Comparing Cost of Living for the Top 8 Cities in Tennessee

If you have been considering making a move to Tennessee then you might be worried about what the cost of living will be in such a great city. Tennessee has so many great things going for it and it’s always growing. If you’re thinking about moving you or your family over to the great state of Tennessee then have a look at what the cost of living might look like for you.

Why Do People Want To Move To Tennessee?

The state of Tennessee has so many fantastic cities and the cost of living is much lower than in many other states. The state has a population of around 7 million residents and it’s divided into 95 counties. Tennessee is most famous for Nashville and its country music roots along with its natural beauty and fantastic food.

The cost of living for the entire state sits at around 87.6 which is based on the US index of 100. This means Tennessee has a cost of living that is 13.4% of the national average. The cost of living in some areas will be higher in some cities than it is in others but keep in mind that the average income will vary too. Some areas have a high number of wealthy residents so the cost of living might be adjusted based on their overall spending.

The cost of living can vary greatly from city to city. Let’s take a look at some of the most populated cities in Tennessee and what the cost of living looks like for each one so you can decide for yourself which one is the best fit for you and your family.

1. Nashville-Davidson:

• The population for the Nashville-Davidson area is around 670,000 people and the cost of living for a large city like that is higher than the national average.
• The unemployment rate is 4.5% and the median income is around $47,000
• The cost of living is 101 which is one of the highest in the state.
• The average rental price is higher than the national average and much higher than the state average.
• The typical home value in Nashville sits in the upper 300k range.

2. Memphis:

• The population of Memphis is around 650,000 people and the cost of living is much lower than in Nashville.
• The unemployment rate is 8% and the median income is around $37,000
• Memphis has a cost of living rating of 76 which is much lower than the national average.
• The rental rates for Memphis are lower than the state and national average.
• The typical home value in Memphis is in the lower $100k range.

3. Knoxville:

• The population of Knoxville is around 190,000 people and the cost of living is slightly higher than in Memphis.
• The unemployment rate is 4.7% and the median income is around $33,000
• Knoxville has a cost of living rating of 85 which is lower than the national average.
• The rental rates for Knoxville are lower than both the state and national averages.
• The typical home value in Knoxville is in the upper $200k range.

4. Chattanooga:

• The population of Chattanooga is around 185,000 people and the cost of living is similar to Knoxville.
• The unemployment rate is 5.6% and the median income is around $40,000
• Chattanooga has a cost of living rating of 83 which is lower than the national average.
• The rental rates in Chattanooga are lower than the state average and significantly lower than the national average for large rentals (3 or 4 bedrooms).
• The typical home value in Chattanooga is in the low 200k range.

5. Clarksville:

• The population of Clarksville is around 160,000 people and the cost of living is similar to Knoxville.
• The unemployment rate is 6.2% and the median income is around $47,000
• Clarksville has a cost of living rating of 85 which is lower than the national average.
• The rental rates in Clarksville are lower than the state and national average, especially in medium-sized homes (1 or 2 bedrooms).
• The typical home value in Clarksville is in the mid $200k range.

6. Murfreesboro:

• The population of Murfreesboro is around 150,00 people and the cost of living is similar to Nashville.
• The unemployment rate is 4.5% and the median income is around $50,000
• Murfreesboro has a cost of living rating of 100 which means it’s exactly the national average.
• The rental rates in Murfreesboro are higher than the state average, especially for medium-sized rentals (1 and 2 bedrooms) and close to the national average for other rentals.
• The typical home value in Murfreesboro is in the mid $300k range.

7. Franklin:

• The population of Franklin is around 85,000 people and the cost of living is one of the highest in the state.
• The unemployment rate is 3.1% and the median income is around $81,000.
• Franklin has a cost of living rating of 135 which means it’s higher than the national average.
• The rental rates in Franklin are slightly lower than the national and state average.
• The typical home value in Franklin is in the upper 600k range.

8. Johnson City:

• The population of Johnson City is around 67,000 people and the cost of living is similar to Clarksville.
• The unemployment rate is 4.7% and the median income is around $39,000
• Johnson City has a cost of living rating of 82 which is lower than the national average.
• The rental rates in Johnson City are much lower than the state and national average, especially for medium-sized rentals (1 or 2 bedrooms)
• The typical home value in Johnson City is in the lower $200k range.

There are so many great places to move to if you’re thinking about making the move to Tennessee. With so many factors that can affect your decision, it can be hard to figure out which city is the right fit. Have a look at the numbers and do some extra research before you decide which amazing Tennessee city is the best one for you and your family.

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