Oak Ridge, TN is a unique city located in East Tennessee. It is home to many renowned local businesses such as Y-12 Federal Credit Union, which has been providing financial services to the community for more than 70 years, and Oak Ridge National Laboratory (ORNL), which has been conducting research into energy sources since 1943. The cost of living in Oak Ridge is affordable; rent for two-bedrooms is $1,070 while the national average is $1,430. Grocery stores also offer competitive prices with an index of 96 versus 100 nationally. These factors make Oak Ridge an attractive location for families and businesses alike.
Oak Ridge has an unemployment rate of 4.4%. The US average is 6.0%.
Oak Ridge has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 36.4%, which is higher than the US average of 33.5%.
Tax Rates for Oak Ridge
- The Sales Tax Rate for Oak Ridge is 9.8%. The US average is 7.3%.
- The Income Tax Rate for Oak Ridge is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Oak Ridge
- The average income of a Oak Ridge resident is $31,491 a year. The US average is $28,555 a year.
- The Median household income of a Oak Ridge resident is $60,542 a year. The US average is $69,021 a year.