Overview of the Cost of Living in Tennessee

Living in Tennessee is becoming increasingly popular due to its low cost of living and its status as a great place to raise a family. Tennessee is home to many cities and towns, each with their own unique cultural and economic makeup. The cost of living in Tennessee is below the national average, making it a great place to live for those who want to save money. The cost of housing in Tennessee is especially affordable, with the average cost of a two-bedroom apartment in the state being around $738.

Tennessee’s Low Cost of Living

Tennessee has a lower cost of living than the national average, making it a great place to live. The state has a median household income of $45,773, which is below the national average of $50,223. Additionally, the cost of groceries and healthcare in the state is lower than the national average, making it an attractive place to live for those on a budget.

Tennessee’s Affordable Housing

Housing in Tennessee is especially affordable, with the average cost of a two-bedroom apartment in the state being around $738. This is well below the national average of $1,073 for a two-bedroom apartment. In addition to being affordable, the state also has a wide range of housing options, from smaller apartments to larger homes.

Average Rental Prices in Different Cities

Rental prices in Tennessee vary depending on the city. In Nashville, the average cost of a two-bedroom apartment is around $1,214, while in Memphis the average is around $754. In Knoxville, the average cost is around $788, and in Chattanooga the average is around $800.

Average Home Prices in Different Cities

The cost of buying a home in Tennessee is also very affordable compared to other states. In Nashville, the median home price is around $254,000, while in Memphis the median price is around $139,000. In Knoxville, the median home price is around $169,000, and in Chattanooga the median home price is around $170,000.

Tennessee’s Tax Rates

Tennessee has some of the lowest tax rates in the country. The state has no income tax and has a low sales tax rate of 7%. Property taxes in the state are also low, with an average effective rate of 0.67%.

Average Utility Costs in Tennessee

Utility bills in Tennessee are also relatively low compared to other states. The average monthly water bill in the state is around $15, while the average monthly electricity bill is around $118. Additionally, the average monthly cost of natural gas is around $47.

Conclusion

Living in Tennessee can be an affordable and enjoyable experience. The state has a lower cost of living than the national average, with housing and utility costs being especially low. The average cost of a two-bedroom apartment in the state is around $738, making it a great place to live for those on a budget. Whether you are looking to rent or buy a home, Tennessee is an affordable option with plenty of options to choose from.