Are you thinking about moving to Knoxville and are curious to know what the cost of living in Knoxville is? When it’s time to move, there are plenty of factors you need to consider, from the job market to the weather. But there’s one question that’s foremost in people’s minds: “Can I afford to live there?”
The cost of living in Knoxville, TN is one of the best places in the United States. Here’s a quick overview of the city and the associated costs of living there:
Knoxville at a Glance
Knox County Population: 486,477
Major Industries: Energy, Telecommunications, Financial services
Unemployment: 4.3%
Job Growth (2016): 2.2%
Housing Costs | Cost of Living Knoxville
Let’s start off with the single biggest expense for most households: housing. According to data from U.S. News, the average home price in Knoxville lies in the low six digits, about 35% less than the national average. There are several affordable areas to live in Knoxville. Rental prices are cheaper, too, with a two-bedroom apartment going for well under $1,000. With the huge savings on housing costs, you can allocate more of your budget to other crucial expenses. Make sure to stay up to date with the latest Knoxville real estate market statistics.
Food Costs
The cost of living in Knoxville is so low because the food is cheap. Next to housing, keeping your fridge stocked is often the second-biggest budget item. When benchmarked against the Nashville-Franklin area, food prices in Knoxville are typically nine percent lower. This applies to kitchen staples such as bread, milk, eggs – and even pizza! There are several wonderful places to eat in Knoxville.
Transportation Costs of living in Knoxville
Transportation is a crucial part of daily life, and its costs are closely tied to gasoline prices. Compared to nearby Nashville-Franklin, TN, fuel costs about 10% less in Knoxville, which means you get more bang for each buck at the gas station.
Entertainment Costs of living in Knoxville
All work and no play makes a person dull and grey, so you will want to make room in your budget for entertainment. There are so many things to do Knoxville! You’ll be glad to know that the cost of going out in Knoxville is about 16% lower compared to Nashville-Franklin. Hence, things like a movie ticket, bowling games, and even beer are easier on your wallet.
More reasons to move here
As Knoxville, TN proves, a high quality of living doesn’t always have to come at a high cost. And there are even more reasons to consider purchasing a home in this city:
- Outdoor recreation
In recent years, the city has focused on incorporating more green spaces into its urban setting. The Knoxville Urban Wilderness, for example, is a 1,000-acre forested area along the downtown waterfront that’s home to recreational, cultural, and historic preservation sites.Knoxville is also a short drive away to the Great Smoky Mountains National Park. With everything so close by, you don’t have to spend much to have a great time outdoors. - University of Tennessee
Of course, we can’t talk about Knoxville without talking about the University of Tennessee, one of the most prestigious state universities in the country. As you might expect, studying in-state at a state university translates to big savings.
The verdict
According to Forbes.com, The cost of living in Knoxville is about 13% below the national average. You don’t need to pinch pennies to live comfortably in Knoxville! However, do keep in mind there are expensive areas. Given the lower cost of housing, food, transportation, and entertainment, you can have all your needs met and still have some spare change to squirrel away. Contact us if we can help with your real estate needs!
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