By now, you’ve probably heard that Tennessee has one of the most favorable cost of living vs. quality of life ratings in the whole country. We decided to break down what this means in terms of real things you’re likely to buy.
If you’re moving from the Albany, New York metro area to Morristown, Tennessee, you’re about to be pleasantly surprised at how far your money goes. According to this cost comparison calculator, you can take about a 17% decrease in household income, and maintain the same quality of life you had up north.
That means if your household brought in $50,000.00, you could make less than $41,500.00 and still enjoy life! Conversely, that means if your income stays the same after you move, you’ll have 17% more value out of your money to save or take an extra vacation. That’s great news if you’re considering moving for work with the same salary, or if you’re one of the many retirees who have discovered that your fixed income would go much farther in our beautiful part of the country.
How do things like mortgages and groceries compare between New York and East Tennessee?
Let’s look at a few examples:
According to the cost of living calculator, the average home price in Albany is $397,060.67. The price for a comparable home in Morristown, Tennessee: $235,086.33. The difference: $161,974.33
That’s a huge difference! The great news is that Morristown has a great market of beautiful homes for someone looking to upgrade, downgrade or just get into their first home. It’s a diverse market in more than just price; lake homes, mini (or big!) farms, subdivisions … Morristown has a lot to offer.
What about daily living? Here’s how groceries compare:
Lettuce in Albany: $1.83 In Morristown: $1.43 Difference: $0.40
Canola Oil in Albany: $3.76 In Morristown: $2.95 Difference: $0.80
Dozen Eggs in Albany: $2.65 In Morristown: $2.26 Difference: $0.39
Coffee in Albany: $4.40 In Morristown: $4.20 Difference: $0.20
If that’s all you needed to buy this trip to the store, you’ve saved $1.79.
This is just a sampling, but you can definitely see how even a few dollars per grocery trip can add up to hundreds by the end of the year! That’s money that can go toward a trip to Dollywood, or back into your investment account to earn even more money. (And, don’t worry, if you need a good banker: we have plenty of those, too.)
There’s a lot more to love about our area than just lower cost of living. Remember that part we mentioned about good quality of life? We have all four seasons here in East Tennessee, with gorgeous spring flowers, stunning autumn leaves, lush, green summers and just enough winter weather to leave us all refreshed and ready for warmth again.
Let’s do a quick winter weather comparison between Albany and Morristown.
The average high temperature for January and February in Albany is 31 degrees and 35 degrees Fahrenheit, respectively. For Morristown: 46 and 51 degrees are the average high for January and February. The numbers prove it: our winters are much milder down here!
Between mild weather and lower costs, we’ve got what it takes to live life a little easier around here.
If you’re interested in finding out more about homes for sale in East Tennessee, visit DarleneReeves-Kline.com.