Martin 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.
IndexMartinTennesseeNational
Cost of living index9291100
IndexMartinTennesseeNational
Goods & Services index11398100
Groceries index8992100
Health care index9189100
Housing index7080100
Transportation index9693100
Utilities index9091100
An overview of the general cost of living index for Martin, TN is displayed above for your reference. Residents in Martin, TN enjoy a cost of living index of 92. This index is 1% higher than the Tennessee average, and 8% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Martin, TN, the average cost of goods and services is 15% higher than it is in Tennessee, and it is 13% higher than the national average.

Did you know?

  • The cost of living in Martin is 1% higher than the Tennessee average.
  • The cost of living in Martin is 8% lower than the national average.
  • The cost of housing in Martin is 30% lower 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 Martin, TN Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Martin, 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 Martin, TN, then you would need to earn more income in order to maintain the same standard of living. To use the Martin, 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$58,516$4,876$1,365$1,756
Renters$15,121$1,260$353$454
The affordability of the housing market in Martin, TN as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Martin, TN homeowners, the median income is $58,516. This indicates that a monthly maximum of $1,365 should be spent by homeowners on all housing related costs. Renters have a median income of $15,121. This indicates that renters should have a maximum of $353 used for their rent related monthly costs.

Tennessee Sales Tax

StateGeneral Sales TaxWith Max Surtax
Tennessee7%9.75%

Tennessee Income Tax

StateIncome Tax (Low)Income Tax (High)
Tennessee0%0%
The Tennessee sales tax and Tennessee income tax rates should definitely be considered when determining the overall cost of living in Martin, TN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Tennessee sales tax is 7% and the maximum surtax is 9.75%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Tennessee income tax rates range from 0% to 0%.

Goods & Services

ItemMartinNational avg.Difference
Haircut $13.25$14.599.2%
Beauty Salon $32.00$34.687.7%
Toothpaste $1.50$2.4739.4%
Shampoo $1.33$1.0230.1%
Movie $9.00$9.878.8%
Bowling $4.10$4.396.6%

Groceries

ItemMartinNational avg.Difference
Ground Beef $2.97$4.4833.7%
Fried Chicken $1.00$1.4631.7%
Milk $1.81$2.3623.2%
Potatoes $3.08$3.060.6%
Pizza $9.88$9.246.9%
Beer $7.97$8.637.7%

Health Care

ItemMartinNational avg.Difference
Optometrist $110.00$99.7810.2%
Doctor $99.00$105.035.7%
Dentist $69.60$88.7021.5%
Ibuprofen $6.83$9.4127.4%
Lipitor $316.00$298.505.9%

Housing

ItemMartinNational avg.Difference
Home Price $127,800.00$175,700.0027.3%
Avg. Mortgage Payment $769.34$1,081.0328.8%
Apartment Rent $572.00$920.0037.8%

Transportation

ItemMartinNational avg.Difference
Gasoline $1.98$2.095.5%
Tire Balancing $46.00$45.291.6%

Utilities

ItemMartinNational avg.Difference
All Electricity$158.55$170.807.2%
Phone $24.01$28.2615.0%
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, StatePopulationCost of Living IndexNational Avg.
Kenton, TN1,09083-17%
Fulton, KY2,49784-16%
Sharon, TN1,02684-16%
Gleason, TN1,36584-16%
South Fulton, TN2,35284-16%
Martin, TN11,39692-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Fort Morgan, CO11,39791-9%
Guttenberg, NJ11,39714646%
Glenpool, OK11,39889-11%
Gloucester City, NJ11,3921077%
Port Washington, WI11,4011000%
Martin, TN11,39692-8%
Source: The Martin, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.