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Cost of Living in Tennessee

Is it better to rent or buy in Tennessee? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$61,861
$755/mo

Median in area: $755

$126,500

Median in area: $126,500

$25,300

If you Rent

🔑
$1,009 /mo
Base Rent$755
Est. Utilities$254
% of Income19.6%
Pre-tax Residual$4,146

If you Buy

🏠
$1,164 /mo
P&I (6.994%)$673
Taxes & Ins$237
Est. Utilities$254
% of Income22.6%
Pre-tax Residual$3,991

Cost of Living FAQs

Is it cheaper to rent or buy in Tennessee?›

Based on median housing data, renting is currently more affordable on a monthly basis in Tennessee. The estimated all-in monthly cost for renting is $1,009, while owning a median-priced home with a 20% down payment is roughly $1,164 per month (a difference of $155).

How much do utilities cost in Tennessee?›

The average monthly utility cost (electricity and natural gas) for a typical home in Tennessee is approximately $254. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Tennessee?›

To comfortably afford the median rent and utilities in Tennessee without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $40,360 per year.