How Expensive is it to Live in Tennessee?
Tennessee, known for its scenic landscapes, vibrant music scene, and friendly locals, is a popular destination for both residents and tourists. However, many people wonder about the cost of living in this Southern state. So, how expensive is it to live in Tennessee? Let’s delve into the various aspects that contribute to the cost of living in this diverse state.
Cost of Housing
One of the most significant factors affecting the cost of living in Tennessee is housing. The average cost of a home in Tennessee is lower than the national average, making it an attractive option for those looking to purchase property. According to Zillow, the median home value in Tennessee is around $210,000, which is approximately $20,000 less than the national median. However, housing costs can vary significantly depending on the city and neighborhood. For instance, Nashville, the state’s capital, has a higher median home value of $410,000, while Memphis has a median home value of $160,000.
Cost of Renting
Renting in Tennessee is also more affordable compared to other states. The average rent for a one-bedroom apartment in Tennessee is around $1,000 per month, which is lower than the national average of $1,200. However, rental prices can vary widely depending on the city and the amenities offered. Nashville, again, has higher rental prices, with an average rent of $1,200 per month for a one-bedroom apartment, while Knoxville offers more affordable options with an average rent of $800 per month.
Cost of Transportation
Transportation costs in Tennessee are relatively low compared to other states. The average cost of gasoline is slightly below the national average, making it more affordable for those who rely on personal vehicles. Additionally, Tennessee has a well-developed public transportation system, particularly in cities like Nashville and Memphis. Public transportation options include buses, light rail, and a ferry service in Memphis. This can help reduce the overall cost of commuting.
Cost of Groceries and Dining Out
The cost of groceries in Tennessee is also more affordable compared to the national average. According to the U.S. Bureau of Labor Statistics, the average cost of groceries in Tennessee is around $6,500 per year, which is approximately $500 less than the national average. Dining out in Tennessee is also more budget-friendly, with a variety of dining options available at different price points.
Healthcare Costs
Healthcare costs in Tennessee are slightly above the national average. According to the Kaiser Family Foundation, the average annual healthcare premium for a family in Tennessee is around $18,000, which is higher than the national average of $17,000. However, Tennessee offers a variety of healthcare options, including public and private insurance plans, making it easier for residents to find affordable coverage.
Conclusion
In conclusion, the cost of living in Tennessee is generally more affordable compared to the national average. While housing and healthcare costs may be higher in some cities, the overall cost of living remains relatively low. Tennessee offers a balance between affordability and quality of life, making it an attractive destination for those looking to relocate or retire.
