What is the cost of living in Lakeland, TN?
According to the most recent data on the cost of living, Lakeland has an overall cost of living index of 113, which is 1.1x higher than the national index of 100.
Compared to Tennessee, Lakeland has a cost of living index that's 1.2x higher than Tennessee's index of 94.
The standard of living in Lakeland ranks as #97 most affordable out of the 109 places we measured in Tennessee. By definition, that implies Lakeland ranks as the #12 most expensive place in the Volunteer State.
For more reading on life in Lakeland, check out:
Lakeland Cost Of Living Vs. Tennessee
Six factors go into calculating the cost of living index in Lakeland. Here is how it fares on each of the criteria:
The Services index in Lakeland is 102.
The Groceries index in Lakeland is 98.
The Health index in Lakeland is 148.
The Housing index in Lakeland is 97.
The Transportation index in Lakeland is 94.
The Utilities index in Lakeland is 95.
| Living Expense | Lakeland | Tennessee | National Average |
|---|---|---|---|
| Overall | 113 | 94 | 100 |
| Services | 102 | 99 | 100 |
| Groceries | 98 | 96 | 100 |
| Health | 148 | 82 | 100 |
| Housing | 97 | 95 | 100 |
| Transportation | 94 | 99 | 100 |
| Utilities | 95 | 98 | 100 |
Lakeland Cost Of Living Compared To Tennessee Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Tennessee, check out:
Protect your home budget Compare home warranties in Lakeland Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Lakeland, TN Housing Cost Breakdown
Housing swings affordability the most between places in Tennessee, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2020-2024. The key points are:
The Median Home Value in Lakeland is $445,695.
The Median Rent in Lakeland is $1,755.
The Median Income in Lakeland is $116,250.
The Home Value To Income in Lakeland is 3.8x.
The Rent To Monthly Income in Lakeland is 0.18x.
Lakeland, TN Costs By Category
Detailed Lakeland Services costs vs. Tennessee
Detailed Lakeland Groceries costs vs. Tennessee
Detailed Lakeland Health costs vs. Tennessee
Detailed Lakeland Transportation costs vs. Tennessee
Lakeland SnackAbility
Cost Of Living In Cities Around Lakeland
The cost of living varies in the cities and towns around Lakeland. Here's a quick look at the cost of living in the most populous nearby places:
Memphis, TN has a cost of living index of 93, 0.8x Lakeland.
Bartlett, TN has a cost of living index of 102, 0.9x Lakeland.
Collierville, TN has a cost of living index of 118, 1.0x Lakeland.
| City | Population | Cost Of Living | Vs. Lakeland |
|---|---|---|---|
| Memphis, TN | 618,980 | 93 | 0.8x |
| Bartlett, TN | 56,876 | 102 | 0.9x |
| Collierville, TN | 51,515 | 118 | 1.0x |
| Germantown, TN | 40,673 | 121 | 1.1x |
| Arlington, TN | 15,205 | 115 | 1.0x |
| Millington, TN | 11,289 | 90 | 0.8x |
| Atoka, TN | 10,385 | 103 | 0.9x |
| Oakland, TN | 9,979 | 103 | 0.9x |
| Munford, TN | 6,588 | 102 | 0.9x |
