An Overview of Cost of Living in Lebanon, TN
Are you thinking about relocating, but curious about the potential cost of living in Lebanon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lebanon stands at 106, making it 6% higher 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 Lebanon are priced in a manner consistent with other areas. This means that residents of Lebanon can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs are a very significant part of the Lebanon 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 29.8% 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 Lebanon?
Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Lebanon and this is how they responded. 20% of people said that the cost of living was affordable, with prices decreasing, while 80% of people said that the cost of living was very expensive and prices continue to rise.
Is Lebanon Affordable?
Is Lebanon 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 Lebanon, for instance, where the median home price falls 41.5% higher than the national average, and monthly rent rates are 2.3% higher than usual. Additionally, median income levels contribute to the equation, with Lebanon flaunting a median household income of $58,859, 6.4% higher than the national norm.
What Factors can Influence the Cost of Living in Lebanon?
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.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Lebanon, the transportation index is 8.2% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Lebanon, healthcare costs are 9.2% lower than the national average.
Where is the Data From?
The cost of living data in Lebanon displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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