Cost of Living in Goodlettsville, TN

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An Overview of Cost of Living in Goodlettsville, TN

Knowing the cost of living in Goodlettsville 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 Goodlettsville stands at 106, marking it 6% higher than the national average.

The cost of living in Goodlettsville is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Housing costs make up a big chunk of the cost of living in Goodlettsville, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 28.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Goodlettsville Affordable?

Is Goodlettsville 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 Goodlettsville, the median home price is 31.5% higher than the national average and monthly rent prices are 22.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Goodlettsville boasting a median household income of $55,857, 1% higher than the national average.

What Factors can Influence the Cost of Living in Goodlettsville?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Goodlettsville, the groceries index is 0.1% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Goodlettsville, is 28.8% higher 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.

Where is the Data From?

The cost of living in Goodlettsville, 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.

Most Affordable Places to Live in and Around Goodlettsville

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Median Income & Debt-To-Income Ratio

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Goodlettsville, TN, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Goodlettsville, homeowners have a median income of $70,525. Using that number, a maximum of $1,645 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $43,735, which means there is a maximum of $1,020 to be spent on the costs of renting a home or apartment.

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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.

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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.