Cost of Living in Hancock County, Tennessee
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Hancock County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Hancock County ranks #602 of 3,144 counties for affordability (top 19%)
Data Story
About Cost of Living in Hancock County, Tennessee
Nation's poorest county, housing crunch
Hancock County renters spend 22.2% of income on housing—a significant burden compared to the national average near 18%. With a median household income of just $31,995, far below the national median of $74,755, every dollar stretches thin.
Tennessee's most unaffordable county
Hancock County's 22.2% rent-to-income ratio is the worst in Tennessee, climbing 4.6 percentage points above the state average of 17.6%. The county's median income ranks among the lowest statewide, making housing genuinely unaffordable for most residents.
Cheapest rent, tightest wallets
At $592 monthly, Hancock has Tennessee's lowest median rent—cheaper than Hardeman ($818), Hawkins ($744), and Henry ($741). But this bargain matters little when household income ($31,995) is half that of neighboring Hardeman ($46,173), leaving residents with the state's worst affordability crisis.
Housing eats most monthly income
Renters pay $592 monthly on a median income of $2,666—leaving just 78% for everything else including food, transport, and healthcare. Even cheaper homeownership at $395 monthly still consumes 15% of income, a burden made worse by low wages.
Affordability alone isn't enough
Hancock's rock-bottom rents mask a deeper challenge: income growth lags far behind the state and nation. Before relocating here for cheap housing, research job opportunities carefully—low cost of living means little without wages to sustain it.
Cost of Living Advisory: Hancock County
Affordability Verdict
Housing in Hancock County is affordable. The median rent is $592/month against a median household income of $31,995, putting rent at 22.2% of income.
Rent vs. Own
Renters in Hancock County pay $592/month on average, compared to $395/month for homeowners. This market favors buyers by about 33%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $23,680/year. For owner costs at the 28% rule, the required income is roughly $16,929/year. With a median household income of $31,995, most households can comfortably afford rent here. Notably, 31.0% of renter households in Hancock County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Unicoi County where rent averages $665/month, Hancock County is approximately 11% less expensive.
Affordability Calculator
See how your income compares to housing costs in Hancock County
Rent Burden
22.2%
of gross income
Max Housing (28% Rule)
$747
per month
Owner Cost Burden
14.8%
of gross income
The median home in Hancock County may be a stretch
Median home value is $118,000. Estimated monthly cost: $942 vs. your max of $747.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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