Knoxville, TN is an affordable place to live, with 2 bedroom rent costing an average of $1,190 USD compared to the US average of $1,430. Additionally, the grocery cost index in Knoxville, TN is 97 compared to 100 in the US. This makes the city a desirable place for people looking for a budget-friendly lifestyle. Local businesses thrive and there are some notable companies from Knoxville including Regal Entertainment Group which has movie theaters and screens across the U.S., Pilot Flying J which is one of North America’s largest operators of travel centers and convenience stores and The H.T. Hackney Co., one of America's oldest wholesaler distributorships. There are also several local tech start-ups in Knoxville that are making their mark on the larger business market.
Knoxville has an unemployment rate of 4.7%. The US average is 6.0%.
Knoxville 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 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Knoxville
- The Sales Tax Rate for Knoxville is 9.3%. The US average is 7.3%.
- The Income Tax Rate for Knoxville 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 Knoxville
- The average income of a Knoxville resident is $23,177 a year. The US average is $28,555 a year.
- The Median household income of a Knoxville resident is $44,308 a year. The US average is $69,021 a year.