Cost of Living Although the quality of life here is excellent, the cost of living is surprisingly low. We're lower than Asheville, Atlanta, Birmingham, Charlotte, Chattanooga, Greenville, and Lexington in the Southeast, and 59% below New York, 46% under Los Angeles, and 33% less than Chicago. Two big financial advantages are that there's no income tax in Tennessee and property taxes are very reasonable. Cost of Living   National Average Knoxville Atlanta Composite 100 87.5 97.4 Grocery 100 88.7 94.9 Housing 100 78.3 94.3 Utilities 100 90.1 87.3 Transportation 100 90.1 109.7 Healthcare 100 90.4 100.4 Miscellaneous 100 93.1 100.2