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To help prospective homebuyers prepare for life in Tennessee, weve looked at seven major cost-of-living indicators. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. The city has a bustling nightlife and an impressive arts district. Chattanooga, TN-GA; Clarksville, TN-KY If youre a lover of country, bluegrass, or rock n roll, youll be happy to know that the Tennessee cost of living is relatively low. How Much Do I Need to Save for Retirement? Youll also have to pay some costs that you might not have had to pay while renting: utilities, cable, garbage pickup, and any necessary repairs. Data extracted on: March 02, 2023 Source: U.S. Bureau of Labor Statistics Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. New Business Entity Filings (Q3 2021, Running 12-Month Total), Population with High School Degree or Higher, ages 25-64 (2019), Population with Bachelors Degree or Higher, ages 25-64 (2019), Civilian Veterans Age 18 Years and Older, 2019, Mean Travel Time to Work (Minutes), Workers Age 16 and Older, 2019, Population with High School Degree or Higher, Ages 25-64, 2019, Percentage of Population with High School Degree or Higher, Ages 25-64, 2019, Population with Bachelor's Degree or Higher, Ages 25-64, 2019, Percentage of Population with Bachelor's Degree or Higher, Ages 25-64, 2019, Median Home Value, Owner-Occupied Units, 2019, Persons Below Poverty Level, Percent, 2019, Ashland City, Cookeville, Franklin, Johnson City, Knoxville, Lebanon, Nashville, Athens, Columbia, Lexington, Murfreesboro, Pulaski, Clarksville, La Vergne, Morrison, Nashville, Chattanooga, Cleveland, Franklin, Lebanon, Thompson Station. Many of the schools in the area are given high ratings, which makes Clarksville a solid choice for families. Tennessee is famous for its country music festivals and iconic blues culture. The estimated average annual cost for child care in Knoxville, Tennessee (based on state average), is $5857. A two-bedroom home in Nashville averages out to be $1,510 and a one-bedrooms average is $1,341, according to a study by Apartment List. Often, if the seller is motivated enough to sell the house, they might work with you and include fixes and light renovations as a stipulation in the contract for the sale of the house. We are so excited to see how the skills she has learned at Currey Ingram serve her in college and beyond. Read 13 reviews. View future changes in the minimum wage in your location by visiting Minimum Wage Values in Tennessee Knoxville is a city in the U.S. state of Tennessee, and the county seat of Knox County. As a matter of fact, NeighborhoodScout reports show that from 2013 to 2018, home values have risen by 6.43% annually. The cheapest county to live in is Van Buren County with a median home price of $98,000. But remember, this average is accounting for home sales across urban and rural Tennessee. Individual food prices vary by city. Featured Review: Current Resident says Pickett County is a very small town on the border of TN and KY. #2 Counties with the Lowest Cost of Living in Tennessee. We still have the hometown feel with high values and good morals. Read 15 reviews. If you are comparing funding awards or financial aid packages, consider how far funding will go in each city. The city sits about 30 miles southeast of Nashville. For example, offering a $10,000 bonus for a full price offer which closes within 30 days, or contributing 3% of the purchase price toward buyers closing costs. View future changes in the minimum wage in your location by visiting. Located just outside of Memphis in Shelby County, Bartlett is close to a big city yet far enough away to enjoy some peace and quiet. The assumption is the sole provider is working full-time (2080 hours per year). You should evaluate the options based on your usage and preferences and pick the best fit for your needs. #20 Counties with the Lowest Cost of Living in Tennessee. It depends on where youre living. The sales tax for Knoxville is 7%. The city also has plenty of outdoor activities, including a 12-mile greenway for walking, running, and biking. *Source: Council for Community and Economic Research (C2ER) Cost of Living Index (COLI), 2017 Annual Averages. For example, if you are a real estate investor selling and buying 10 homes a month, an agent might be willing to work a 50% off deal in exchange for the volume. Its best known for the Fort Campbell U.S. Army base on the states northern border, between Clarksville and Hopkinsville, Kentucky. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. Tennessee cities and counties have the option of imposing an additional local option sales tax. Just 32 miles southeast of Knoxville, LaFollette, is surrounded by majestic views. COMPOSITE INDEX 89.7 Listed above are the most affordable places to live in Tennessee with a population of more than 5,000 people. The only thing I can say about Pickett County is how AWFUL their school system is. Based on 2020 annual averages, Tennessee has the 8th lowest cost of living in the nation at 10.3% below the national average. The absence of state income tax will make your take-home pay higher and provide more income for the basic, Tennessee is ranked number 36 out of all states in overall healthcare access and affordability. Thats just part of the negotiations. #11 Counties with the Lowest Cost of Living in Tennessee. The average cost of internet access in the U.S. is $66.20 per month. 4 Niche users give it an average review of 2.5 stars. Read 36 reviews. There are a variety. Parent: I was born and raised here. Featured Review: Niche User says The area I live in is the only area I have ever known. It very welcoming i think. Once you have purchased and moved into your new home, there will be utility and maintenance costs as well as property taxes and home insurance that will contribute to your, Tennessee has no state income tax! However, you can still enjoy a suburban feel and closeness to necessities. There are many providers and various packages that are offered, many that bundle internet, cable, and phone together. We live in a farming area. You'll rarely see a person in need that doesn't get it.. #10 Counties with the Lowest Cost of Living in Tennessee. College tuition hasnt increased much recently and there is no state income tax. The town sits on Fort Loudon Lake and features excellent fishing, boating and one-of-a-kind birdwatching. All the neighbors are very kind. It is nice and quiet and you have plenty of space. If they are receiving a referral from a trusted source they may offer a modest discount, while still giving a full-service experience. I highly recommend Lausanne. Read 83 reviews. There are no guarantees that working with an adviser will yield positive returns. Cost of living is rising. All investing involves risk, including loss of principal. Thats $270 less than the U.S. national average of $1,124 per month. Make sure you can comfortably afford not just your mortgage but also any additional expenses beforebuying your first home. The way school coding works is based on the year made or renavated. Niche User: My experience living in this town has been unforgettable. Purchasing a home can be a lengthy and complex process. There isn't anything like growing up in a small town with a tight-knit community.The overall criminal activity is low, and Camden is a great place to raise a family. The state is trisected by the Tennessee River. Cost of Living in Tennessee Cost of Living Tennessee Whether you're planning for an upcoming move or just curious about the cost of living in other cities, the PayScale Cost of. And if you have an interest in any extra-curricular activity, Lausanne offers it! This website uses cookies to improve user experience. Youll find the median home value is around $150,000 and monthly apartment rentals are around $818 per month. An amount below 100 means Tennessee is cheaper than the US average. In the quaint historic downtown area of Rockwood you will find a fascinating museum and event facility, antique & specialty shops, an ole-timey soda fountain, and picturesque scenery all within a city block. Alcoa is the cheapest place to live in Tennessee. See our Privacy Policy. The Hunter Museum of American Art in Chattanooga and the Frist Center for Visual Arts in Nashville are also $15. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. Have a question? Students are spending 30% of their days in a building with unstable walls, 40 year old heating and cooling units, and 40 year old plumbing. The average salary in Tennessee is around $63,000. Take the cost of a dozen eggs. #19 Counties with the Lowest Cost of Living in Tennessee. Chattanooga was named one of the Top 100 Cities to Live in America and Top 10 Best Downtowns by Livability. Tennessee has traditionally been one of the more affordable states in the U.S. to live in across the board but the real estate costs have increased dramatically over the past several years. If you condense these numbers for just 2016 to 2018, the annual appreciation rates expand to 7.71%. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. With the small population of 65,600, the city features small, tight-knit communities that make living there enjoyable. You can actually still go to your neighbors and borrow something. Most teachers there, especially in high school, care deeply about their students and want to see them grow. Read more from, Knoxville, Tennessee going out to eat at a restaurant and buying food is considered to be affordable. According to the 2021 Cost of Living Index, Tennessee ranks sixth place for lowest cost of living in the United States. Utility costs like energy and phone use in Tennessee range from 13% lower than the national average in the far northeastern city of Kingsport (bordering Virginia), to only 1% higher in Morristown. Fortunately, the cost of buying food in Tennessee is typically well below the national average. There are a variety of places to eat to suite everyone's preferences. If you have higher education credentials, there is strong demand across Tennessee for high-paying positions as general physicians, psychiatrists, orthodontists, obstetricians, and gynecologists. Looks for areas of Knoxville, Tennessee where there is a large student population. She loves going to school every day! Tennessee is a tax-friendly state with a low cost of living for some. HOUSING 81.2 We live in a farming area. The UpNest platform allows you to compare multiple agents in your area so you can compare reviews, commission rates, previous sales, and more. When. Niche User: Scott county, TN is a great place in so many ways. A leg of the great Cumberland Trail is accessible at the north end of LaFollette. 6 Niche users give it an average review of 3 stars. The median home value in Clarksville is around $159,300 and the median rent cost is approximately $950 per month. The football program is big in Henry County they have been State. Niche User: The area I live in is the only area I have ever known. For a 2-bedroom apartment, the average monthly rent is only $854. Since the school has not been touched since the 70's it still lies under the code from the 70's. Read 2 reviews. The way school coding works is based on the year made or renavated. Featured Review: Niche User says There's always room for improvement. Another very affordable community is Johnson City. #1 Counties with the Lowest Cost of Living in Tennessee Van Buren County County in Tennessee C Overall Niche Grade B minus Public Schools A Cost of Living Population 6,083 View nearby homes #2 Counties with the Lowest Cost of Living in Tennessee Perry County County in Tennessee C+ Overall Niche Grade C Public Schools A Cost of Living Given that the average listing price for a home in America is well above $200,000, Tennessee is one of the most affordable places for homebuyers to make a real estate purchase. The base sales tax rate in Tennessee is 7% but specific jurisdictions may levy an additional 1.50% to 2.75% surcharge. MISCELLANEOUS GOODS AND SERVICES 95.1. Out of that 3%, the agent has to split with their office. This school has a well-known a capella group, two fantastic bands, and its own record label. GROCERY ITEMS 93.5 The average car insurance premium in Tennessee is around $1,229, about $280 less than the national average for auto insurance. These may be paid by the seller, or out of the listing agents commission. Prices have risen 36.15% in the last two years and 160.71% since 2000. #22 Counties with the Lowest Cost of Living in Tennessee. By continuing to browse this site, youre accepting the use of cookies.