Households in Tennessee have a median annual income of $56,071, which is less than the median annual income of $65,712 across the entire United States. This is in comparison to a median income of $52,375 in 2018, which represents a 7.06% annual growth.
What is good salary in TN?
As of Jul 13, 2022, the average annual pay for the Comfortable jobs category in Tennessee is $42,058 a year. Just in case you need a simple salary calculator, that works out to be approximately $20.22 an hour. This is the equivalent of $809/week or $3,505/month.
What is the average wage in Tennessee?
Hourly Rate Salary in Tennessee
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $81,325 | $39 |
| 75th Percentile | $49,971 | $24 |
| Average | $47,737 | $23 |
| 25th Percentile | $28,904 | $14 |
How much money do you need to make to live comfortably in Tennessee?
–A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year. The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America’s 50 largest cities.
What is medium wage in TN?
Tennessee’s current minimum wage is $7.25 per hour. Tennessee does not have any state-specific labor laws relating to the minimum wage or overtime – a “promised wage law” does exist, however, requiring employers to promptly pay the wages promised to their employees.
What is upper class in Tennessee?
The average income of the top 20% comes in at $172,622. For the top 5%, the average income is $335,653. In Music City, the lowest income to be considered “rich” (Top 20%) is $115,609. The average income of the top 20% comes in at $212,201.
What’s the poorest city in Tennessee?
Morristown was ranked the poorest city in Tennessee in a 24/7 Wall St.
The Center Square.
| Poorest City | Pueblo |
|---|---|
| Median Household Income | $40,450 |
| Poverty Rate | 23.5% |
| Median Home Value | $141,000 |
| Population | 110,841 |
What is considered low income in Tennessee?
What is considered low income? What is considered an affordable housing cost* for families? A full-time employee, for example, earning the minimum wage of $7.25/hour in Tennessee (last increase was in 2008) earns $15,080/year – considered very low income if they are a single person household.
What is poverty level in TN?
Poverty: The proportion of people living under the federal poverty line increased from an estimated 15.0% in 2017 to 15.3% in 2018 (Figure 2). * In 2018, the poverty threshold for a family of three was about $20,000 per year.
Is it expensive to live in TN?
Tennessee’s quality of life is high, and its cost of living is low. Based on 2020 annual averages, Tennessee has the 8th lowest cost of living in the nation at 10.3% below the national average.
What is a teacher’s salary in Tennessee?
Between 2019 and 2020, the statewide average salary for classroom teachers rose from $50,998 to $52,596, an increase of 3.13 percent.
Is it cheaper to live in Tennessee or Florida?
If the average cost of living in the United States is 100, Florida has an overall score of 97.9. This is considerably more than Tennessee, which has an overall cost of living score of 88.7. When comparing the numbers, this means Florida is nearly 10% more expensive to live in than Tennessee.
What is the best area to live in Tennessee?
Brentwood
Niche.com ranked it the #1 Best Place to Live in Tennessee in 2017, and this Nashville suburb located in Williamson County was named by Money Magazine as the #21 Best Place to Live in America in 2017. The affluent suburb is renowned for its verdure and rolling hills.
How much money does a single person need to live comfortably?
This means a single person needs to make at least $66,434 after taxes to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.
What is a good salary in Nashville TN?
In 2017, GoBankingRates.com estimated that residents should earn at least $70,150 annually. Actual median household income lags far behind, at $49,891.
Why does Tennessee not have a minimum wage?
Tennessee has not established a state minimum wage rate. Because most employers and employees in Tennessee are subject to the federal Fair Labor Standards Act, the minimum wage for employees set forth in that law would typically apply.
Is Tennessee a wealthy state?
Tennessee is the thirty-fifth-richest state in the United States of America, with a per capita income of $28,764 (2017).
What salary is considered wealthy?
In the U.S. overall, it takes a net worth of $2.2 million to be considered “wealthy” by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab’s annual Modern Wealth Survey.
How many millionaires are in Tennessee?
139,335
List
| Rank | State | Number of millionaire households |
|---|---|---|
| 19 | Tennessee | 139,335 |
| 20 | Indiana | 138,739 |
| 21 | Wisconsin | 138,283 |
| 22 | Missouri | 132,176 |
What is the richest city in Tennessee?
1. Nolensville. Much smaller than Brentwood, Nolensville is a suburb of Nashville and the richest town in Tennessee and is home to some of the wealthiest residents of the state.
What is the best small town to live in Tennessee?
The 10 Best Small Towns in Tennessee
- LYNCHBURG, TN.
- JONESBOROUGH, TN.
- FRANKLIN, TN.
- BELL BUCKLE, TN.
- TELLICO PLAINS, TN.
- TOWNSEND, TN.
- PIGEON FORGE, TN.
- GREENEVILLE, TN. For a major dose of heritage, head to Greeneville.