C-
18%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
80%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Farragut Tennessee National
Cost of living11889100
Goods & Services8994100
Groceries9998100
Health care8888100
Housing18080100
Transportation8989100
Utilities9493100

An Overview of Cost of Living in Farragut, TN

Knowing the cost of living in Farragut allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Farragut stands at 118, marking it 18% higher than the national average.

When it comes to the cost of living in Farragut, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 79.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Farragut, these goods are 11.3% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Farragut Affordable?

Is Farragut an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Farragut is 100.8% higher than the national average, while the average monthly rent prices are 31.2% higher than average. The affordability of any location can also be influenced by median income levels. Farragut has a median household income of $109,156, which is 97.3% higher than the national average.

What Factors can Influence the Cost of Living in Farragut?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Farragut, healthcare costs are 12.2% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Farragut, the housing index is 79.9% higher than the national average.

Where is the Data From?

The cost of living in Farragut, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

New Real Estate Listings in Farragut Area
Search Homes for Sale in Farragut, TN

Cost Of Living Quick Facts

  • The cost of living in Farragut is 32% higher than the Tennessee average
  • The cost of living in Farragut is 18% higher than the national average
  • Farragut housing is 80% 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

Most Affordable Places to Live in and Around Farragut

See all the best places to live around Farragut

Compare Farragut, TN Cost of Living

      vs
      How would you rate the cost of living in Farragut?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Farragut?
      Write a review to give others more information about this area.
      See all Farragut poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$117,284$9,774$2,736$3,519
      Renters$66,300$5,525$1,547$1,989
      The affordability of the housing market in Farragut, TN as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Farragut homeowners, the median income is $117,284. This indicates that a monthly maximum of $2,736 should be spent by homeowners on all housing related costs. Renters have a median income of $66,300. This indicates that renters would have a maximum of $1,547 for their rent related monthly costs.

      Tennessee Sales Tax

      State General Sales Tax With Max Surtax
      Tennessee 7% 9.75%

      Tennessee Income Tax

      State Income Tax (Low) Income Tax (High)
      Tennessee 0% 0%

      Goods & Services

      Item Farragut National avg. Difference
      Haircut $17.07$24.2629.7%
      Beauty Salon $42.00$45.567.8%
      Toothpaste $3.69$3.700.4%
      Shampoo $1.23$1.283.9%
      Movie $12.31$12.131.5%
      Bowling $21.60$18.0020.0%

      Groceries

      Item Farragut National avg. Difference
      Ground Beef $5.73$5.841.8%
      Fried Chicken $1.42$1.579.5%
      Milk $4.67$4.670.0%
      Potatoes $5.03$4.932.0%
      Pizza $11.42$12.095.5%
      Beer $10.06$10.413.3%

      Health Care

      Item Farragut National avg. Difference
      Optometrist $92.00$125.6826.8%
      Doctor $112.00$135.7817.5%
      Dentist $92.27$113.2918.6%
      Ibuprofen $10.49$10.651.6%
      Lipitor $517.33$468.6010.4%

      Housing

      Item Farragut National avg. Difference
      Home Price $370,900.00$184,700.00100.8%
      Avg. Mortgage Payment $1,886.05$2,346.6919.6%
      Apartment Rent $1,245.00$949.0031.2%

      Transportation

      Item Farragut National avg. Difference
      Gasoline $3.11$3.4610.3%
      Tire Balancing $52.80$59.9211.9%

      Utilities

      Item Farragut National avg. Difference
      All Electricity $173.24$193.9910.7%
      Phone $192.18$192.250.0%
      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 Population Cost of Living Index National Avg.
      Oliver Springs, TN3,9188317.4%
      Philadelphia, TN8088316.8%
      Loudon, TN5,8298515.4%
      Coalfield, TN2,8618713.3%
      Eagleton Village, TN5,8098712.5%
      Farragut, TN23,11011817.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Chalmette, LA23,111955.4%
      Taylors, SC23,107982.0%
      Union Hill-Novelty Hill, WA23,114203102.6%
      The Crossings, FL23,10212524.8%
      Owen Sound, ON23,125n/a 
      Farragut, TN23,11011817.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.