When you think about the next place to move to, you have to consider what the cost of living will look like. It's a good idea to compare the two areas to see which will be better for your future savings. Have a look at this list where we compare which is cheaper to live in, Tennessee or North Carolina?
How can you measure which place is cheaper?
The cost of living index is one of the best ways to compare how much it costs to live in a particular area. You can measure this in a few ways, but the cost of living index by bestplaces.com uses a large amount of data, like home costs and the cost of day-to-day living to figure out a number that represents it.
This is one of the best ways to see the overall differences between the two areas, and it's one of the quickest ways to see which place is the least expensive overall. Keep in mind that many factors come into play, and each state has its own great features that make it unique.
The median value of the country is represented by the number 100, which means any number that is larger will be more expensive, and anything that is smaller will be less expensive. Many people use this as a rough guide, but bestplaces.net has a detailed breakdown to show you where they get their numbers from. Let's take a look at the cost of living for both areas and compare them together so we can see which places look the best, by the numbers.
Tennessee Vs. North Carolina By The Numbers
North Carolina: 90.6
North Carolina is 9.4% cheaper than the rest of the country.
When you look at the number, it shows that North Carolina has high numbers in health (107.5) and low numbers in housing (81). The cost of living is slightly lower than the rest of the country, but there haven't been any significant population booms in the state. The median home cost is about 50k less than the rest of the country, which means it's a good place to look for homes, but it may become expensive to live there over time.
The capital of North Carolina is Raleigh, and the city has about 470,000 residents. It has remained relatively popular in the last few years, and it's known by locals for its excellent schools. The state has been ranked by CNBC as the #1 best state for business, and numbers show that its economy has started to rise quite a bit despite the issues that came during the global pandemic.
Tennessee is 13.4% cheaper than the rest of the country.
The cost of living breakdown for the state shows that their highest values are for health (101.9) while their lowest values are for housing (71.2). This state is ideal for anyone looking to purchase a new home or property. The median home cost is about 60k lower than the rest of the country (10k more than North Carolina), so you will have no trouble finding a home that suits your budget.
The state has plenty of smaller towns that have started to see a rise in population and a boom in their economy. Places like Franklin, Jackson, and Morristown have become popular places to check out for new homes due to their incredible home costs and great locations. The state has been ranked as the #6 best state for business by CNBC and
Even though some of the numbers for both places seem similar, the overall winner is Tennessee. The cost of living is about 4% cheaper overall when you compare the two cities together. North Carolina has a great economy, and if you are thinking about opening a new business, then that might be a good choice for you if you are willing to look past the higher cost.
There are quite a few things beyond cost that make these two states very different such as the size (North Carolina is 18% larger), population (North Carolina has about 10.4 million residents while Tennessee is around 6.7 million residents), and the climate (Tennessee has a much warmer and calmer weather when compared to NC). They are both fantastic places with so many interesting features, so make sure you do some thorough research into each one's pros and cons before you decide to make a move.
If you are looking to move somewhere where you are able to save some of your money, then Tennessee is the best choice. Both states have fantastic homes, but with a 10k difference in home prices and a lower overall cost, Tennessee is an ideal spot for investors and new home buyers. Have a look at some of the delightful homes in Tennessee to see which one fits you the best.