Are You Moving From or To Tennessee?
Tennessee is a beautiful spot for retirees to live out their golden years, it’s paired up with Mississippi and Arkansas on the cost of food and necessities. Tennessee is the birthplace of blues and home of Elvis Presley, well you’re not alone. Its musical roots are what many often associate the volunteer state and the Memphis BBQ, of course, but this southern gem of a state is much more than that found in the southeastern region of the United States map. Tennessee has in the recent past been considered one of the best states to live in the country and for good reason.
If you’re looking to move to a state crammed with beautiful scenery and deep-rooted cultural traditions and where the cost of living is low, Tennessee is just the place for you. With a population of 6.8 million, Tennessee ranks as the #23 most populous states in the country. The eastern side of the state seats the Great Smoky Mountains where the nation’s most visited national park is a dream for anyone looking for virgin hiking trails.
Just like every other state Tennessee has a mix of larger urban areas Memphis and Nashville for example as well as many small communities that are a nice escape from the hustle and of the big city
If you’re moving to Tennessee, there are a lot of things you’re going to need to know. Luckily, you’ve come to the right place.
Moving to Tennessee
Pros and Cons of Living in Tennessee
Here are a few pros and cons to consider as you make your move to The Volunteer State:
Pros.
- Cost of living: With rates 15-25% below the national average, Tennessee offers extremely competitive prices on housing, utilities, groceries, and goods.
- No income taxes: TN is one of only nine states that does not have a personal income tax. However, the state does tax interest and dividends at a rate of 6% through the Hall Tax.
- Southern history & charm: From Graceland to the National Civil Rights Museum, Tennessee is filled with historical sites. The state is also known for its classic Southern hospitality and kind, helpful people.
- Food & drink: Home to Jack Daniels, Tennessee whiskey is world-renowned. Not to be outdone, the state is known for its mouthwatering BBQ, catfish, cornbread, and a slew of other dishes.
- Music: Famously known for country music- Nashville is considered the country music capital of the world- Tennessee also has deep roots in jazz, blues, and rock ‘n’ roll.
Cons.
- Sales tax: Tennessee doesn’t have an income tax but makes up for it by having the nation’s highest sales tax. The current rate is 7%.
- Transportation: Though TN cities have decent public transportation, you’ll probably need access to a vehicle to get around the state in a reasonable amount of time.
- Severe weather: From the occasional tornado to tropical depressions and intense thunderstorms, severe weather is inescapable in this southeastern state.
- Gang violence: Unfortunately, East Tennessee (specifically in the tri- cities area) is home to every major gang found in the United States.
Tax Rates
- Property Taxes: 0.74%. Tennessee has the 14th lowest effective real-estate tax in the country.
- Sales Tax: 7%. Local taxes range from 0% to 3% . When local taxes combine with the state’s base rate, total taxes can range from 7% to 10%.
- Income Tax: No personal income tax. The state only taxes interest and dividend income.
Housing Market
Tennessee is one of the most affordable states in which to purchase a home. Nashville has become a popular destination for more and more folks, but the city still offers great bargains. The median home value in Tennessee is $192,630. TN home values have gone up 6.0% over the past year. The median list price per square foot in Tennessee is $136, the median price of homes currently listed in Tennessee is $257,904. The median rent price in Tennessee is $1,370.
What Should I Know In 2020?
Economy Outlook
Until about 1940 Tennessee’s economy was predominantly agricultural, with cotton, tobacco, and livestock as the principal cash products. Today Tennessee’s economy has grown mainly in the service sector. However, the development of information and high-technology services has not been as rapid in Tennessee as it has been elsewhere in the region.
Tennessee has an unemployment rate of 4.3%. The US average is 3.7%. Tennessee has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 41.6%, which is higher than the US average of 33.5%.
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Traffic & Transportation
Public Transportation is available in every county in Tennessee, with a wide range of services. … Options include fixed-route service, demand-response service, express buses, local shuttles, and complementary paratransit in compliance with the Americans with Disabilities Act (ADA).
The four biggest cities in Tennessee: Nashville, Chattanooga, Memphis, and Knoxville, all rank in the bottom half of the country for traffic congestion.
Cost of living
Tennessee is packed with a country and blues culture that’s centered around Nashville and Memphis. When it comes to the cost of living in the state, you’ll find cheap rental prices compared to national rates. Homes follow a similar trend, though Tennessee has a wide range of markets depending on where you move. Residents also spend more than the national average on utilities.
Housing is by far the largest slice of the average American budget, representing one-third of typical household spending. Because of this, the best way to cut your costs is to reduce how much you spend to keep a roof over your head. One obvious way to cut costs on housing is to choose a cheaper home or apartment. This may be a perfect time to relocate considering home prices and interest rates are back on the rise. Low costs attract domestic migrants and can give companies an edge when it comes to attracting workers.
Moving to Tennessee
Things to Know When Moving To Tennessee
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