A+
10%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
13%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Oak Ridge Tennessee National
Cost of living9089100
Goods & Services8994100
Groceries9998100
Health care8888100
Housing8780100
Transportation8989100
Utilities9493100

An Overview of Cost of Living in Oak Ridge, TN

Knowing the cost of living in Oak Ridge allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Oak Ridge stands at 90, marking it 10% lower than the national average.

The cost of living in Oak Ridge is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Everyday basics like clothes, personal care items and entertainment factor into your overall living costs. But here's the good news: in Oak Ridge, these things are 11.3% more affordable than the national average. So, you can get what you need and have fun without emptying your wallet. With these savings, you can stash more money in your savings or put it towards other financial goals, ultimately improving your financial health.

What Do Locals Say About the Cost of Living in Oak Ridge?

The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Oak Ridge. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 44% found it budget-friendly with decreasing prices, while 56% said it's simply not affordable as prices have continued to rise.

Is Oak Ridge Affordable?

Is Oak Ridge affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Oak Ridge, the median home price is 14.6% lower than the national average and monthly rent prices are 8.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Oak Ridge boasting a median household income of $55,869, 1% higher than the national average.

What Factors can Influence the Cost of Living in Oak Ridge?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Oak Ridge, the utilities index is 6.5% lower than the national average.

Where is the Data From?

The cost of living in Oak Ridge, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Oak Ridge is 1% higher than the Tennessee average
  • The cost of living in Oak Ridge is 10% lower than the national average
  • Oak Ridge housing is 13% lower than the national average
  • Tennessee general sales tax is 37% higher than the national average
  • Tennessee state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Oak Ridge

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Compare Oak Ridge, TN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$70,793$5,899$1,652$2,124
      Renters$40,925$3,410$955$1,228
      To approximate the cost of living and the housing affordability in Oak Ridge, TN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Oak Ridge have a median income of $70,793. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,652 per month to avoid calamity and poverty. The renters in the city have an income of about $40,925, which would make their monthly maximum allowable rental costs $955.

      Tennessee Sales Tax

      State General Sales Tax With Max Surtax
      Tennessee 7% 9.75%

      Tennessee Income Tax

      State Income Tax (Low) Income Tax (High)
      Tennessee 0% 0%

      Goods & Services

      Item Oak Ridge National avg. Difference
      Haircut $17.07$24.2629.7%
      Beauty Salon $42.00$45.567.8%
      Toothpaste $3.69$3.700.4%
      Shampoo $1.23$1.283.9%
      Movie $12.31$12.131.5%
      Bowling $21.60$18.0020.0%

      Groceries

      Item Oak Ridge National avg. Difference
      Ground Beef $5.73$5.841.8%
      Fried Chicken $1.42$1.579.5%
      Milk $4.67$4.670.0%
      Potatoes $5.03$4.932.0%
      Pizza $11.42$12.095.5%
      Beer $10.06$10.413.3%

      Health Care

      Item Oak Ridge National avg. Difference
      Optometrist $92.00$125.6826.8%
      Doctor $112.00$135.7817.5%
      Dentist $92.27$113.2918.6%
      Ibuprofen $10.49$10.651.6%
      Lipitor $517.33$468.6010.4%

      Housing

      Item Oak Ridge National avg. Difference
      Home Price $157,700.00$184,700.0014.6%
      Avg. Mortgage Payment $1,886.05$2,346.6919.6%
      Apartment Rent $868.00$949.008.5%

      Transportation

      Item Oak Ridge National avg. Difference
      Gasoline $3.11$3.4610.3%
      Tire Balancing $52.80$59.9211.9%

      Utilities

      Item Oak Ridge National avg. Difference
      All Electricity $173.24$193.9910.7%
      Phone $192.18$192.250.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Petros, TN5267525.3%
      Lake City, TN1,8487524.9%
      Oliver Springs, TN3,9188317.4%
      Coalfield, TN2,8618713.3%
      Lenoir City, TN9,1918811.7%
      Oak Ridge, TN29,124909.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Southgate, MI29,129936.7%
      Fuquay-Varina, NC29,11011312.8%
      SeaTac, WA29,10213130.5%
      Raytown, MO29,1768812.1%
      Rexburg, ID29,0641088.4%
      Oak Ridge, TN29,124909.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.