Introduction
When you decide to move to a place or want to settle down permanently, the financial details are the major ones that are observed. The cost of living in Tennessee is one of the biggest queries on the internet nowadays. You might be wondering why it is so. Then let us tell you that with the state change, the policies, rules, and regulations also shift. This is why the cost of living is also affected.
For some states, the figures are quite higher. But in the case of the other states, you will find them to be quite nominal. The major reason behind this is the difference in the policies that are related to income. Also, the tax cuts help you build your annual budget and get a lower living cost.
Now many people might not be interested in these facts, but if you are interested in moving to the state of Tennessee, then this article will be the best guide that you will be able to get your hands on.
Is the cost of living in Tennessee lower or higher
While going through the factual details, we will find that Tennessee is recorded as one of the cheapest states regarding the cost of living. The simple words might not suffice. So let us tell you that according to the national average, the state of Tennessee is almost 10% cheaper. These figures will surely make you turn your head.
A comparative analysis of the national averages of major expenditures and the cost in Tennessee
There are different sectors of life that combine to build the cost of living. Therefore it is important that you look at them individually to ensure that they are also lower than the national figures. Thus, if we start with the properties or real estate, the housing in Tennessee is said to be 18% lower than the national average.
- This average happens to be 8% lower than the rest of the states when it comes to utility bills.
- Food happens to be one of the major requirements, and a major expenditure is based upon the food items. Thus if we talk about the cost of living, then Tennessee has 6% lower food costs.
- On the other hand, the healthcare sector has a figure of 9% lower than the national average.
- Transportation is the next one on the list, which happens to be 13% lower when compared with the national average.
- Last but not least are the goods and services that happen to be 4% lower than the national average figures.
The per-person living cost in Tennessee
Most people are not interested in the percentages and would like to get their hands on the hard and fast detail that will help them learn whether they can survive in the state of Tennessee for a year or not. Thus, after certain analysis, we have concluded that the average cost of living per person in Tennessee is $37,499. A person can live a perfectly comfortable life with this sum of money in his or her bank account.
The housing costs
Housing is one of the biggest expenditures that you have to encounter. Although we have witnessed that it is 18% lower than the national average. But you might be wondering about the hard and fast figures. Thus if we determine the average, then the rent paid by the people is determined as $1400.
The change in the price structure
The figures do change with the change in locality and area. If we compare the average value with the figures of the city of Nashville, then we will find that the average rent here is $2000 and more for a single-bedroom apartment or house.
The wages in the state of Tennessee
In order to determine the cost of living, a person always looks at his or her income. Similarly, if we talk about the income-friendly policies of the state of Tennessee, then we will come to know that the average wages are set at $13.24 as the 25th percentile, and lower wages will be outliers. Also, if we talk about the maximum limit, the figure we will get will be $30.09, which happens to be the 90th percentile of the wages.
Some of the cheaper cities in the state of Tennessee
As we have already discussed, the cost of living differs with the change in the locality. Therefore, if we go through the information, we will find that some particular cities in the state of Tennessee are cheaper than the rest of the state. You might be wondering about these areas. So below, we have enlisted them for the enhancement of your knowledge:
- Lewisburg
- Millington
- Knoxville
- Crossville
- Brownsville
- Union City
- Paris
The cheapest city in the whole state
Among all the other cities, the city of Chattanooga happens to be the cheapest city in the state.
The utility bills factor
One of the major expenditures of a person after food is related to utility bills. If we talk about the utility bills of Tennessee residents, then we will witness that an average Tennessee resident utilizes electricity worth $211 every single month. If we talk about the per year cost, then it happens to be $2532. These figures are comparatively higher than the national average mark, which is set at $2190.
The cons of living in the state of Tennessee
There are several pros and cons of living in a state. Now, if you have decided to live in the state of Tennessee because of the lower cost of living, then you should also pay attention to the information that will guide you regarding the cons of living in this state. Below we have enlisted them for your knowledge:
- The extremities of the weather
- The operational nuclear power plants
- The high traffic
- There is no sea linked with the state of Tennessee, declaring it landlocked
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Conclusion
The cost of living in Tennessee is comparatively lower than in the rest of the states. Although the figures mentioned above will help you get an idea regarding the financial expenditures. But it is important that you go through the reviews and expressions of the inhabitants of Tennessee to get a better knowledge about this state.
