Cost of Living in Lakeland, TN
Population 14,068 · Tennessee · Data vintage 2023
(100 = US avg)
Lakeland sits on the smaller end of the Tennessee city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. The labor market has been unusually tight, with unemployment around 2.7% — below most comparable cities in the state.
Located 15 miles northeast of Memphis, Lakeland falls within that metro's commuting orbit. Median home values run roughly 138% higher than Memphis' $157,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lakeland
The median home value in Lakeland is $373,800 — 23% above the national median of $305,000. Median rent runs $1,611/month, 23% higher than the national median of $1,314/month. The median household income of $113,843/year is 53% higher than the US median of $74,580. The local unemployment rate is 2.7%, below the national average of 4.8%. Tennessee charges no state income tax, a meaningful advantage for take-home pay. The climate averages highs of 73.0°F and lows of 53.8°F, with about 2.7" of annual snowfall. Overall, Lakeland has a cost of living index of 123 versus the US average of 100, meaning it is 23% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 51 | 56 | 64 | 73 | 82 | 89 | 92 | 92 | 86 | 75 | 63 | 53 |
| Low °F | 33 | 37 | 44 | 53 | 62 | 70 | 74 | 73 | 66 | 54 | 43 | 36 |
| Precip" | 4.14 | 4.55 | 5.74 | 5.87 | 5.27 | 3.99 | 4.82 | 3.37 | 3.03 | 3.98 | 4.69 | 5.49 |
| Snow" | 0.9 | 1.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Lakeland, TN?
Lakeland has a cost index of 123 (100 = national average). It is 23% above the national average.
What is average rent in Lakeland, TN?
The median gross rent in Lakeland is $1,611 per month based on 2023 Census data.
What is the average home price in Lakeland?
The median home value in Lakeland is $373,800 according to Zillow and Census data.
What is the median income in Lakeland?
The median household income in Lakeland is $113,843 per year (2023 ACS 5-year estimates).
What is the sales tax in Lakeland, TN?
The combined state and local sales tax rate in Lakeland is 9.6%. Tennessee has no state income tax.
Is Lakeland, TN affordable?
Lakeland is above average in cost of living, with an index of 123 — about 23% higher than the national average.
What is the weather like in Lakeland?
Lakeland has average high temperatures of 73.0°F and average lows of 53.8°F. Annual precipitation is 54.9". Average annual snowfall is 2.7". Data from NOAA 1991–2020 Climate Normals.
Lakeland at a Glance
- Population
- 14,068
- Median Income
- $113,843
- Home Value
- $373,800
- Median Rent
- $1,611/mo
- Unemployment
- 2.7%
- Avg High Temp
- 73.0°F
- Sales Tax
- 9.6%
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Tennessee Rankings
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