In short, Tennessee enjoys an especially low cost of living. According to a study conducted by the World Population Review, in 2021 Tennessee is the country’s sixth cheapest state to live in. That’s pretty standard for The Volunteer State, where living costs have historically landed it in the top ten for affordability.
How much money do I need to live in Tennessee?
Average Cost of Living in Tennessee: $37,499 per year
If you’re planning to move to Tennessee, your monthly budget might get a nice break. Why? Tennessee is among the most affordable 10 states, at No. 6, according to MERIC data gathered in the third quarter of 2021.
What are the disadvantages of living in Tennessee?
The Cons of living in Tennessee
- The weather can be extreme at times.
- There are nuclear power plants in Tennessee.
- Traffic in Tennessee’s major cities can be a nightmare.
- It might take time to adapt to the humid climate.
- Tennessee is a landlocked state.
Is rent expensive in Tennessee?
The average rent for an apartment in Tennessee is $1,730. A two-bedroom home in Nashville averages out to be $1,510 and a one-bedroom’s average is $1,341, according to a study by Apartment List.
Why is it so cheap to live in TN?
No state income tax
That’s why your income goes as far in Tennessee as just about any other area in the country. The state compensates for this income tax break with a higher-than-average sales tax (around 7%). This ensures that Tennessee’s visitors help the residents cover a large chunk of their living costs.
Is moving to Tennessee worth it?
If you’re looking to relocate to a new state, Tennessee is a wonderful place to live. Your money will go further thanks to the low cost of living, low property taxes, and lack of state income taxes.
What is a good hourly wage in Tennessee?
Hourly Rate Salary in Tennessee
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $93,165 | $45 |
| 75th Percentile | $52,092 | $25 |
| Average | $49,613 | $24 |
| 25th Percentile | $29,552 | $14 |
What are the biggest issues in Tennessee?
Here Are The 9 Biggest Risks Living In The State of Tennessee
- Rapid weather changes. Meghan Kraft / Instagram.
- Humidity. Jenny Downing / Flickr.
- Tornados. Zach Delph / Flickr.
- Stars in your eyes. Larry Darling / Flickr.
- Rabid football fans. Joel Kramer / Flickr.
- Too much of a good thing. Mike Delgaudio / Flickr.
- Flooding.
- Snakes!
What part of Tennessee is best to live in?
Here are the best places to live in Tennessee: Nashville. Knoxville. Chattanooga.
- Nashville.
- Knoxville. Best Places to Live 2021-2022 Rank: 41.
- Chattanooga. Best Places to Live 2021-2022 Rank: 49.
- Memphis. Best Places to Live 2021-2022 Rank: 143.
How much is property tax in Tennessee?
The average effective property tax rate in Tennessee is 0.64%.
Overview of Tennessee Taxes.
| New York County$4,813 | 1.925% of Assessed Home Value |
|---|---|
| National $2,775 | 1.110% of Assessed Home Value |
What’s the cheapest state to live in?
Mississippi
As of August 2022, Mississippi is the least expensive state to live in, according to worldpopulationreview.com. The Magnolia State has a cost of living index of 83.3.
What is the average electric bill in Tennessee?
On average, electricity users in Tennessee spend about $196 per month on electricity. That adds up to $2,352 per year. That’s 1% higher than the national average electric bill of $2,328.
Are groceries cheaper in Tennessee?
Tennessee’s grocery bills are rated a 95 according to our cost of living calculator, which means that groceries tend to cost 5% less than the U.S. average.
What are the pros and cons of living in Tennessee?
Summary: Pros And Cons Of Living In Tennessee
- Low cost of living.
- Reasonable property taxes.
- No income taxes.
- The Tennessee Promise scholarship program.
- Great recreational opportunities.
- A gentle winter climate.
- Hot summer heat and humidity.
- A tendency for severe weather.
Why do people move to Tennessee?
A study conducted by Bankrate found Tennessee to be the third best state in the U.S. for retirees and the most affordable. Its low cost of living, small tax burden, and pleasant weather are a few of the many reasons retired people move to Tennessee.
Is Tennessee a rich or poor state?
The rate varies widely from state to state, with most wealthy states having a poverty rate below 9%. In contrast, the nation’s poorest state has a poverty rate twice that.
Poorest States 2022.
| State | Mean Household Income |
|---|---|
| Oklahoma | $74,195 |
| South Carolina | $76,390 |
| Montana | $76,834 |
| Tennessee | $76,937 |
What part of Tennessee is Tornado Alley?
Shelby County — home to Memphis — experiences the most tornadoes of any other county in Tennessee, ringing in at 56 twisters in total from 1950 to 2021, according to the National Weather Service. The runner up is Wilson County — just outside of Nashville — which saw 54 tornadoes during that same time period.
Is it cheaper to live in Florida or Tennessee?
Tennessee is 7.9% cheaper than Florida.
What are the perks of living in Tennessee?
Tennessee is an affordable state to live in with reasonable property taxes, a low cost of living and no state income taxes. With life necessities like utilities, groceries and transportation coming in at a low cost, those wanting to make the move will also find additional benefits.
What is middle class in Tennessee?
The middle class income range varies greatly by state, depending on the cost of living, the analysis found.
| State | Tennessee |
|---|---|
| Household Income Range for Middle Class | $21,573 – $98,679 |
| Median Family Income | $69,993 |
| Middle Class Share of State’s Income | 45.5% |
What job makes the most money in Tennessee?
Detailed List Of Highest Paying Jobs In Tennessee
| Rank | Job Title | Entry Level Salary |
|---|---|---|
| 1 | Vice President, Field Operations | $122,000 |
| 2 | Consultant And Sales Representative | $117,000 |
| 3 | Primary Care Physician | $115,000 |
| 4 | Chief Operating Officer, Chief Technology Officer | $108,000 |