An Overview of Cost of Living in Clarksville, TN
Are you thinking about relocating, but curious about the potential cost of living in Clarksville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Clarksville stands at 95, making it 5% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, goods and services, transportation and health care in Clarksville are priced in a manner consistent with other areas. This means that residents of Clarksville can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
What Do Locals Say About the Cost of Living in Clarksville?
The real experts on a city are its residents. That's why we reached out to 19 locals to get their views on the cost of living in Clarksville. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 47% found it budget-friendly with decreasing prices, while 53% said it's simply not affordable as prices have continued to rise.
Is Clarksville Affordable?
Is Clarksville affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Clarksville, for instance, where the median home price falls 10.8% lower than the national average, and monthly rent rates are 1.5% higher than usual. Additionally, median income levels contribute to the equation, with Clarksville flaunting a median household income of $55,819, 0.9% higher than the national norm.
What Factors can Influence the Cost of Living in Clarksville?
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Clarksville, the housing index comes in at 7.1% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Clarksville, the groceries index is 0.1% higher than the national average.
Where is the Data From?
The Clarksville cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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