Tennessee has 10th lowest cost of living

Tennessee has the 10th lowest cost of living in the nation based on the cost of goods, rent, utilities, and other services according to recent data from the Tennessee State Data Center at the Boyd Center for Business and Economic Research at the University of Tennessee. Tennessee prices were roughly 9% cheaper than those in the average U.S. in 2021 and utility costs for Tennesseans were the fourth lowest in the nation, about 25% cheaper than the average costs for the U.S. Rent in Tennessee is also on average 25% cheaper than the average in the U.S. While Tennesseans earn on average 14% less than the national average, their dollars go further in terms of cost of living. Tennessee’s price-adjusted median household income rose to $66,000 a year, which is still about $4,000 less than the national average.