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Everyone wants a home that mixes affordability with comfort and Tennessee does this very well. Families love the Volunteer State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Tennessee that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Tennessee for 2023.
So where is the most expensive place to live in Tennessee? That would be Nashville.
the 2017-2021 American Community Survey for the 97 places in Tennessee with more than 5,000 people.
What's the most expensive place to live in Tennessee? Well, HomeSnacks crunched the numbers and discovered that Nashville is the most expensive place to live in Tennessee.
So hopefully Henderson (the cheapest place to live in Tennessee) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Tennessee and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Tennessee For 2023
The median income in Nashville comes in at $65,565 and the median home value is $291,400 for 2023.
The median income in Sevierville comes in at $45,073 and the median home value is $223,800 for 2023.
The median income in Collegedale comes in at $64,042 and the median home value is $267,400 for 2023.
The median income in Goodlettsville comes in at $63,245 and the median home value is $263,100 for 2023.
The median income in Thompson's Station comes in at $100,301 and the median home value is $415,400 for 2023.
The median income in Cookeville comes in at $43,611 and the median home value is $200,300 for 2023.
The median income in Gallatin comes in at $62,881 and the median home value is $252,300 for 2023.
The median income in Lebanon comes in at $60,582 and the median home value is $277,800 for 2023.
The median income in Franklin comes in at $102,721 and the median home value is $468,200 for 2023.
The median income in Chattanooga comes in at $50,437 and the median home value is $189,500 for 2023.
Methodology: How We Determined The Most Expensive Places To Live In The Volunteer State For 2023
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Tennessee to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 97 places in Tennessee that have more than 5,000 people.
The place with the highest cost of living in Tennessee according to the data is Nashville. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Tennessee For 2023
Well there you have it, the places in Tennessee that have the highest cost of living, with Nashville ranking as the most expensive city in the Volunteer State.
Here's a look at the most affordable cities in Tennessee according to the data:
- Church Hill
For more Tennessee reading, check out:
- Best Places To Live In Tennessee
- Cheapest Places To Live In Tennessee
- Most Dangerous Cities In Tennessee
- Best Places To Raise A Family In Tennessee
- Safest Places In Tennessee
- Worst Places To Live In Tennessee
Detailed List Of The Most Expensive Cities In Tennessee