An Overview of Cost of Living in Murfreesboro, TN
The cost of living in Murfreesboro affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Murfreesboro is 107, which is 7% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Everyday expenditures like food, housing, goods and services, transportation and health care in Murfreesboro are priced in a manner consistent with other areas. This means that residents of Murfreesboro 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 major factor in the Murfreesboro cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 32.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Murfreesboro?
The most insightful perspective on a city comes from its residents. We recently surveyed 12 locals to gauge their perception of the cost of living in Murfreesboro. The feedback revealed that 25% of respondents found the cost of living to be reasonable, with prices on the decline, while 75% regarded it as notably expensive with prices that continue to rise.
Is Murfreesboro Affordable?
Is Murfreesboro 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 Murfreesboro, the median home price is 39.4% higher than the national average and monthly rent prices are 15.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Murfreesboro boasting a median household income of $60,683, 9.7% higher than the national average.
What Factors can Influence the Cost of Living in Murfreesboro?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Murfreesboro, the prevailing sales tax rate starts at 7%, and income tax rates kick off at 0%.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Murfreesboro, the utilities index registers at 2.1% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The Murfreesboro 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.