A+
10%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
14%
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 Red Bank Tennessee National
Cost of living9089100
Goods & Services9094100
Groceries9798100
Health care9288100
Housing8680100
Transportation8889100
Utilities9393100

An Overview of Cost of Living in Red Bank, TN

Getting a feel for the cost of living in Red Bank is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Red Bank is 90, which is 10% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Red Bank aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Red Bank residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Red Bank Affordable?

Wondering if Red Bank is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Red Bank, for example, the median home price is 13.3% lower than what folks pay nationally, and monthly rent is 14% lower than the usual rates. Plus, income levels matter too, with Red Bank boasting a median household income of $44,730, which is 19.1% lower than the national average.

What Factors can Influence the Cost of Living in Red Bank?

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.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Red Bank, the housing index stands at 13.5% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Red Bank, healthcare costs are 8% lower than the national average.

Where is the Data From?

The Red Bank cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Red Bank is 1% higher than the Tennessee average
  • The cost of living in Red Bank is 10% lower than the national average
  • Red Bank housing is 14% 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 Red Bank

See all the best places to live around Red Bank

Compare Red Bank, 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$55,022$4,585$1,284$1,651
      Renters$31,432$2,619$733$943
      A good indicator of the general affordability of housing in Red Bank, TN, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Red Bank, the median monthly income is $55,022 for those who own their own homes. Under the standard rule, that income level would allow for $1,284 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $31,432, per the median income in the area. That would allow for renters to spend up to $733 on monthly rental expenses.

      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 Red Bank National avg. Difference
      Haircut $18.80$24.2622.5%
      Beauty Salon $48.40$45.566.2%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.27$1.280.8%
      Movie $12.57$12.133.6%
      Bowling $16.47$18.008.5%

      Groceries

      Item Red Bank National avg. Difference
      Ground Beef $5.63$5.843.5%
      Fried Chicken $1.43$1.578.9%
      Milk $4.49$4.673.9%
      Potatoes $5.17$4.934.8%
      Pizza $11.66$12.093.6%
      Beer $10.02$10.413.8%

      Health Care

      Item Red Bank National avg. Difference
      Optometrist $112.00$125.6810.9%
      Doctor $129.61$135.784.5%
      Dentist $96.50$113.2914.8%
      Ibuprofen $10.39$10.652.4%
      Lipitor $465.03$468.600.8%

      Housing

      Item Red Bank National avg. Difference
      Home Price $160,100.00$184,700.0013.3%
      Avg. Mortgage Payment $2,008.10$2,346.6914.4%
      Apartment Rent $816.00$949.0014.0%

      Transportation

      Item Red Bank National avg. Difference
      Gasoline $3.09$3.4610.6%
      Tire Balancing $50.87$59.9215.1%

      Utilities

      Item Red Bank National avg. Difference
      All Electricity $170.16$193.9912.3%
      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.
      Rossville, GA3,9898020.2%
      Whitwell, TN1,9778317.0%
      Lakeview, GA4,7618416.2%
      Fairview, GA5,9198415.6%
      Fort Oglethorpe, GA9,8778514.6%
      Red Bank, TN11,785909.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Stony Brook, NY11,78515252.3%
      Madison, IN11,783946.2%
      Richfield, WI11,78212020.1%
      North Wantagh, NY11,79214646.0%
      North Dundas, ON11,794n/a 
      Red Bank, TN11,785909.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.