What is Cost of Living?
Cost of living is the amount of money one needs to sustain a certain standard of living in a particular location. This information is very helpful to those who are considering moving to a new city, as the cost of goods and services differ from one city to another. Generally, the basic expenses included in determining the cost of living for a location are housing costs, goods and services, food and groceries, utilities, transportation expenses, healthcare, and taxes.
If you are contemplating on moving to a particular city and you want to know how this would affect your budget, it would be best for you to compare the cost of living in your current location with the city that you are considering relocating to. The cost of living index provides an informative snapshot of all the basic expenses and their corresponding cost estimates in two or more locations, showing the percentage variance in the cost of living among these areas. The values for all the expenses listed under the primary location are set at 100, while the values for the cities or states that are being compared to the primary location may be higher or lower than 100, depending on whether the costs in these areas are higher or lower than those of the primary location.
For example, if you are presently residing in Nashville, TN and you are thinking of moving to Brentwood, the cost of living index for all the expenses for your current location which is Nashville would be 100, while the figures for Brentwood would be more or less than 100, depending on whether the items being compared to those of Nashville are more expensive or cheaper in Brentwood.
2019 Cost of Living Index in Brentwood, TN
If you are considering relocating to Brentwood, TN, we recommend that you do your own research on the cost of living index in this city before you make a decision. We prepared the table below to help you in assessing the cost of living in this city. In this table, the cost of living in Brentwood is compared with the rest of the state of Tennessee and the nation. The primary location here is the United States, so all the values for the expenses here are fixed at 100, while the values for Brentwood and Tennessee will reflect the actual percentage values of the basic expenses in these locations.
| Index | Brentwood | Tennessee | National |
|---|---|---|---|
| Overall | 151 | 90 | 100 |
| Goods & Services | 104 | 97 | 100 |
| Groceries | 97 | 93 | 100 |
| Healthcare | 82 | 89 | 100 |
| Housing | 271 | 80 | 100 |
| Transportation | 100 | 90 | 100 |
| Utilities | 90 | 95 | 100 |
Looking at the table above, you can see that the overall cost of living index for Brentwood, TN is 151 – 61 points higher compared to the state’s index and 51 points higher than that of the nation. Looking at each index, you’ll see that housing costs are significantly higher in this city compared to the rest of Tennessee and that of the United States. The rest of the expenses are relatively lower, except for goods and services, which are at 104, and transportation, which is the same as that of the rest of the country.
Cost of Goods and Services in Brentwood, TN
A visit to a beauty salon in Brentwood would cost about $46.12, 23.5% higher than that of the nation’s average cost of $37.33, while a regular haircut would be almost the same price at $16.07 in this city and $16.09 on the national level. A game of bowling here is also almost the price as that of the national average at $4.37, (national average is $4.93). A movie ticket would be slightly higher, though, at $11.36, while the national average is $10.28. For personal hygiene items, such as toothpaste, the prices here are only slightly higher at $2.54, national average is $2.45. A bottle of shampoo is priced at $1.16, while the national average is $1.00.
Brentwood, TN Housing Costs
For homebuyers, the average home price in Brentwood is $555,800, double the national average which is $184,700.00. The average mortgage payment in this city is $1,078.79, while the national average is 10.3% lower at $1,202.44. On the other hand, those who prefer to rent will have to prepare their budgets, as the average rent here is $1,922, twice as much as the national average of $949.
Cost of Utilities in Brentwood, TN
The cost of utilities in Brentwood, TN is lower than the national average by 10% and also lower than the state average by 5%. The average monthly utility bill in Brentwood is $156.45, while the national average is $165.96. For phone bill, the average cost in this city is $24.50, while the national average is $28.68.
Cost of Food and Groceries in Brentwood, TN
Basic grocery items are not too far off with the average costs on a national level. A regular bottle of milk costs $1.82, national average is $2.01. The price of ground beef is $3.88, national average is $3.80. Potatoes costs $3.61, national average is $3.01. For days when you feel like ordering fast food, pizza costs the same as the national average which is $9.89, while fried chicken is only slightly higher than the national average of $1.40 at $1.46.
Transportation Costs in Brentwood, TN
The average price of gasoline in this city is $2.11, 5.9% lower than the national rate of $2.24. The cost of tire balancing is 13.6% higher than the national average of $46.29, at $52.59.
Cost of Healthcare in Brentwood, TN
Overall, the cost of healthcare in Brentwood is lower than the national average. The rate for a check up with a general practitioner is $83.40, while the national average is $108.36. Having your eyes checked by an optometrist would cost $77.07, while the national average is $102.16. And an appointment with a dentist would be $71.60, while the national average is $92.53.
Tennessee Taxes
There is no state income tax in Tennessee, but the state imposes a 6% tax on dividend and interest income. The sales tax in this state ranges from 8.5% to 9.75%, depending on the county in which you are shopping. The base state sales tax rate is 7%, plus supplementary rates imposed by counties which range from 1.5% to 2.75%.
Moving to Brentwood, TN
If you are planning to move to Brentwood, TN, we highly recommend that you take some time to compare the cost of living in your current place of residence with that of Brentwood, as this would help you determine how moving to this city would affect your budget. And, if you are thinking of purchasing a new home in Brentwood, let us help you. You may contact us through (615) 371-1544 or send us an email at [email protected]. We look forward to meeting you!
A place to keep watch on for a Brentwood, TN home is Chestnut Springs. Even though these homes didn’t start until 2002, the current prices begin around $420,000. The sales price to list price ratio is quite good, 96.39%, meaning the sellers were willing to negotiate their closing price down on average of $16,000. The homes have 12 to 16 years of age and finding a home in need of upgrading is a good possibility.
