Key Economic Benchmarks
Median Household Income
$58,559$4,880 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Cleveland, TN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Cleveland, TN
Official FY2026 HUD Fair Market Rents for Cleveland, TN MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $850 | $10,200 | $34,000 | 17.4% |
| 1-Bedroom Apartment | $940 | $11,280 | $37,600 | 19.3% |
| 2-Bedroom ApartmentBenchmark | $1,233 | $14,796 | $49,320 | 25.3% |
| 3-Bedroom Home | $1,584 | $19,008 | $63,360 | 32.5% |
| 4-Bedroom Home | $1,633 | $19,596 | $65,320 | 33.5% |
50/30/20 Living Budget in Cleveland, TN
Based on the local median household income of $58,559/year ($4,880/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Tennessee
Explore net income after federal income tax, FICA, and Tennessee state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Tennessee with official federal datasets:
Frequently Asked Questions About Living in Cleveland, TN
What is the median household income in Cleveland, TN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Cleveland, TN is $58,559 per year (approximately $4,880 per month).
What is the average rent in Cleveland, TN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Cleveland, TN are $850 for a studio, $940 for 1 bedroom, $1,233 for 2 bedrooms, $1,584 for 3 bedrooms, and $1,633 for 4 bedrooms.
How does the cost of living in Cleveland, TN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Cleveland, TN is 88.1 (11.9% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Cleveland, TN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,233/month) in Cleveland, TN requires a minimum gross household income of $49,320 per year ($4,110 per month).
What is a balanced 50/30/20 monthly budget in Cleveland, TN?
For a typical household earning the median income of $58,559/year ($4,880/month) in Cleveland, TN, a balanced 50/30/20 budget allocates $2,440/month to essential needs (rent, utilities, groceries), $1,464/month to discretionary spending, and $976/month to savings and debt repayment.
What are typical electricity and utility costs in Cleveland, TN?
Residential electricity rates in Tennessee average 14.1¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $127 per month.