How Far Your Paycheck Goes, In 356 U.S. Cities

Knoxville's Low Cost of Living Makes Median Income Feel Like More 

Cost of living is a big factor when individuals and businesses make decisions on relocating their life or their operation.  So, how does Knoxville compare to other cities? 

The government recently released a data set that NPR used to provided a very interesting searchable graphic that provides some insight into how a city's cost of living compares with the average annual income. In the graph below, the left-hand side shows the annual income for typical, full-time workers in different metro areas while t he right-hand side adjusts that figure for the cost of living in each metro area.

The data used accounts for things that people actually buy in each city. For example, in places like New York City where car ownership isn't as common that cost would not figure into the data as much.

As the graphic shows, Knoxville is a less expensive place to live with a median income of $28,857 per year. However, thanks to a low cost of living it's like you are really making $29,873 per year.  Compare that to a city like San Francisco.  Their median income is $44,452 but the cost of living drags it down to $32,289.  Ouch--better stock up on Rice-a-Roni.

Just another reason why Knoxville is growing into a prime relocation destination.

Click here to read NPR's article and see infographics for other cities.

KNOXVILLE RANKED AS A “MILLENNIAL MAGNET” BY USA TODAY

KNOXVILLE RANKED AS A “MILLENNIAL MAGNET” BY USA TODAY

High national rankings keep rolling into Knoxville.  USA Today recently put Knoxville on its list of “Millennial Magnets”, a list ranking cities that have more 20-somethings than teens. These cities—rooted in high education, technology and development—are serving as new kinds of cities, born from deep demographic shifts and built from the power of technology. Knoxville, like many of the other cities listed, were traditional college towns that attracted students who then left after graduation for work. However, Knoxville has become a post-college town.

The region has long been known as ‘Innovation Valley’ by regional economic development agencies due to the concentration of scientific and technological assets that surround the area, as well as business sustainability efforts. The availability of high wage jobs for educated individuals at places like Oak Ridge National Laboratory, Y-12 National Security Complex, The University of Tennessee and numerous recession-proof healthcare industries surround the area make those that come for an education more likely to stay.

Ranked 6th by Forbes magazine among Best cities for Jobs, the area is #1 in green job growth according to the Brookings Institute. By combining technological resources with the Knoxville area’s central location, the region is competing for top level jobs and job creators in the expanding green industry.

According to the ACCRA cost of living Index, Knoxville’s cost of living is well below the national average, and either competitive with or lower than each of its southeastern competing cities like Memphis, Nashville, Charlotte, Raleigh, and Columbia.

These things, combined with a thriving cultural, educational and recreational landscape make Knoxville a major player as a growing city full of future business leaders.