Tennessee Cost Of Living Statistics


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Steve Goldstein
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Tennessee Cost Of Living Statistics 2023: Facts about Cost Of Living in Tennessee reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Tennessee Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Tennessee LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Tennessee Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Tennessee Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 12 Tennessee Cost Of Living Statistics on this page 🙂

Tennessee Cost Of Living “Latest” Statistics

  • Tennessee has the 6th lowest cost of living in the U.S., according to the 2021 cost of living index.[1]
  • Tennessee has the 8th lowest cost of living in the U.S., 10.3% below the national average, according to 2020 annual averages.[2]
  • In Chattanooga, the cost of food climbed by the most over the previous year, by 3.3%, while the cost of medical care and housing increased by 2% each according to the Bureau of Labor Statistics.[3]
  • Nashville’s cost of living index is 98.5%, which is greater than Chattanooga’s but still somewhat below the national average.[3]

Tennessee Cost Of Living “Be” Statistics

  • Data from Numbeo estimates that to maintain the same level of living as $4,100 in Chattanooga, you would need $4,900 in Nashville.[3]

Tennessee Cost Of Living “Other” Statistics

  • Tennessee’s standard sales tax rate is 7%, however, certain jurisdictions may tack on an extra 1.50% to 2.75% surcharge.[1]
  • MIT’s living wage calculator estimates that a single adult in Tennessee spends, on average, $2,990 annually on food.[1]
  • The total score for healthcare coverage in Tennessee, as calculated by the 2021 Cost of Living Index, is 1.9 points more than the national average of 100.[1]
  • In Tennessee, the proportion of people 50 and older is almost exactly the same (36% against 35.3%).[4]
  • The University of Tennessee-Knoxville (7,680 and 8.95%), Middle Tennessee State University (4,977 and 5.8%), and University of Memphis (4,621 and 5.38%) are Tennessee’s largest institutions by number of degrees issued..[5]
  • Residents in Nashville may anticipate a total sales tax rate of 9.25%, which is a little higher than other states but not the worst.[6]
  • Between 2013 and 2018, the value of a home increased by 35.6% and after a temporary slowdown, this trend has resumed, with the value of Tennessee houses increasing by around 10.8% in the previous year.[1]

Also Read

How Useful is Tennessee Cost of Living

One of the key factors contributing to Tennessee’s favorable cost of living is its lower than average housing costs. Whether you prefer city living in Nashville or Memphis or the quieter charm of smaller towns like Franklin or Gatlinburg, finding an affordable place to live is easier in Tennessee than in many other states. The availability of housing options in a range of price points allows residents to find accommodations that suit their budgets and lifestyles.

Another aspect that contributes to Tennessee’s affordability is its lower taxes compared to many other states in the country. The lack of a state income tax means that residents get to keep more of their hard-earned money, allowing for higher disposable income. Additionally, Tennessee’s sales tax is also relatively low, making everyday purchases more affordable for residents.

Beyond housing and taxes, the overall cost of goods and services in Tennessee is often more affordable compared to other states. Groceries, transportation, healthcare, and utilities are all priced reasonably, contributing to a lower cost of living for residents. This means that individuals and families can enjoy a comfortable lifestyle without having to stretch their budgets too thin.

The affordability of living in Tennessee can attract both individuals and businesses looking to relocate. Lower overhead costs mean that businesses can operate more efficiently and potentially pass on savings to consumers. This can create a more competitive market for consumers, offering a wider range of goods and services at more affordable prices.

For individuals, the lower cost of living in Tennessee can open up opportunities for career growth and financial stability. With more disposable income, residents can save for the future, invest in their education, or pursue their passions without feeling financially burdened. Additionally, the lower cost of living can make Tennessee an attractive destination for retirees looking to stretch their retirement savings further.

While the cost of living in Tennessee has its advantages, it is essential to consider the trade-offs. Lower costs may come with less robust public infrastructure, fewer amenities, or limited access to certain services or opportunities. Each individual must weigh these factors against the financial benefits of living in Tennessee to determine if the state is the right fit for their needs and lifestyle.

Overall, Tennessee’s cost of living is a significant draw for residents and businesses alike. Its affordability opens up opportunities for financial stability, career growth, and a comfortable lifestyle. Whether you are considering relocating to the state or looking to establish roots in Tennessee, its cost of living can be a significant factor in your decision-making process.

Reference

  1. upnest – https://www.upnest.com/1/post/cost-of-living-tennessee/
  2. tnvacation – https://www.tnvacation.com/retire-tennessee/cost-of-living
  3. alloutmoves – https://alloutmoves.com/blog/chattanooga-tn-cost-of-living/
  4. seniorliving – https://www.seniorliving.org/tennessee/
  5. datausa – https://datausa.io/profile/geo/tennessee
  6. felixhomes – https://www.felixhomes.com/blog/cost-of-living-nashville

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