Tennessee Cost Of Living Statistics


Steve Goldstein
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

In the case of Tennessee, the cost of living is often touted as being relatively low compared to many other states across the country. This can make it an attractive option for those looking to stretch their dollars further and make their budget go a bit farther. However, the usefulness of the Tennessee cost of living ultimately depends on a variety of factors that can vary from person to person.

For some, the lower cost of living in Tennessee may provide them with more financial flexibility, allowing them to save more money, afford a larger home, or enjoy a more comfortable lifestyle. This can be especially appealing for retirees or those on a fixed income, who may find that their pensions or Social Security checks can go further in a state with a lower cost of living.

Additionally, Tennessee’s lower cost of living can also be a draw for young professionals or families looking to start a new chapter in their lives. With more affordable housing options and lower transportation costs, moving to Tennessee may allow individuals to pursue their career goals or start a family without being straddled with high living expenses.

On the other hand, the usefulness of the Tennessee cost of living may be less clear for others who may prioritize other factors in their decision-making process. For example, someone who values access to top-tier healthcare facilities or vibrant cultural amenities may find that the lower cost of living in Tennessee comes at the expense of these other aspects of their quality of life.

Moreover, the cost of living can vary significantly from city to city within Tennessee, with urban areas like Nashville and Knoxville generally having higher costs compared to more rural regions. This means that individuals considering a move to Tennessee will need to take into account their specific needs and preferences when evaluating the usefulness of the state’s cost of living.

Ultimately, while the Tennessee cost of living can be a valuable metric for those looking to manage their expenses and make informed decisions about their financial future, it is just one piece of the puzzle when it comes to assessing the overall livability of a certain location. Individuals and families must weigh the trade-offs between costs, amenities, and opportunities to find the ideal balance that meets their needs and aspirations.

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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