Tennessee Cost Of Living Statistics


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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]

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How Useful is Tennessee Cost of Living

One of the key benefits of assessing the cost of living in Tennessee is that it can help individuals make informed decisions about where to live and work. By getting a sense of how much it costs to reside in a given area, potential residents can better determine if that location aligns with their financial resources and lifestyle preferences. Additionally, knowing the cost of living can help individuals budget effectively and plan for future expenses, ensuring that they can meet their financial obligations without undue stress or strain.

For policymakers, understanding the cost of living in Tennessee is crucial for creating policies that promote economic growth and support residents’ well-being. By analyzing the factors that contribute to the cost of living, policymakers can identify areas where improvements can be made to make Tennessee a more affordable and livable place. For example, policymakers may assess housing costs, tax rates, and healthcare expenses to determine where interventions are needed to support residents’ financial stability and quality of life.

Businesses can also benefit from understanding the cost of living in Tennessee. By knowing how much it costs employees to live in a particular area, businesses can adjust salary and benefit packages to attract and retain top talent. Furthermore, businesses can use cost-of-living data to identify opportunities for growth and expansion, targeting areas where the cost of living is relatively low and residents have more disposable income to spend.

In addition to helping individuals, policymakers, and businesses make informed decisions, assessing the cost of living in Tennessee can shed light on important economic trends and disparities. Disparities in the cost of living across different regions of the state can highlight areas where residents may be facing financial challenges or where resources are needed to support the community. By examining these disparities, stakeholders can work together to address systemic issues and create a more equitable and prosperous society for all Tennesseans.

Ultimately, the usefulness of the Tennessee cost of living lies in its ability to provide valuable insights into the affordability of residing in the state, inform policy decisions, support economic growth, and address disparities within communities. By understanding the factors that contribute to the cost of living and how it affects residents’ quality of life, stakeholders can work together to create a more sustainable and inclusive environment for all Tennesseans.

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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