Tennessee is a beautiful state known for its mountains and rivers. The cost of living is relatively low compared to the US averages, making it a great place to live and work. 2 bedroom rents in Tennessee are $1,070 while the US average is $1,430. Additionally, groceries are less expensive in Tennessee with a grocery cost index of 95 versus the 100 in the US. This makes Tennessee a great choice for those looking to live within their budget. There are many well-known companies headquartered in Tennessee including FedEx, Dollar General Corporation, AutoZone, and International Paper Company. These companies offer many job opportunities and provide an economic boost to the state.
Tennessee has an unemployment rate of 5.1%. The US average is 6.0%.
Tennessee has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 41.6%, which is higher than the US average of 33.5%.
Tax Rates for Tennessee
- The Sales Tax Rate for Tennessee is 9.5%. The US average is 7.3%.
- The Income Tax Rate for Tennessee 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 Tennessee
- The average income of a Tennessee resident is $24,811 a year. The US average is $28,555 a year.
- The Median household income of a Tennessee resident is $58,516 a year. The US average is $69,021 a year.