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Cheapest Places To Live In Tennessee 2024. This is an accurate list of the most affordable places to live in tennessee for 2024, if you’re looking at the cost of living numbers in tennessee. There is a fantastic variety available when considering the most affordable places to live in tennessee in order to relocate from elsewhere in the us. This list of the nine cheapest places to live in tennessee will help you find the best area for your budget.9 cheapest places to live in tennesseebrown. The median sales prices in memphis is only $148,000, making it the most affordable place to live in tennessee.