Cheapest Places to Live in Tennessee | PropertyClub (2024)

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Cheapest Places to Live in Tennessee | PropertyClub? ›

The rising costs of fuel, energy, food and housing have put the pinch on consumers across the country. However, even as the U.S. inflation rate surpassed 7 percent in 2021, prices in Tennessee were still well below national levels.

The rising costs of fuel, energy, food and housing have put the pinch on consumers across the country. However, even as the U.S. inflation rate surpassed 7 percent in 2021, prices in Tennessee were still well below national levels.

If you want a slower pace of life set amongst the backdrop of stunning mountains or love country music and southern charm, Tennessee is a great option for retirement. Financially speaking, it can save you thousands in retirement with its low cost of living, lack of income taxes, and affordable housing.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Tennessee has no state property taxes, and leaves it up to local jurisdictions to determine and collect their own. Fortunately, most of these local governments keep tax rates modest. Urban areas have higher tax rates of around . 820% of assessed value, while the state average is just .

Cost of Living

As the following chart shows, South Carolina's average is overall 11.5% lower than the national average. It beats Tennessee in key areas, like average housing costs and transportation. Tennessee fares better for health care, utilities, and miscellaneous expenses.

As of Jun 1, 2023, the average annual pay for the Comfortable jobs category in Tennessee is $51,818 a year. Just in case you need a simple salary calculator, that works out to be approximately $24.91 an hour.

1. Murfreesboro. Murfreesboro is on the outskirts of Nashville so you're still close to the capital of country music. With a low cost of living at 3% lower than the national average, good restaurants, lots of job opportunities and Civil War history, Murfreesboro can't be beat.

What state has the overall lowest cost of living? ›

Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi's housing costs are the lowest in the nation.

1. Fort Wayne, Indiana. Fort Wayne, Indiana, is one of the cheapest places to live in America. The affordable housing costs are a major draw for residents moving to the city.

Tennessee. No state minimum wage law. Employers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour.

The Bottom Line: Is Moving To Tennessee A Good Idea? 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.

Both have an overall cost of living about 10% below the national average. Tennessee has an overall score of 89.9, while North Carolina is 90.6. This means that, on average, living in Tennessee is slightly more affordable than living in North Carolina.

Cost of living

Tennessee has a slight affordability edge over Georgia, especially with its housing costs, utilities, and transportation being cheaper. However, healthcare was more expensive in Tennessee.

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. What county in Tennessee is the cheapest to live in?

Tennessee is 8.3% cheaper than Florida.

This is equivalent of $973 a week or $4,219 a month. Most salaries in Tennessee range between $35,654 (25th percentile) to $63,357 (75th percentile) annually. Of course, salaries will vary depending on yor occupation, experience, and many other factors.

How much is $40,000 a year in Tennessee? ›

If you make $40,000 a year living in the region of Tennessee, USA, you will be taxed $6,101. That means that your net pay will be $33,900 per year, or $2,825 per month.

Nashville, Franklin, Hendersonville, and Mount Juliet are all great places to live in Tennessee and are popular with families. For access to the mountains, Knoxville is a good choice.

1. Dyersburg. The most dangerous city in Tennessee is Dyersburg, which has a population of 16,164 and a crime rate that is 244% higher than the national average. The total crime rate in Dyersburg is 8,073 per 100,000, with residents having a 1 in 13 chance of becoming the victim of any type of crime.

The report ranked Chattanooga as the top destination followed by Johnson City, Knoxville, Nashville, Brentwood, and Cleveland.

Homes are relatively cheap

While Tennessee has not been exempt from rising housing costs across the country, it still remains one of the more affordable places to live compared to other parts of the country. In December 2022, the median sales price for new houses nationally was $442,100.

What's the Average Cost of Living in Virginia? The average cost of living in Virginia is just 1% higher than in the average U.S. state. So living in Virginia is cheaper than some states (like California), more expensive than some (like Tennessee) and about the same as others (like Florida).

When you're looking at any list of the best places to retire in Tennessee 2021 or 2022, another top West Tennessee city is Collierville. Just a 20-minute drive from Memphis, Collierville has all the amenities of suburban living, along with a charming downtown area and plenty of shopping and dining.

Of the 272 towns in the state with available data, Jamestown ranks as the poorest. The typical Jamestown household earns just $18,000 a year, 69.2% less than the statewide median household income. Given the low incomes, it is not surprising that a larger than average share of residents live in poverty.

What state is the second cheapest to live in? ›

West Virginia has the second cheapest housing among all the states in the US. The average house price in the Mountain State is 31.2% lower than the national average. The lower housing prices are due to the state's rural nature, which means that there are fewer large cities and lower demand for housing.

Is Texas expensive to live in? No, Texas is veyr affordable relative to other states in the U.S. In fact, the average cost of living there is 8% lower than the national average, according to a Cost of Living Index.

All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.

In 2020, the average American contributed 8.9% percent of their income in state taxes. Alaska had the lowest average overall tax burden – measured as total individual taxes paid divided by total personal income – at 5.4%, followed by Tennessee (6.3%), New Hampshire (6.4%), Wyoming (6.6%) and Florida (6.7%).

To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well. Here are the top 10 least affordable cities: Los Angeles.

Which States Have a $15 per Hour Minimum Wage? Washington, California, and Massachusetts are the states with a minimum wage of $15 per hour or above. Workers from Connecticut will have something to smile about as we get to mid-2023.

Tennessee Overtime Rules

No laws limit the number of hours an employee can work in a week. Federal law provides 2 years to make a claim for unpaid overtime, 3 years if employer intentionally violated the law.

Average McDonald's hourly pay ranges from approximately $8.25 per hour for Server to $16.43 per hour for Customer Service Representative. The average McDonald's salary ranges from approximately $18,000 per year for Training Coordinator to $70,308 per year for Operations Associate.

Where is Tornado Alley in Tennessee? ›

Tennessee is not part of Tornado Alley, but it is in the tornado-prone Dixie Alley — the South's version of Tornado Alley that also sees an unproportionately high number of twisters each year compared to other parts of the U.S.

Budget data reveals that Nashville collects about $1.607 billion in property taxes. With a population of about 704,000, an average Nashvillian pays a whopping $2,283 in property taxes. With a per-capita income of about $44,000, an average Nashvillian pays about 5% of income in property taxes.

However, perhaps the biggest reasons people enjoy living in Tennessee are the state's attributes. Its natural beauty, mild climate, and exciting urban experiences are all within easy reach. We covered affordability and how Tennessee's housing prices and cost of living rank below the national average.

Cost of Living

As the following chart shows, South Carolina's average is overall 11.5% lower than the national average. It beats Tennessee in key areas, like average housing costs and transportation. Tennessee fares better for health care, utilities, and miscellaneous expenses.

The warmest parts of the state, with the longest growing season, are the Gulf Coastal Plain, the Central Basin, and the Sequatchie Valley. In the Memphis area in the southwest, the median date of the last killing frost is March 22, and the growing season is about 235 days.

The minimum wage in Tennessee is $7.25, which is the same as the federal minimum wage. The last time Tennessee chose to raise its minimum wage was in 2009 when the mandated hourly pay went up to the current $7.25. Local governments in Tennessee continue to raise the minimum wage at the same rate as the state.

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.

Low-income seniors in Tennessee are those with total incomes that fall within the federal poverty guidelines, which is $13,590 per year in 2022. Income is referred to as money received from all sources.

You can afford the average cost of living in Tennessee if you make more than $37,499 per year. However, this cost can increase if you have a family. In that case, you would want your family's total take-home pay to exceed the average household income in the state.

Is it cheaper to live in NC or TN? ›

Both have an overall cost of living about 10% below the national average. Tennessee has an overall score of 89.9, while North Carolina is 90.6. This means that, on average, living in Tennessee is slightly more affordable than living in North Carolina.

Which States Have a $15 per Hour Minimum Wage? Washington, California, and Massachusetts are the states with a minimum wage of $15 per hour or above. Workers from Connecticut will have something to smile about as we get to mid-2023.

Rental prices in Memphis, Tennessee, have been affected by the pandemic, inflation, and the raising of interest rates. Investors and landlords renovating properties and charging more to cover costs also lead to higher rental prices. As inflation slows in 2023, prices should plateau.

Homes are relatively cheap

While Tennessee has not been exempt from rising housing costs across the country, it still remains one of the more affordable places to live compared to other parts of the country. In December 2022, the median sales price for new houses nationally was $442,100.

What is considered full time employment in TN? Under PPACA, a full-time employee is one who works an average of 30 hours a week or more. Note that salaried employees are usually deemed, full-time employees.

How much does a Person make in Tennessee? As of Jun 4, 2023, the average annual pay for the Person jobs category in Tennessee is $38,577 a year. Just in case you need a simple salary calculator, that works out to be approximately $18.55 an hour. This is the equivalent of $741/week or $3,214/month.