Composite cost of living index
What does this measure?
The Cost of Living Index measures the price of goods and services within a geographic area at a point in time, allowing for comparisons to other geographic areas.
Why is this important?
The cost of living in a particular area can contribute or detract from its overall appeal. In areas with a higher cost of living, a higher income is necessary to maintain the same quality of life. Areas with relatively low cost of living, and valued amenities, can be especially attractive to potential new residents as well as companies looking to site operations.
How is our region performing?
In 2015, the cost of living index for all major expenses in the PlanET Region (Knoxville metropolitan area) was below the national average at 86%. The index was particularly low for Housing (81%) and closer to the national average for Utilities costs (90%).
Notes about the data
The annual index is from the 3rd quarter in a given year. The national average reflects all participating places in the nation. Index figures cannot be strictly compared year to year due to changes in participating locaties from quarter to quarter.
The PlanET Region and Knoxville Metropolitan Statistical Area includes the counties of Anderson, Blount, Knox, Loudon and Union.