Tennessee Cost Of Living Statistics


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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.

tennessee

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]

Also Read

How Useful is Tennessee Cost of Living

One of the key considerations when assessing the usefulness of Tennessee’s cost of living is the trade-off between affordability and quality of life. While Tennessee may have lower housing costs compared to other states, it’s important to consider what you are getting for your money. Is the housing available in Tennessee up to your standards? Are there ample opportunities for employment and education? Do you feel safe and comfortable in your surroundings? These are all important questions to consider when weighing the benefits of Tennessee’s cost of living.

Another factor to consider is the overall financial health of the state. While lower costs may seem appealing on the surface, they may also be indicative of other underlying issues. What is the state of the economy in Tennessee? Are there ample job opportunities and economic growth? Is the state investing in infrastructure and public services? These are all important questions to consider when thinking about the long-term implications of Tennessee’s cost of living.

Additionally, it’s important to consider the cost of living in relation to what you value most in life. For some individuals, financial security and stability may be the top priority. In this case, Tennessee’s lower cost of living may be a significant advantage. However, for others, factors such as access to cultural institutions, outdoor recreation, or a vibrant social scene may weigh more heavily in their decision-making process. It’s important to weigh these personal preferences against the costs associated with living in Tennessee.

Ultimately, the usefulness of Tennessee’s cost of living is a highly individualized consideration that will vary depending on your personal circumstances and preferences. While affordability is certainly an important factor for many, it’s not the only consideration to take into account when deciding where to live. Tennessee may offer lower costs, but it’s important to consider whether those savings come at a cost to other important aspects of your life.

In conclusion, while Tennessee’s cost of living may be useful for some individuals, it’s important to take a holistic view of all factors when making a decision about where to live. Affordability is important, but it should be weighed against other considerations such as quality of life, economic stability, and personal preferences. Ultimately, the decision about where to live is a complex one that should be carefully considered based on your unique circumstances and priorities.

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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