Cost of Living in Elgin, TN

With a cost of living index of 70, Elgin, TN is one of the most affordable cities in the country. Living here is 30% cheaper than the national average and 10% below the Tennessee state average of 80. Elgin is a small community of 194 residents.

The median household income in Elgin is $22,656, which is 70% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Knoxville, TN (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.