When in doubt, consult a professional Realtor who knows the market. Local taxes are set by the local government. The average salary in Tennessee is around $63,000. Houses may need a few things fixed either prior to purchasing a home or immediately after. COMPOSITE INDEX 89.7 For comparison, the U.S. national average for utility payments is $111.76 per month. Some of the tourists attractions are Reelfoot Lake and Discovery Park of America. Read 30 reviews. Some employers have company provided day care centers that let you bring your child to work with you and receive care on site. Sports is a big part in Henry County. Remember buyers: you need to know what a home will require in order for it to be up to your expectations of build quality. Urban Area Composite Index (100%) . Just enter your salary and job title as well as your current location and the city where you're considering a move. If you fearstudent loans, there are less expensive options in the Volunteer State. It is an excellent place to raise a family especially with superb quality of the local school district. Read 11 reviews. Of course, specific costs will depend on your source of coverage and choice of plan. We live in a farming area. Most teachers there, especially in high school, care deeply about their students and want to see them grow. You also need to be aware of the market surrounding the house. Featured Review: Current Resident says Henry County is a perfect small town. Moving to Tennessee | Living in Tennessee - Livability Its the fourth largest city in the state, with a population of 182,800. 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. #19 Counties with the Lowest Cost of Living in Tennessee. Taking a look back at Nashville, 38.9% of the citys inventory is priced between $136,000 and $273,000. 2 Niche users give it an average review of 3.5 stars. Bartlett boasts a population of 59,102 residents. There are many providers and various packages that are offered, many that bundle internet, cable, and phone together. Jackson, Tennessee, and surrounding Madison County are located 90 miles northeast of Memphis . 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. You can enjoy a wide range of delicious cuisines, plus the annual Main Street JazzFest. Looking for a great Realtor to help you find a home in Tennessee? Tennessees tax regime is an interesting case. 19. 10 Most Affordable Places to Live in Tennessee - HOMEiA Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. Living Wage Calculation for Tennessee The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. 2022 Counties with the Lowest Cost of Living in Tennessee Once they review and verify your information, theyll determine whether to approve you for a mortgage. A side benefit is that you may be able to relax, work, or read on the way to work, or get to know and chat with other commuters. In fact, Davidson County's property taxes increased 34% recently. Listed above are the most affordable places to live in Tennessee with a population of more than 5,000 people. Tennessee cost of living is 89.9 100=National Average AVERAGE RENT BY BEDROOM SIZE Rent per Month Tennessee United States Studio 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms 0 500 1000 1500 2000 2500 Keep your finances in mind and dont let yourself get carried away in the excitement ofbuying your first home. View future changes in the minimum wage in your location by visiting, If you move from Chicago IL, Dallas, TX, or Miami, FL, the percent increase of your, If you move from New York, NY, San Francisco, CA, or Washington, DC, the percent reduction of your. * In other words, on average, housing, food and groceries, transportation, utilities, healthcare and miscellaneous expenses such as clothing, service, and entertainment are less than the national average. The new employer premium rate for most industries, including manufacturing sector 31-33 and mining is 2.7%. Tennessee borders eight other states: Kentucky and Virginia to the north; North Carolina to the east; Georgia, Alabama, and Mississippi on the south; Arkansas and Missouri on the Mississippi River to the west. If you are looking for help on your real estate journey, UpNest is a no-cost service for home sellers and buyers to find the best real estate agents locally. 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. #8 Counties with the Lowest Cost of Living in Tennessee. In much of Tennessee, healthcare costs come out right around the national average. The Tennessee state tax is four percent on food and food ingredients and seven percent on all other tangible personal property, unless specifically exempted. * In other words, on average, housing, food and groceries, transportation, utilities, healthcare and miscellaneous expenses such as clothing, service, and entertainment are less than the national average. Out of that 3%, the agent has to split with their office. Public schools are rated higher than surrounding areas. It very welcoming i think. So, out of a gross 6% commission, your agent would only typically get 3% gross. Its important to be aware of these issues, as it may cause a headache further down the road after youve purchased the house. ET. The beautiful location makes it a great place for outdoor activities, photography, and adventure. The federal minimum wage is $7.25 per hour while Tennessee's state law sets the minimum wage rate at $7.25 per hour in 2023. Its more than likely that the seller will come back to you with a counteroffer. It is an excellent place to raise a family especially with superb quality of the local school district.. Current Resident: Pickett County is a very small town on the border of TN and KY. The moves announced Wednesday promise critical relief to some people with diabetes who can face annual costs of more than $1,000 . Nashville's cost of living is 3% lower and housing costs are also 9% lower than the national average. When it comes to the cost of living in the state, most costs are below the national average but home prices can be high, depending on where you live. 2. For example, a state with an index score of 90 has a cost of living 10% lower than the national average. Cody Tromler is the Content Marketing Manager for UpNest.com. The result is this list of the 10 best places to retire in Tennessee. This means that if you work in Tennessee, your paycheck will be free of taxes other than the federal income taxes and the soon to be abolished (2022) hall tax, which is a tax on dividends and interest. Pricing for various packages can vary a lot even in the same location. Cost of Living - Funding - The Graduate School at UNC-Chapel Hill Tennessee's sales tax ranges from 8.5% to 9.75%, depending on the county in which you're shopping. The schools are safe and its such a beautiful town. 5 Niche users give it an average review of 4 stars. Further, the state does not tax personal income, only dividends and interest income. But remember, this average is accounting for home sales across urban and rural Tennessee. 195. For example, theres the University of TennesseeKnoxville,where in-state tuition is$13,224 for 2018-2019, compared to$31,664 for out-of-state students. Use the Cost of Living calculator below and compare our Retire Tennessee counties to your community. Tennessee is tied with Missouri as the state bordering the most other states. The Pointe at Kirby Gate - $3300/Mo Starting Cost - Memphis Children, who dont have the maturity, independence, and understanding of a parent may be even more sensitive to a move. The Economic Policy Institute's Family Budget Calculator was used to determine the local cost of living, which includes housing, food, health care, transportation . Featured Review: Niche User says There's always room for improvement. So, on average the actual agent may only get 1.5% of that 6% commission. This cost is ranked NO. Renting has a median cost of $480 per month. But when you add in the Tennessee state taxes, the inequality-compressing effect of the federal tax system is lessened by 32.7%. Further, the state does not tax personal income, only dividends and interest income. It hosts the annual Middle Tennessee Strawberry Festival.. I see more small businesses in the future . The federal minimum wage is $7.25 per hour while Tennessee's state law sets the minimum wage rate at $7.25 per hour in 2023. So although the base state sales tax is 7%, counties impose extra rates that range from 1.5% to 2.75%. Alcoa is situated near the base of the Appalachian range and has easy access to various highways. He is currently a sophomore and excelling at Lausanne! If they are receiving a referral from a trusted source they may offer a modest discount, while still giving a full-service experience. The city has a bustling nightlife and an impressive arts district. For starters, in 2021, Tennessee became the eighth state in the U.S. to eliminate state income tax. The highest point in the state is Clingmans Dome at 6,643 feet (2,025m). Thats well below the U.S. average of $334,000 for new homes and $260,000 for previously owned properties. Wall Street Cheat Sheet named Tennessee as the state with the second lowest cost of living in the nation. The facilities are excellent! Tennessee is packed with a country and blues culture thats centered around Nashville and Memphis. And if you put down less than 20% for a down payment, your lender will probably require you to pay forprivate mortgage insurance (PMI)as well. It's as if everyone is part of a big family. Read 5 reviews. The U.S. Census reports that the median value of a home in Tennessee is $167,200. For one thing, theres Graceland, Elvis Presleys home. A cost of living index above 100 means Tennessee, Tennessee is more expensive. The way school coding works is based on the year made or renavated. #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 Cost of Living in Tennessee - Ramsey - Ramsey Solutions The rate is higher for construction (6.0%). The median home value in Johnson City is $148,800 and the median rent price is $733 a month. With a population of about 146,900, Murfreesboro is a great city for families. You'll rarely see a person in need that doesn't get it.. #10 Counties with the Lowest Cost of Living in Tennessee. With a population of 150,000, the city is home to Austin Peay State University. Overall SnackAbility 5 /10 Population: 7,614 Rank Last Year: 61 (Up 54) Have a question? One estimate pegged the salary needed to live comfortably at $70,413. Featured Review: Niche User says My experience living in this town has been unforgettable. I live in the Washburn area of Grainger County area. View future changes in the minimum wage in your location by visiting. Tennessee is famous for its country music festivals and iconic blues culture. Read more on how this ranking was calculated. According to MITs Living Wage Calculator, a single adult in Tennessee spends an average of $2,990 per year on food. Chattanooga residents pay slightly less, as a gallon of milk there is $3.09 and a dozen eggs is $1.92. He struggled academically at first, but the teachers spent a lot of time getting him on track. Cody Tromler is the Content Marketing Manager for UpNest.com. Not only will you reduce the stress of driving and finding a place to park once you reach your destination, your car and tires will last longer, and you will spend less on gas. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Visit theTennessee Department of Revenueto obtain more information about Tennessee taxes. I was born and raised here. We have little to no crime compared to the cities around us. The major outlier in the state is Knoxville, which boasts prices 16% less than the national median. If you are comparing funding awards or financial aid packages, consider how far funding will go in each city. and there is great live music and the eclectic Sumner Crest Winery. According to the 2021 Cost of Living Index,Tennessee ranks sixth place for lowest cost of living in the United States. The only thing I can say about Pickett County is how AWFUL their school system is. This town is very family oriented. Portlands median home value is $173,800, with a median household income of $51,027. Students are spending 30% of their days in a building with unstable walls, 40 year old heating andWhy has the school not been shut down? The Cost of Living in Tennessee - Moving.com If you own a home in your former location the sale of that home needs to be completed as well. Remember, this breakdown is only a guide where you buy your home is the biggest determinant of your cost-of-living expenses. Farragut offers excellent schools, with Farragut High School and L&N STEM Academy recognized for high graduation rates and above-average testing scores. I wouldn't move away from this town for nothing. There are 10 especially affordable cities with lots to offer in Tennessee, where many have relocated in recent years. Tennessee Quick Facts - Tennessee Department of Economic and Community Featured Review: Senior says I've been at Briarcrest for 15 years, and I'm very grateful for it. If youre still saving a deposit, Tennessee is a fantastic state for renters. GROCERY ITEMS 93.5 Some employers have company provided day care centers that let you bring your child to work with you and receive care on site. When moving to a distant place, help your children learn about the new area. Featured Review: Current Resident says Obion County is a small county that will make anyone feel welcome. 5 Niche users give it an average review of 3.4 stars. Want to pursue higher education in Tennessee, for yourself or your child? #20 Counties with the Lowest Cost of Living in Tennessee. Tennessee has the second-lowest state and local tax burden per capita, and no income tax on wages. The median home cost across the state is $164,500. 28 Niche users give it an average review of 3.1 stars. There are also six colleges within 15 miles of the town. Beginning with tax year 2012, the annual Hall Income Tax standard income exemptions for taxpayers 65 years of age or older increased from $16,200 to $26,200 for single filers and from $27,000 to $37,000 for joint filers. Cost of Living in Tennessee (2023) | SoFi They truly go the extra mile and beyond! Read more on how this ranking was calculated. Unsurprisingly, monthly utility costs are even higher in Tennessees major cities. Not only will we show you the cost of living difference, but we'll let you know how much you need to make in the new location to maintain your current standard of living. #9 Counties with the Lowest Cost of Living in Tennessee. Its also a highly picturesque locale, between the Appalachian mountains and Waldens Ridge. Situated in the beautiful Cumberland Mountains, the town combines small town charm with a growing future. However, for your standard 3-bedroom, 2-bathroom home, the median price currently stands at $326,327. It is possible that electric rates may fluctuate depending on consumption rates, government regulations and even the weather. Featured Review: Current Resident says I have lived in this area my entire life. Real estate agent commission is typically split 50/50 between the agents who represent thebuyerandseller. Tennessee has no state property tax. Cost of Living in Tennessee - Best Places For an overview of some of the top financial advisor firms in the state, stop by our lists for. According to the U.S. Energy Information Administration (EIA), the average monthly energy bill in Tennessee is $123.30, which is slightly above the national average. Cost of Living in Nashville. The average cost of fuel is similarly affordable at $1.97 per gallon. Sources: Tennessee Department of Labor and Workforce Development; U.S. Bureau of Economic Analysis; U.S. Census Bureau; International Trade Administration, U.S. Department of Commerce; Tennessee Secretary of State. The median home value is around $146,500 and monthly apartment rentals are around $700 per month. The town is home to around 13,000 people. Rememberbuyers: you need to know what a home will require in order for it to be up to your expectations of build quality. Norris Lake dominates the area to the south. The health care and automotive industries are big players, with over 300 health-related companies and more than 900 automotive . Tennessee has no state income tax! I come home from school or vacations to a welcoming feeling all over. Read 11 reviews. Home sellersmay also work with their agents on bonuses and incentives. My overall experience in this area so far has been great. According to Numbeo.com (2019), a gallon of milk and a dozen eggs goes for $3.21 and $2.48, respectively, in Memphis. 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. Yes! The only thing I can say about Pickett County is how AWFUL their school system is. Keep your finances in mind and dont let yourself get carried away in the excitement of buying your first home. Tennessee has no state income tax! 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. You can show this tosellerswhen youre looking at homes, to let them know that youre able to secure financing. With a score of 88.7, Tennessee comes in well below the national average. While youll find million-dollar mansions near Nashville and elsewhere in the state median housing prices are quite affordable. 83 Niche users give it an average review of 4.6 stars. We have a Dollar Store and. Niche User: This is a small, quiet, and safe town with friendly people. Featured Review: Niche User says As far as I been living here there isn't any police constantly around trying to stop any violence. Apartments rent for an average of $1,222 per month. All Rights Reserved. In short, no, the average costs of living in Tennessee is relatively low. The median home value in Clarksville is around $159,300 and the median rent cost is approximately $950 per month. Tennessee cities and counties have the option of imposing an additional local option sales tax. The estimated average annual cost for child care in Knoxville, Tennessee (based on state average), is $5857. For the future generations, I believe there will be more job opportunities and a better education system. See our Privacy Policy. 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. My overall experience in this area so far has been great. The people here care for one another and are always offering a helping hand. Read 3 reviews. The way school coding works is based on the year made or renavated. Photo credit: iStock.com/Sean Pavone, iStock.com/Jonathan Ross, iStock.com/Vito Palmisano. Compared to the rest of the country, La Follettes cost of living is 23.7% lower than the U.S. average. It's a very loving environment, and I love that I grew up in a place where the Bible is at its center. In Tennessee, the average price to buy a home is around $170,800. How Much Do I Need to Save for Retirement? Featured Review: Parent says My son transferred from another private school to Lausanne in the 8th grade. It is nice and quiet and you have plenty of space. With a population of about 23,778, this small suburb is less than 20 miles away from the heart of Knoxville. We still have the hometown feel with high values and good morals. Read 15 reviews. Admission to Great Smoky Mountains National Parkis free. In terms of affordability, Tennessee boasts low unemployment rates, a comfortably low cost of living - and no personal income tax. Discover the schools, companies, and neighborhoods that are right for you. Why has the school not been shut down? The city had an estimated population of 186,239 in 2016 and a population of 178,874 as of the 2010 census, making it the state's third largest city after Nashville and Memphis. #15 Counties with the Lowest Cost of Living in Tennessee. Baird and Warner Reviews What You NEED to Know, Cost of Living in Virginia: A Comprehensive Guide. The schools are safe and its such a beautiful town. This means that if you work in Tennessee, your paycheck will be free of taxes other than the federal income taxes and the soon to be abolished (2022) hall tax, which is a tax on dividends and interest. With an Average Cost of Living Index of 90.2, Tennessee landed at #10 on the list. If they are old enough to understand, include the children in making plans for the move. Explore the counties with the lowest cost of living based on the consumer price index and access to affordable housing (housing-to-income rates). When you buy a home through UpNest, whichis owned by parent companyRealtor.com, Tennessee residents can also benefit from a range of exclusive cost savings. Within a mile of Rockwood is a nine-hole golf course, access to beautiful Watts Bar Lake, a sports complex and walking trail, and Mount Roosevelt Wildlife area. "Cost of living" is the amount of money you need to sustain a certain lifestyle in a given place. In other words, in Chapel Hill, your costs for basic consumables of living would be 15% higher than the U.S. national average. Featured Review: Niche User says I love my home town. If any of these descriptions have you thinking about making the leap and moving to Tennessee, youll want to get a Realtor to help but there are a few things to keep in mind. What your skills are worth in the job market is constantly changing. Whiskey Fungus Fed by Jack Daniel's Encrusts a Tennessee Town There is no obligation to sign up with one of our network Realtors, but when you can potentially save thousands on commission why wouldnt you? For a family of four, the cost of food jumps to about $8,820. UpNestis owned by parent companyRealtor.com. Some employers offer employees reduced fee bus or transit passes, so check that out with your employer. The True Tennessee Cost of Living - UpNest With award-winning barbecue, family attractions, outdoor adventures and more, you can choose your own Tennessee vacation. These are 10 of the cheapest places to live in Tennessee, where many have relocated. The Living Wage Calculator from MIT lists a $22,369 living wage for a single adult in Tennessee. 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. For comparison, the national average is $151.96. The average costs of living in Tennessee is relatively low. In Knoxville,TN, my friend pays $947 for a large 2 bedroom apartment. Bay County's cost of living results in steep bills. With individual food prices, the most influential factor is where you live. I had no idea there were private schools that invested so much in their students learning goals and academics. With our ideal location and growing economy, Tennessee offers an unmatched climate for your business to flourish. When someone is in trouble everyone comes together to help. Tennessee also hasoptions for nature lovers. Knoxville Police Department via AP. No matter how much you might think a house is perfect for you, if you cant comfortably afford it, its time to think twice. I love my little town. Your money will go a lot farther in Tennessee. According to the 2021 Cost of Living Index, Tennessee ranks sixth place for lowest cost of living in the United States. (The Center Square) - Residents of Williamson County need to make $3,737 every month to maintain a modest standard of living, making it the most expensive place in Tennessee to live, according to an analysis from 24/7 Wall St. The people here care for one another and are always offering a helping hand.. Niche User: As far as I been living here there isn't any police constantly around trying to stop any violence. Being here has allowed me to pursue the career that I originally desired, teaching.. Parent: My son transferred from another private school to Lausanne in the 8th grade. 30 Niche users give it an average review of 2.9 stars. In other words, the federal tax system aims to get wealthier folks to pay a higher percentage of their income in taxes. Cost of Living Calculator | Cost of Living in Gallatin, Tennessee Residents have been complaining about the ethanol-fueled fungus from a Jack Daniel's distillery in neighboring Moore County. So, on average the actual agent may only get 1.5% of that 6% commission.