The Cost of Living in Tennessee

Thinking about moving to Tennessee? From the majestic Smoky Mountains and many outdoor attractions to its vibrant cities and thriving job market, Tennessee is one of the most popular places in America to live for a reason. In fact, scores of families, retirees and professionals are moving to Tennessee every year. The Volunteer State continues to see a steady increase in population, according to Census data. The relatively low cost of living in Tennessee is another big reason why people are packing their bags and moving to this beautiful state. According to AreaVibes, the overall cost of living index score for the State of Tennessee is 89, which is 11 percent below the national average.

Curious how much Tennessee residents earn? According to the latest Census data, the median household income is $53,320. Though this is slightly below the national average, the state’s exceptionally affordable home prices and low taxes mean that your dollars go further here. Retirees and families will be especially happy to know that Tennessee is one of the most tax-friendly states in the country. With the state’s recent repeal of the Hall Tax, which taxed interest from bonds and dividends from stock, the Volunteer State is now officially a no income tax state. This means you won’t have to pay state income tax on any income (both earned and otherwise), which keeps more money in your pocket. In addition, Tennessee has some of the lowest property taxes in the U.S., according to SmartAsset.

As far as home prices are concerned, real estate in most cities is fairly affordable compared to home prices in other U.S. states. The U.S. Census reports that the median value of a home in Tennessee is $167,200. The median gross rent is $869 a month. 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. For a more in-depth look at the cost of living in Tennessee, we’ve rounded up cost of living data from the U.S. Census, AreaVibes and Realtor.com for 10 of the most popular cities in the Volunteer State

The cost of living in Tennessee

Brentwood

Collierville

Chattanooga

Franklin

Gatlinburg

Johnson City

Knoxville

Memphis

Murfreesboro

Nashville

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To learn more about these Tennessee cities (and others), check out Moving.com’s City Profile Report feature. Our reports include city demographics, real estate information, quality of life factors and more. Simply enter the zip code or the state and city of your potential move to get a free report at the click of a button. If you think you want to make one of these cities your new home, you may need to hire professionals to handle your relocation. Fortunately, Moving.com’s extensive network of reputable and reliable movers makes it easy to book the best moving company for the job. All relocation companies in our network are licensed and insured, so you can rest assured that your move will be in good hands.