Nashville cost of living index

The above illustration supplies generalized information for the Nashville, TN cost of living index. Compared to other cities in Tennessee and cities across the country, the cost of living index in Nashville, TN is 98, which is 8% higher than the Tennessee average and 2% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Nashville, TN are 7% higher than the average for Tennessee and 4% higher than the rest of the country.

Find Real Estate Listings In Nashville

New Real Estate Listings In Nashville

Real Estate Listings In Nashville

The best places in Tennessee

Salary Calculator

The salary calculator allows you to compare how much your current salary in Nashville, TN would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Nashville, TN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Nashville, TN salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Nashville, TN by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Nashville, TN have a median income of $67,723. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,580 per month to avoid calamity and poverty. The renters in the city have an income of about $34,704, which would make their monthly maximum allowable rental costs $810.

Tennessee Sales Tax

Tennessee Income Tax

When you are determining the total cost of living in Nashville, TN you will want to make sure you consider both the Tennessee sales tax and the Tennessee income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Tennessee is 7%, with the highest surtax being 9.75%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Tennessee have a range from 5% to 5%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

Nearby cities with low cost of living

Cities with similar population

Source: The Nashville, TN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.