Red Bank 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.
IndexRed BankTennesseeNational
Cost of living index8991100
IndexRed BankTennesseeNational
Goods & Services index9798100
Groceries index9592100
Health care index10389100
Housing index7280100
Transportation index9793100
Utilities index9291100
The above illustration supplies generalized information for the Red Bank, TN cost of living index. Compared to other cities in Tennessee and cities across the country, the cost of living index in Red Bank, TN is 89, which is 2% lower than the Tennessee average and 11% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Red Bank, TN are 1% lower than the average for Tennessee and 3% lower than the rest of the country.

Did you know?

  • The cost of living in Red Bank is 2% lower than the Tennessee average.
  • The cost of living in Red Bank is 11% lower than the national average.
  • The cost of housing in Red Bank is 28% 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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Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
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Groceries index
Health care index
Housing index
Transportation index
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The salary calculator is used in order to provide a comparison of your current salary in Red Bank, TN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Red Bank, TN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Red Bank, TN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$54,030$4,503$1,261$1,621
Renters$27,124$2,260$633$814
If you want to find a good determining factor for the cost of living and the general affordability of housing in Red Bank, TN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Red Bank, TN, the median monthly income is $54,030 for those who own their own homes. Under the standard rule, that income level would allow for $1,261 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,124, per the median income in the area. That would allow for renters to spend up to $633 on monthly rental expenses.

Tennessee Sales Tax

StateGeneral Sales TaxWith Max Surtax
Tennessee7%9.75%

Tennessee Income Tax

StateIncome Tax (Low)Income Tax (High)
Tennessee0%0%
When you are determining the total cost of living in Red Bank, TN you will want to make sure you consider both the Tennessee sales tax and the Tennessee income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Tennessee is 7%, with the highest surtax being 9.75%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Tennessee have a range from 0% to 0%.

Goods & Services

ItemRed BankNational avg.Difference
Haircut $14.40$14.591.3%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.69$2.478.8%
Shampoo $0.92$1.0210.0%
Movie $10.00$9.871.3%
Bowling $4.99$4.3913.6%

Groceries

ItemRed BankNational avg.Difference
Ground Beef $4.34$4.483.1%
Fried Chicken $1.32$1.469.8%
Milk $2.70$2.3614.6%
Potatoes $2.87$3.066.3%
Pizza $8.99$9.242.7%
Beer $8.28$8.634.1%

Health Care

ItemRed BankNational avg.Difference
Optometrist $99.00$99.780.8%
Doctor $116.25$105.0310.7%
Dentist $85.00$88.704.2%
Ibuprofen $9.58$9.411.8%
Lipitor $319.29$298.507.0%

Housing

ItemRed BankNational avg.Difference
Home Price $123,500.00$175,700.0029.7%
Avg. Mortgage Payment $979.87$1,081.039.4%
Apartment Rent $703.00$920.0023.6%

Transportation

ItemRed BankNational avg.Difference
Gasoline $1.96$2.096.3%
Tire Balancing $48.00$45.296.0%

Utilities

ItemRed BankNational avg.Difference
All Electricity$139.01$170.8018.6%
Phone $30.13$28.266.6%
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.
Whitwell, TN2,13983-17%
Rossville, GA4,06683-17%
Fairview, GA7,38184-16%
Lakeview, GA5,60385-15%
Powells Crossroads, TN1,64586-14%
Red Bank, TN11,75989-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Washington, IN11,75882-18%
Taylorville, IL11,76184-16%
Martinsville, IN11,75684-16%
Somersworth, NH11,76511515%
Richmond, TX11,76986-14%
Red Bank, TN11,75989-11%
Source: The Red Bank, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.