattanooga and Knoxville are a bit cheaper. And in some smaller cities, you can even get by on around 4,000$ or less. You can take a look at Chattatonga vs Knoxville comparison if these cities caught your eye.
How cheaper is it to live in Tennessee compared to the rest of the U.S.?
According to what we’ve seen so far, relocating to Tennessee is one of the most financially prudent moves you can make throughout the whole country. Despite their proximity to urban centers, rural communities sometimes have a lower cost of living than the rest of the country by as much as 40 percent. According to the average cost of living by state, even mid-sized communities like Chattanooga are much cheaper than the U.S. average. Despite its reputation as the state’s priciest metropolis, Nashville’s overall cost of living is just slightly higher than the U.S. average. In general, the cost of living in Tennessee is much lower than in the rest of the country.
Best places to live in Tennessee
The state of Tennessee is home to one of the most stunning landscapes in the United States. Tennessee is rich in scenic landscapes, including lakes, rivers, mountains, undulating hills, and fertile agriculture. If you’re a nature lover, you should definitely check out the whole state, but there are a few places that stand out.
It seems like Nashville has everything a modern city might want, including a thriving cultural scene, many employment opportunities, and welcoming neighborhoods for families. There is always great live music to be found in Nashville, the city where country music was first recorded. Ryman Auditorium, Grand Ole Opry, Ascend Amphitheater, Brooklyn Bowl, and The Basement are just a few of the famous concert halls in Music City. Nashville’s accessibility to excellent live music is a major plus. Nashville offers more than just a vibrant music scene; the city also has a large number of promising employment prospects.
Companies are flocking to Nashville, so moving here may also get you a new job. The city is diverse enough that even those who want a more car-dependent urban environment can find a place to call home. Your loved ones may also find plenty of possibilities in Nashville. The Nashville region is home to a number of excellent educational institutions. The real estate market in Nashville has something for everyone. Once you find your perfect new home, interstate movers in Nashville can settle you in your sweet new home in no time.
Knoxville has all you need if the mountains are more your style. Located in eastern Tennessee among the foothills of the Appalachian Mountains lies the city of Knoxville. Knoxville, which calls itself the “scruffiest city in America,” is a terrific place to spend time outside. Having the Great Smoky Mountains as a backdrop is a wonderful perk. Since the University of Tennessee is located in Knoxville, the city’s residents devote most of their autumn Saturdays to UT’s football games. Knoxville, Tennessee, has moderate living prices and some of the nicest lakefront real estate in the country. If you choose to move to Knoxville, the best cross-country movers in Knoxville are more than happy to help you out.
While it is situated in East Tennessee, near the Georgia border, Chattanooga is the smallest of Tennessee’s main cities. The people of Chattanooga take full use of the city’s proximity to a variety of outdoor activities including rock climbing, boating, and hiking. You’ll like Chattanooga real estate since many of the houses here provide breathtaking panoramas. Even though it’s a very tiny community, this Tennessee settlement is home to a surprisingly diverse range of creative and alternative communities. It’s no surprise that visitors flock to Chattanooga. This is a fantastic location. If you’re searching for a Chattanooga suburb with great schools, go no further than Lookout Mountain. Academically, McCallie High School is unrivaled. Feel free to contact interstate movers in Chattanooga if you need quality moving services.
The town of Maryville is located in eastern Tennessee. Maryville’s nearest major city is Knoxville. Maryville has a cheap cost of living and several other advantages as well. In the first place, Maryville is well located close to the Great Smoky Mountains National Park. The city is perfect for nature lovers. Hikers, campers, climbers, and cyclists will find paradise in the Great Smoky Mountains National Park. The area is also home to several scenic lakes, rivers, and hills that you may easily visit. The historic center of Maryville is enhanced by the town’s modest college. So if you don’t want to spend a lot of money on a degree, but still get a good education, Maryville is the place for you.
Memphis, Tennessee is an excellent alternative because of its location on the Mississippi River in Western Tennessee. The city’s unique character and flavor are the results of the city’s rich history. The blues, Elvis, and the Civil Rights Movement all have deep roots in Memphis. Beale Street, Memphis BBQ, and other cultural centers are just a few examples of the city’s thriving nightlife and live music culture. You can stretch your dollar far here due to the cheap cost of living. The communities in Memphis provide a wide variety of living arrangements. Many various kinds of employment are available in the area because of the presence of major corporations like FedEx. Collierville is the best area for raising a family in Memphis. If you’d like to move here, feel free to contact interstate movers in Memphis. They will be able to move you in no time. As you can see, the cost of living in Tennessee is not the only reason for a move to Memphis.