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In short, no, the state of Tennessee is actually a very affordable place to live. According to the 2021 Cost of Living Index, Tennessee ranks sixth place for the lowest cost of living in the U.S. Other transportation to take into consideration includes car insurance premiums, which can vary by state.
The cost will also include the cost of hiring Architects who will not only design buildings but also ensure that buildings are constructed according to plan. While new architects will try to cut corners to cut construction costs, this is not the case for reputable and experienced architects who will come to inspect the house you wish to buy. After carefully choosing the location in which you want to buy a house, it’s time to reduce your potential traffic to a specific city. Find out which towns in Tennessee are the most or even least expensive in terms of buying and selling houses. You can potentially save thousands in Tennessee realtor fees by using an agent-matching service to find your agent. For example, Clever Real Estate has pre-negotiated a 1% listing agent fee with agents in its network.
Top 10 Metros in Tennessee with the Fastest Growing Sales Price
With Texas’ median home price of $243,600, you’d end up paying about 5% more a home in Texas than Tennessee. Tennessee CitiesAverage Rent CostNashville$1,428Knoxville$1,032Chattanooga$1,000Memphis$850Murfreesboro$1,150The cost of rent from neighborhood to neighborhood in Nashville varies widely. Many upscale neighborhoods, such as Belle Meade and Oak Hills, are home to most homeowners, but there are renters as well.
In short, no, the average costs of living in Tennessee is relatively low. According to the 2021 Cost of Living Index, Tennessee ranks sixth place for lowest cost of living in the United States. This index uses an aggregated benchmark system, where 100 is the U.S. national average. With a score of 88.7, Tennessee comes in well below the national average. Average prices for aqua cremation are slightly higher than flame-based cremation because of how new it is.
Typical home price in Texas: $314,718 (73% of typical U.S. price)
This resulted in one of the biggest seller's markets in history, although that may be changing as mortgage rates increase and housing supply expands. Now, let's take a deeper dive into what average house prices are like across the country. Your total out-of-pocket costs will vary based on your situation, but you should expect for around 11.89% of your home’s final sale price to go towards selling costs. If you sell your home for $309,460 — the median home value in Tennessee — you'll likely spend $36,793. There are approximately twenty-one total states in the U.S. that have average monthly rental rates below $1,000. With a statewide average rent of just $869 per month, Tennessee is considered an affordable place to live for renters.
A car is a major convenience when you traverse the 526 square miles that Nashville is spread across. Luckily, gas only costs $2.05 per gallon, and the national average is $2.16 per gallon. You could spend up to $1,344.80 each year on gasoline in Nashville if you regularly commute to work.
How Much Do Utilities Cost in Tennessee?
In addition, we've calculated how much an average mortgage payment in each state would cost in comparison to its median income. You should expect to pay about 3.48% of your home's final sale price in closing costs, plus 5.44% in realtor fees when you sell a house in Tennessee. However, your actual closing costs will vary depending on your situation and working with a local realtor can help you better estimate your costs. The cost of living in Nashville is higher than the national average, and it’s one of the most expensive cities in Tennessee.
Unsurprisingly, monthly utility costs are even higher in Tennessee’s major cities. In Nashville, the average combined cost of electricity, heating, cooling, water, and garbage disposal bills is $172.18 per month. If you need an unlimited internet plan, expect to pay an average price of $68.95 per month.
Can You Afford The Tennessee Cost of Living?
So if you’re trying to figure out if now is the time to sell your house in Knoxville, Chattanooga, or Nashville, conditions are good to sell your property successfully. As you might expect based on previous sections, living in Tennessee is one of the most budget-friendly decisions you can make in the entire United States. Rural areas, while never too far from a city, offer a cost of living that's sometimes 30%-40% below the national average. Even second-tier cities like Chattanooga are well below the national average according to our cost of living calculator. Nashville, for all its style and status as the most expensive place to live in the state, still comes in at just above the national average for cost of living.
Site preparation involves a number of jobs and tasks, including but not limited to surveying, grading, and excavation. The cost of site preparation is typically independent of construction costs. Site preparation typically adds 3-8% to the total project cost, depending on the scale and nature of the project. For example, building a home atop a boulder will cost more than building on flat land.
Tennessee is one state where sellers are not required to use an attorney to handle the closing. Your county charges recording fees to register the property’s transfer of ownership. Tennessee charges average recording fees of $50, lower than the national average of $118. Title insurance protects you against any legal claims made against your home or possible mistakes on your deed. It also usually covers the cost of legal fees when defending a claim. We highly recommend consulting with a local attorney, realtor, or broker for more guidance before making a decision.
With that said, prepare to spend at least $3.92 per square foot and at most $41.91 per square foot. The cost for site works will depend on the type of construction, the number of storeys, and existing site conditions. Construction costs in most cities in Tennessee is generally cheaper than the average cost per square foot, ranging between $106 to $114 per square foot.
Average healthcare costs for a single adult in the state total $4,925 per year, compared to the national average of $4,266. For a family of four, the average annual health care costs $14,855, which is $1,905 more than the comparable national average of $12,950. Knoxville- Specifically, in the Knoxville market, the average house selling price is $295,000 which saw a 19% increase year over year. Modest gas prices and shorter-than-average commutes will consistently keep money in your pockets. Tennesseeans spend less time in their cars on an annual basis than most other U.S. residents, which leaves more room in the budget for new arrivals to explore the rest of the state.
Zillow calculated the typical home value as about $253,000 in late 2021. While you may not be able to avoid some costs completely, there is one way to save big when you sell in Tennessee. Some old houses may have historical relevance or strange houses that add to the value of the house.
Connect with top-rated agents near you and save thousands on commission fees. Since realtor commission is the single largest home-selling expense in Tennessee, it’s also your best cost-saving opportunity. Dani James is a copywriter and blogger with more than eight years of experience writing for movers, real estate, and anything to do with getting from point A to point B. When he’s not finding new ways to save on moving costs, he can be found at home with his cat, binge-watching Marvel movies, and looking for new apartments he can’t afford.
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