Morristown, TN

Very Low · 56

Tennessee · Population 30,983 · Updated March 2026

$855
Median Rent / Month
$44,811
Median Income
$155,700
Median Home Value
$832
Owner Costs / Month

Affordability

How far your income goes in Morristown

22.9%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Tennessee

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
7.0%
Sales Tax
0.64%
Property Tax Rate

Estimated Annual Costs

$10,260
Annual Rent
$0
State Income Tax
$996
Property Tax (est.)

Cost of Living Overview

Morristown is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 56 (where 100 equals the national median), Morristown residents can expect to pay median rent of $855/month while earning a median household income of $44,811/year.

The median home value in Morristown, TN is $155,700, with typical monthly owner costs around $832 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.9% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Tennessee has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 7.0% sales tax rate and 0.64% effective property tax rate, the overall tax environment helps keep costs manageable in Morristown.

Frequently Asked Questions

Common questions about living costs in Morristown

What is the cost of living in Morristown, TN?
The cost of living index in Morristown, TN is 56 (US average = 100). Median monthly rent is $855, median household income is $44,811/year, and the median home value is $155,700.
Is Morristown, TN affordable?
Yes, Morristown is more affordable than the national average with a cost index of 56. The rent-to-income ratio is 22.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Morristown, TN?
The median gross rent in Morristown, TN is $855 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,260.
What is the median household income in Morristown?
The median household income in Morristown, TN is $44,811 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Tennessee?
Tennessee has a top income tax rate of 0%, a sales tax of 7.0%, and an effective property tax rate of 0.64%. Notably, there is no state income tax.