An Overview of Cost of Living in Brentwood, TN
Understanding the cost of living in Brentwood can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Brentwood cost of living index is 164, which is 64% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Brentwood may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Brentwood falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Brentwood cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 222.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Brentwood?
Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in Brentwood and this is how they responded. 29% of people said that the cost of living was affordable, with prices decreasing, while 71% of people said that the cost of living was very expensive and prices continue to rise.
Is Brentwood Affordable?
Is Brentwood affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Brentwood, the median home price is 269.3% higher than the national average and monthly rent prices are 114.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Brentwood boasting a median household income of $160,174, 189.5% higher than the national average.
What Factors can Influence the Cost of Living in Brentwood?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Brentwood, healthcare costs are 9.2% lower than the national average.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Brentwood, the transportation index is 8.2% lower than the national average.
Where is the Data From?
The cost of living in Brentwood, 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.