The overall cost of living index for the Sooner State as a whole is 86.8, and with ample land for development, its housing index registers at 70.1—the the lowest score in the country. The cost of living here may be more than the surrounding areas but it's worth it. We provide several metrics to compare the cost of living including cost of groceries, transportation, and more. For the past 15 quarters, Missouri has been in the top 10 for lowest cost of living in the nation. No state income taxes on wages; No personal property taxes ; Real estate property taxes: Home prices generally range from $200,000 to $600,000 depending on size, views and features. Listed above are the most affordable places to live in Tennessee with a population of more than 5,000 people. Missouri had the 5th lowest cost of living in the United States for the 3rd quarter in 2020. Our cost of living indices are based on a US average of 100. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2021. Tennessee is home to urban places and wide-open spaces, with lots of scenic room to roam. Honestly, I personally wouldn't change anything. Tennessee offers a competitive cost of living experience. I can't complain. Retiring in Tennessee is one of the most affordable options in the country! There is a lot to like about Oklahoma when it comes to low cost of living. Cost of Living Calculator. Kiplinger named the state's capital, Oklahoma City, one of America's most affordable cities.. The average annual pay in Memphis is $53,289.00, which is $5,886.00 higher than the salary average in Tennessee but lower than the U.S. average yearly wages by $332.00. Cost of living in California (US) compared to Tennessee (US). Cost of living refers to how much you’ll pay for essentials such as rent and groceries, along with extras such as dining out and entertainment. Whatever your interests and hobbies, Tennessee provides the backdrop for the good life. The cost of living index provides you with the percentage difference in the cost of living between one location and another. The percentage difference is always compared to 100; therefore, if the cost of living index is 90, it is 10% below the location it is being compared to. Almost everything about living here involves lower prices, including your groceries, consumer goods, and utilities. Read this article to get insight into the pros and cons, cultural shifts, job market and more to decide if a move to Tennessee from Illinois is for you. That's the kind of thing that can make a big difference to your bottom line. The average cost of independent living in Tennessee is $1,972 per month. Your email address (optional): Your comment (no HTML): 0 Comments so far . Check out the numbers for yourself. For a typical $300,000 home, your property tax would be a little more than $1,000 per year. Mount Juliet, Tennessee’s cost of living is 18% lower than the national average. With a cost of living index below 90, fairly affordable home prices, and no shortage of summer activities, this state is ideal for retirement. 2. Pros and Cons of Living in Tennessee Pros: Cost of living: With rates 15–25% below the national average, Tennessee offers extremely competitive prices on housing, utilities, groceries, and goods. By the time you factor those in, the average cost of living takes up more than 75% of what most people are bringing home. Senior living costs in nearby North Carolina are similar at $4,000 per month, and costs in neighboring Kentucky ($3,497), Mississippi ($3,524) and Alabama ($3,250) are lower. This is higher than the national average which is $1,729 per month. 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