What is the Most Affordable Place to Live in Tennessee? It’s official: you get more “bang for your buck” in Cookeville than almost anywhere else in the country. According to the Center for Regional Economic Competitiveness Cost of Living Index, Cookeville is ranked eighth least expensive urban area out of the 273 areas that participated in the 2015 Cost of Living Index.
“Cookeville has been consistently ranked as one of the least expensive places to live in the nation for over two decades,” said George Halford, president/CEO of the Cookeville-Putnam County Chamber of Commerce. “This area offers such a high quality of life at a low cost.”
Zach Ledbetter, manager of the Convention & Visitors Bureau, added, “We’re quite fortunate to live in this wonderful community with such affordability. Being named a most affordable community, in addition to our natural, historical and cultural assets, continues to prove that Cookeville is A Natural Fit!”
Cost of Living
The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 50,000 prices covering almost 60 different items for which prices are collected three times a year by chambers of commerce.
The composite index is based on six components housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services. The national average for all 273 participating areas is given a benchmark of 100. Based on that figure, Cookeville’s rating of 84.2 ranked just under the nation’s least expensive places to live.
Other Cities Compared
Only a few cities ranked higher than Cookeville, with the lowest cost of living index held by McAllen, Texas, at 78.3. Cookeville ranked just ahead of Memphis and Sherman-Denison, Texas.
With a rating of 227.4, over double the national average, Manhattan, N.Y., was ranked the most expensive place to live, followed by Brooklyn, N.Y.; Honolulu, Hawaii; and San Francisco, Calif.
To find out exactly how Cookeville ranks in comparison to other communities around the country, visit cookevillechamber.com/affordability.
The mission of the Chamber is to be a world-class, regional leader, partner and catalyst by protecting and improving our pro-business climate; cultivating and supporting future community leaders; creating and retaining high quality, 21st Century jobs; enhancing our region’s quality of life; and adding value for our members’ investment.
For more information about the ACCRA’s Cost of Living Index, visit www.coli.org.