An Overview of Cost of Living in Jackson, TN
Are you thinking about relocating, but curious about the potential cost of living in Jackson? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Jackson stands at 89, making it 11% 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.
What Do Locals Say About the Cost of Living in Jackson?
The most insightful perspective on a city comes from its residents. We recently surveyed 13 locals to gauge their perception of the cost of living in Jackson. The feedback revealed that 62% of respondents found the cost of living to be reasonable, with prices on the decline, while 38% regarded it as notably expensive with prices that continue to rise.
Is Jackson Affordable?
Is Jackson 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 Jackson, the median home price is 24.8% lower than the national average and monthly rent prices are 7.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Jackson boasting a median household income of $42,549, 23.1% lower than the national average.
What Factors can Influence the Cost of Living in Jackson?
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 situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Jackson, the transportation index is 10.9% lower than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Jackson, healthcare costs are 13.5% lower than the national average.
Where is the Data From?
The cost of living in Jackson, 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.
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