Comparatively to other US states, Tennessee has a comparatively cheap cost of living overall. Tennessee has a 10.4% lower cost of living than the nation as a whole, per Sperling’s Best Places data. Tennessee’s median home price of $179,900, which is considerably less than the national median home price of $231,200, makes housing extremely inexpensive. Other costs including food, medical care, and transportation are likewise reasonably priced.
It’s important to keep in mind that the cost of living in Tennessee can vary based on the city or region. For instance, because of their popularity and increased housing demand, places like Nashville and Memphis frequently have higher costs of living. States Exempt From Taxes
Seven US states do not impose a state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Furthermore, social security benefits are tax-free in many states. It’s important to keep in mind that some of these states may have higher sales or property taxes to offset the absence of an income tax. States with the highest tax rates Contrarily, California, Hawaii, New Jersey, New York, and Vermont have the highest state income tax rates in the union. Additionally, the property and sales taxes in these states tend to be higher. Groceries that are tax-free
Alaska, Montana, New Hampshire, Delaware, and Oregon are the only five states that do not impose a tax on food at the moment. It’s important to keep in mind that some communities within these states can still impose a municipal sales tax on food.
In conclusion, compared to other US states, Tennessee has a relatively low cost of living. Transportation, healthcare, groceries, and housing are all reasonably priced. A state income tax is also in place in Tennessee, however it is very low compared to other states. Tennessee may be a good option if you’re seeking for a state with a low cost of living and a high standard of living.