GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Living In Tennessee

The average cost of living in Tennessee is slightly below the national average.

With sources from: numbeo.com, nerdwallet.com, rentdata.org, bestplaces.net and many more

Statistic 1

The average home cost in Tennessee is $229,300, significantly lesser than the national average.

Statistic 2

The overall cost of living index in Tennessee is 87.6, which means it is less expensive than the U.S. average.

Statistic 3

Median household income in Tennessee is $53,320.

Statistic 4

The average health cost in Tennessee is 95.4, less than the US average of 100.

Statistic 5

Tennessee's grocery prices index is 93.9.

Statistic 6

The average electric bill in Tennessee is around $123.30 per month.

Statistic 7

Tennessee's gas prices average around $2.60 per gallon, lower than the national average.

Statistic 8

The average monthly rent for a two-bedroom apartment in Tennessee is $966.

Statistic 9

The average car insurance rate in Tennessee is $1,315 per year.

Statistic 10

The sales tax rate in Tennessee is 7.00%, with local surtaxes up to 2.75%.

Statistic 11

The median property tax rate in Tennessee is $767 per year for a home worth the median value of $137,300.

Statistic 12

The average income tax rate for Tennessee is 0% as it’s one of the 9 states with no income tax.

Statistic 13

The average income in Memphis, a city in Tennessee, is around $55,000.

Statistic 14

The average commute time in Tennessee is about 25 minutes.

Statistic 15

The average cost of an internet plan in Tennessee is around $55.

Statistic 16

The average cost of a meal at an inexpensive restaurant in Tennessee is around $14.

Statistic 17

The average cost for a gallon of milk in Tennessee is about $3.04.

Statistic 18

The average gym membership cost in Tennessee is $36 per month.

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In this post, we will explore the average cost of living in Tennessee, providing key statistics that shed light on various aspects such as housing, utilities, transportation, taxes, and more. With data indicating affordability in comparison to the national averages, these statistics offer valuable insights for anyone considering living in Tennessee.

Statistic 1

"The average home cost in Tennessee is $229,300, significantly lesser than the national average."

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Statistic 2

"The overall cost of living index in Tennessee is 87.6, which means it is less expensive than the U.S. average."

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Statistic 3

"Median household income in Tennessee is $53,320."

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Statistic 4

"The average health cost in Tennessee is 95.4, less than the US average of 100."

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Statistic 5

"Tennessee's grocery prices index is 93.9."

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Statistic 6

"The average electric bill in Tennessee is around $123.30 per month."

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Statistic 7

"Tennessee's gas prices average around $2.60 per gallon, lower than the national average."

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Statistic 8

"The average monthly rent for a two-bedroom apartment in Tennessee is $966."

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Statistic 9

"The average car insurance rate in Tennessee is $1,315 per year."

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Statistic 10

"The sales tax rate in Tennessee is 7.00%, with local surtaxes up to 2.75%."

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Statistic 11

"The median property tax rate in Tennessee is $767 per year for a home worth the median value of $137,300."

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Statistic 12

"The average income tax rate for Tennessee is 0% as it’s one of the 9 states with no income tax."

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Statistic 13

"The average income in Memphis, a city in Tennessee, is around $55,000."

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Statistic 14

"The average commute time in Tennessee is about 25 minutes."

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Statistic 15

"The average cost of an internet plan in Tennessee is around $55."

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Statistic 16

"The average cost of a meal at an inexpensive restaurant in Tennessee is around $14."

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Statistic 17

"The average cost for a gallon of milk in Tennessee is about $3.04."

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Statistic 18

"The average gym membership cost in Tennessee is $36 per month."

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Interpretation

Overall, the statistics reveal that Tennessee offers a relatively affordable cost of living compared to the national average. With below-average home costs, overall cost of living index, health costs, grocery prices, and gas prices, alongside no income tax and a lower-than-average property tax rate, Tennessee presents an attractive option for residents looking to stretch their budgets. Additionally, the state's moderate costs for essentials such as rent, car insurance, internet plans, and dining out, combined with a decent median household income and average income in major cities like Memphis, make Tennessee a financially feasible choice for individuals and families alike.

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