Tennessee sees larger than average inflation in cost of basic needs, income

Approximately 41% of Tennessee households struggled to afford basic needs in 2024, according to a new report on affordability in the state from the Sycamore Institute. The non-partisan public policy research center recently published the report looking on financial affordability and hardships in Tennessee and found basic needs in Tennessee cost significantly more than the federal average. While Tennessee experienced greater inflation than average national average in 2024, by and large wages in the state also grew faster than the national average. While financial hardship has declined overall for Tennesseans between 2019 and 2024, the report found that the number of households impacted by poverty and financial hardship is more mixed with some areas of the state seeing more financial hardship than in the previous five years.