In the tapestry of the fastest growing Tennessee cities, Murfreesboro shines as the 6th most populous, with a bustling community of 162,398 residents. This vibrant hub not only boasts a rich culture but also offers practical advantages.
In 2021, the median household income stood at an encouraging $66,984, underpinning a robust economy. From the vibrant campus of Middle Tennessee State University to a cost of living 8% lower than the Nashville-Franklin area, Murfreesboro caters to diverse needs.
Whether you’re drawn to its cultural offerings, the promise of quality education, or the prospect of selling your home fast for a fresh start, Murfreesboro stands ready to welcome you. Read on for a detailed breakdown of the cost of living in Murfreesboro, TN.
Housing Costs: Buying vs. Renting in Murfreesboro
Housing costs in Murfreesboro, TN, are influenced by various factors, including demand and supply dynamics, local economic conditions, and the overall desirability of the city. Additionally, factors such as proximity to amenities, schools, and transportation hubs play a pivotal role in shaping housing prices.
Median Home Prices in Murfreesboro
The Murfreesboro housing market, while competitive, offers a diverse range of options for potential buyers. Homes in this city receive an average of two offers and sell in approximately 46 days. The median sale price for a home in Murfreesboro stood at $407,000 in July 2023, indicating a 5.3% decrease from the previous year. On a per-square-foot basis, the median price is $210, down by 0.47% compared to the previous year.
Recent changes in the Murfreesboro real estate market indicate that, like many other parts of the country, there is a shift to a buyer’s market. Buyer’s markets generally offer more inventory for those seeking a new home, but can also present competitive challenges for sellers – particularly those with distressed homes and those who need to sell fast.
For homeowners facing challenging market dynamics in Murfreesboro, or anywhere in middle Tennessee, My Tennessee Home Solution stands as a ray of assurance. Our hardworking, local, and veteran team is dedicated to adding value to the Middle Tennessee area.
We buy homes as-is, offering a fast and substantial cash payout, eliminating the need for repairs and providing families and individuals the financial stability to plan their relocation journey with renewed confidence. Connect with us today, and learn how we can help you sell your home fast.
Rental Market Overview
For those considering renting, Murfreesboro presents a dynamic landscape. As of September 2023, the average rent for a one-bedroom apartment in Murfreesboro is $1,416 per month, reflecting a 6% increase from the preceding year. The city accommodates a diverse range of housing needs, with 48% of households being renter-occupied, and 52% owner-occupied.
Living Calculator: Murfreesboro Cost Break Down
The cost of living in Murfreesboro presents a blend of affordability and quality. By understanding the breakdown of expenses and exploring the range of family-friendly activities available, you can make informed decisions when planning your move to this vibrant Tennessee city.
Murfreesboro provides various commuting options, and the average transportation cost is $14,917 annually. While public transportation availability is limited compared to major metropolitan areas, it remains a viable option for residents looking to reduce their transportation expenses.
For those who choose to drive, vehicle ownership and maintenance costs should be factored in. The city’s relatively affordable fuel and parking options can help mitigate these expenses.
Utilities and Basic Services
Basic services such as electricity, water, and gas come at an average annual cost of $4,843. The energy cost in Murfreesboro is approximately 12.9% lower than the national average. High-speed internet and cable TV are readily available, with competitive pricing options to suit various needs.
Waste disposal fees are generally included in property taxes, alleviating the need for separate payments.
Groceries and Food Expenses
The average annual grocery bill for a family in Murfreesboro is approximately $12,416, making it approximately 21.9% lower than the national average. Additionally, there are numerous affordable dining options in the city, allowing you to explore local cuisine without breaking the bank.
Murfreesboro provides access to state-of-the-art healthcare facilities and services to meet residents’ needs. While healthcare costs in the city are approximately 23.7% lower than the national average, health insurance premiums and prescription medication expenses should be considered when planning your budget.
Murfreesboro is home to several renowned educational institutions, including Black Fox Elementary School, Overall Creek Elementary School, and Central Magnet School. Tuition fees and related costs vary based on the institution, with public schools generally offering affordable options. Extracurricular activities and associated fees may apply, depending on your child’s interests.
Recreation and Entertainment
Murfreesboro offers a wide range of recreational activities and hobbies, catering to diverse interests. Families can enjoy affordable outings to nearby state parks such as the scenic Long Hunter State Park, where hiking, picnicking, and birdwatching provide a wholesome day out. Additionally, the Stones River Greenway offers free access to beautiful walking and biking trails along the Stones River, perfect for an active family day.
Employment Opportunities in Murfreesboro, Tennessee
To comfortably sustain a standard of living in Murfreesboro-Smyrna, TN, a household income of $64,604 is recommended. As of 2021, the median household income in Murfreesboro stood at $66,984, providing a reasonable foundation for residents.
Job Market Overview
Murfreesboro boasts a diverse job market with a median salary of $48,000, offering various employment options for residents. The average hourly pay is $23.0, indicating fair compensation for different roles within the city. With the cost of living in Murfreesboro 8% lower than the national average, this rapidly growing city allows residents to balance their income effectively.
With a steadily growing economy, Murfreesboro presents promising growth prospects. The city’s strategic location within the Nashville metropolitan area contributes to its economic vibrancy, making it an attractive destination for job seekers. Highest paying jobs, such as Loan Servicing Specialist, Anesthesiologist, and Pain Management Physician, offer lucrative opportunities for career advancement.
Comparative Analysis: Murfreesboro vs. Nashville-Franklin, TN
When considering a move, it’s crucial to compare the cost of living. In this regard, Murfreesboro-Smyrna, TN stands out, boasting an 8% lower cost of living than its neighboring city, Nashville-Franklin. This translates to a total income needed that’s $5,396 less than your current household income, offering substantial financial relief.
Lower Cost of Living in Murfreesboro, TN
Transportation costs in Murfreesboro are 3% lower, providing budget-conscious residents with an economic advantage. Homes in Murfreesboro are notably more affordable, with costs approximately 25% lower than those in Nashville-Franklin. This means families and individuals have access to a range of housing options without breaking the bank.
Basic utility expenses tend to be 8% lower in Murfreesboro, further contributing to the city’s overall affordability.
In the journey of life, sometimes the road gets tough. If you find yourself struggling to part ways with a foreclosure property, a probate home, or a property in disrepair, let My Tennessee Home Solution be your anchor in these turbulent times. Our local, veteran-led team is more than just professionals; we’re advocates, problem solvers, and dedicated listeners, committed to adding value to Middle Tennessee.
Whether you’re trying to sell a distressed home in Murfreesboro or elsewhere in the Nashville-Franklin area, My Tennessee Home Solution will emerge as a trusted guide through these overwhelming property transitions.
Wherever you are in Middle Tennessee, we’re here to help bridge the gap to your next adventure. Let’s turn the page together. Schedule your property evaluation today and pave the way for a financially stable future with a fair cash offer on your house.