What it actually costs to live in Tennessee.
Tennessee’s cost-of-living index sits at 93 on the MERIC composite (national average = 100), ranking #36 of 51 jurisdictions for cost. That means a standard basket of goods + services in Tennessee costs about 7% LESS than the US average. Median home price: $345,000. Population-weighted median rent across metros: $1,239/mo.
Tennessee cost components
| Component | Tennessee | National avg |
|---|---|---|
| COL index (basket) | 93 | 100 |
| Median home price | $345,000 | ~$420,000 |
| Median rent (pop-weighted) | $1,239/mo | ~$1,850/mo |
| Commute cost (proxy) | $197/mo | ~$185/mo |
Commute cost = avg metro commute minutes × $0.18/min × 2 trips × 22 work days. Refined BLS Consumer Expenditure Survey integration tracked for v1.
How Tennessee compares
Of all 51 US jurisdictions, Tennessee ranks #36 for cost. That places Tennessee in the middle — moderate cost without being a particular outlier. For the live state-vs-state heat map see the interactive cost-of-living map.
Tennessee metros — city-level cost
State averages hide major intra-state variation. Nashville has very different housing dynamics than smaller Tennessee metros. Click any city for the full home affordability breakdown.
- NashvilleCOL 112 · home $445,000rent $1,556/mo →
- MemphisCOL 84 · home $195,000rent $908/mo →
- KnoxvilleCOL 93 · home $285,000rent $1,100/mo →
- ChattanoogaCOL 92 · home $270,000rent $1,100/mo →
- ClarksvilleCOL 89 · home $235,000rent $1,000/mo →
- MurfreesboroCOL 96 · home $375,000rent $1,400/mo →
- FranklinCOL 112 · home $625,000rent $2,000/mo →
More Tennessee metros coming as we expand city coverage.
Tennessee cost of living — common questions
What is the cost of living in Tennessee?
Tennessee's MERIC cost-of-living index is 93 (national average = 100). That means a typical basket of goods + services in Tennessee costs about 7% less than the US average.
What is the median home price in Tennessee?
Tennessee's state-level median home price is approximately $345,000 (Census ACS 2024). Metros vary significantly — see the top-metro list below for city-level breakdowns.
What is the median rent in Tennessee?
Tennessee's population-weighted median rent across metros in our dataset is approximately $1,239/mo. Major-metro rents typically run 30-80% above this state-level average.
Are there any Tennessee-specific cost-of-living quirks?
Nashville home prices have appreciated 70%+ since 2020 due to corporate-relocation in-migration (Oracle, AllianceBernstein, Mitsubishi); Knoxville/Chattanooga lag but rising.
Reviewed by CalcFi Editorial · COL source: MERIC quarterly; home + rent: Census ACS 2024. Last verified 2026-04-19.