Cost of Living in Soddy-Daisy, TN

An Overview of Cost of Living in Soddy-Daisy, TN

Are you thinking about relocating, but curious about the potential cost of living in Soddy-Daisy? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Soddy-Daisy stands at 89, making it 11% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

What Do Locals Say About the Cost of Living in Soddy-Daisy?

The real experts on a city are its residents. That's why we reached out to 8 locals to get their views on the cost of living in Soddy-Daisy. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 75% found it budget-friendly with decreasing prices, while 25% said it's simply not affordable as prices have continued to rise.

Is Soddy-Daisy Affordable?

Is Soddy-Daisy an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Soddy-Daisy, the median home price is 11.4% lower than what most folks pay across the country, and monthly rent prices are 25.5% lower than the usual rates. Income levels in Soddy-Daisy come in at $51,192, which is 7.5% lower than the national average.

What Factors can Influence the Cost of Living in Soddy-Daisy?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Soddy-Daisy starts at 7% and the income tax rates start at 0%.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Soddy-Daisy 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.