Cost of Living in Three Way, TN

With a cost of living index of 99, Three Way, TN is right around the national average in cost. Living here is 1% cheaper than the national average and 19% above the Tennessee state average of 80. Three Way is a small community of 1,965 residents.

Housing costs are the biggest factor in Three Way's cost of living. The median monthly rent is $1,650 (25% above the US median of $1,319), and the median home value sits at $231,200 (24% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Three Way is $91,845, which is 22% higher than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Jackson, 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.