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.

Please read the page carefully and don’t miss any words.

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 main benefits of Tennessee’s cost of living is its affordability compared to many other states. Housing prices, for example, are much lower in Tennessee than in states like California or New York. Whether you’re looking to buy a home or rent an apartment, Tennessee offers a wide range of options at prices that won’t break the bank. This makes it an attractive destination for individuals and families looking to stretch their budget further.

In addition to housing costs, other expenses like groceries, healthcare, and transportation also tend to be more affordable in Tennessee. This can have a significant impact on the overall cost of living for residents, allowing them to save more money or enjoy a higher standard of living without having to worry about constantly pinching pennies.

Another advantage of the Tennessee cost of living index is the quality of life it affords residents. With a lower cost of living, individuals have more disposable income to spend on leisure activities, entertainment, and hobbies. This can lead to a more fulfilling lifestyle and improved well-being for those living in the state.

Furthermore, the affordable cost of living in Tennessee can also attract businesses and entrepreneurs looking to set up shop in the area. Lower operating costs can mean higher profit margins for businesses, leading to potential job growth and economic development for the state. This can create more opportunities for residents and contribute to a thriving economy.

On the other hand, it’s important to recognize that the cost of living is just one of many factors to consider when evaluating a place to live. While Tennessee may offer a lower cost of living compared to other states, other factors like job opportunities, education, healthcare, and overall quality of life also play a crucial role in determining the suitability of a location for individuals and families.

It’s also worth noting that the cost of living can vary depending on the location within Tennessee. While urban areas like Nashville and Memphis tend to have higher costs of living, more rural areas may offer even lower costs. This diversity allows individuals to find a place that best suits their financial situation and lifestyle preferences.

In conclusion, the Tennessee cost of living index is undoubtedly a valuable tool for individuals looking to assess the affordability of living in the state. With lower housing prices and overall expenses, Tennessee can offer residents a higher quality of life and financial security. While the cost of living is just one piece of the puzzle, it’s an important factor to consider when making the decision to move to the Volunteer State.

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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