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Tennessee Yearly Expenses
Category:
State:
Multi-State
Control #:
US-175-AZ
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Yearly Expenses?
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FAQ
In Tennessee, you can find some of the most inexpensive housing in the U.S. Although the median home value in Tennessee is a little over $120,000, in some areas like Union City and Humboldt, you can easily find a nice, single family home for around $60,000. Property taxes are also low, with the median rate at 0.68%.
Is Tennessee a cheap state to live in? Yes, Tennessee is a very cheap state to live in! The average costs of living in Tennessee is relatively low. According to the 2021 Cost of Living Index, Tennessee ranks sixth place for lowest cost of living in the United States.
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.
In Tennessee, you can expect to pay around $850 per month for rent, a cool $300 less than the national average of $1,175 per month.
--A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year. The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America's 50 largest cities.
Tennessee's quality of life is high, and its cost of living is low. Based on 2020 annual averages, Tennessee has the 8th lowest cost of living in the nation at 10.3% below the national average.
