Collierville cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexColliervilleTennesseeNational
Cost of living index10790100
IndexColliervilleTennesseeNational
Goods & Services index8897100
Groceries index9193100
Health care index8990100
Housing index14680100
Transportation index9290100
Utilities index9192100
Displayed above is a general overview of the Collierville, TN cost of living index. The overall cost of living index in Collierville, TN is 107, which is 18% higher than the Tennessee average and 7% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Collierville, TN are 9% lower than the Tennessee average and 12% lower than the national average.

Did you know?

  • The cost of living in Collierville is 18% higher than the Tennessee average.
  • The cost of living in Collierville is 7% higher than the national average.
  • The cost of housing in Collierville is 46% higher than the national average.
  • Tennessee general sales tax is 37% higher than the national average.
  • Tennessee state income tax is 100% lower than the national average.

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Compare Collierville, TN Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Collierville, TN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Collierville, TN, then you would need to earn more income in order to maintain the same standard of living. To use the Collierville, TN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$116,153$9,679$2,710$3,485
Renters$48,113$4,009$1,123$1,444
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Collierville, TN as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Collierville, TN homeowners, is $116,153. This would allow for a maximum of $2,710 per month to be spent on housing costs. For renters, the median monthly income is $48,113 which would result in a maximum of $1,123 to be spent on rental costs.

Tennessee Sales Tax

StateGeneral Sales TaxWith Max Surtax
Tennessee7%9.75%

Tennessee Income Tax

StateIncome Tax (Low)Income Tax (High)
Tennessee0%0%
For those who live in Collierville, TN and want to know what the true cost of living is, they ought to look at both the Tennessee income tax rate and the Tennessee sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Tennessee, the sales tax is 7%, while the most you'll pay in surtax is 9.75%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Tennessee, the income tax rate ranges between 0% to 0%.

Goods & Services

ItemColliervilleNational avg.Difference
Haircut $13.20$15.5615.2%
Beauty Salon $25.67$36.1128.9%
Toothpaste $2.06$2.4716.8%
Shampoo $0.79$0.9618.1%
Movie $10.27$10.131.4%
Bowling $3.60$4.7423.9%

Groceries

ItemColliervilleNational avg.Difference
Ground Beef $3.87$3.983.0%
Fried Chicken $1.08$1.4123.2%
Milk $1.91$2.067.3%
Potatoes $3.73$2.9825.1%
Pizza $8.52$9.4710.0%
Beer $8.54$8.792.8%

Health Care

ItemColliervilleNational avg.Difference
Optometrist $63.32$101.0437.3%
Doctor $83.78$107.4422.0%
Dentist $86.73$90.424.1%
Ibuprofen $8.16$9.2812.1%
Lipitor $423.17$426.500.8%

Housing

ItemColliervilleNational avg.Difference
Home Price $273,500.00$175,700.0055.7%
Avg. Mortgage Payment $733.34$1,133.2335.3%
Apartment Rent $1,135.00$920.0023.4%

Transportation

ItemColliervilleNational avg.Difference
Gasoline $1.80$1.999.7%
Tire Balancing $44.12$45.763.6%

Utilities

ItemColliervilleNational avg.Difference
All Electricity$126.07$163.8123.0%
Phone $31.57$28.3911.2%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Byhalia, MS1,34278-22%
Rossville, TN64192-8%
Olive Branch, MS34,54393-7%
Oakland, TN6,94495-5%
Bartlett, TN57,80595-5%
Collierville, TN46,7801077%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Binghamton, NY46,77186-14%
Lawrence, IN46,79685-15%
North Bethesda, MD46,73815454%
Wauwatosa, WI46,8381066%
Stillwater, OK46,85187-13%
Collierville, TN46,7801077%
Source: The Collierville, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.