What Is The Average Cost Of Housing In Nashville Tennessee?

Comparison of Median Housing Costs in Nashville The median list price for all homes in Nashville, including single-family homes, condos, and townhomes, is around $262,000. However, it will be more expensive in popular luxury Nashville neighborhoods.

Is it expensive to live in Nashville TN?

Nashville’s housing expenses are 7% lower than the national average and the utility prices are 9% lower than the national average. Transportation expenses like bus fares and gas prices are 4% lower than the national average. Nashville has grocery prices that are 2% lower than the national average.

How much does it cost to live comfortably in Nashville?

A 2018 study by GoBankingRates found Nashville residents need to make $85,000 a year to “live comfortably,” $34,000 more than the city’s median income. Between 2016 and 2017, Music City experienced the greatest cost-of-living increase in the nation, GoBankingRates determined.

How much does a single person need to make to live in Nashville?

How much money does it take for a single person to live comfortably in Nashville? $61,015 a year, according to a new report from GoBankingRates.com. Nashville’s salary needs were on par with Atlanta, New Orleans and Denver, but emerged as more expensive than peer cities Raleigh, Austin and Charlotte.

How much do you need to live comfortably in Tennessee?

Typical Expenses

What is considered a good salary in Tennessee?

How much does a Comfortable make in Tennessee? As of Jul 31, 2022, the average annual pay for the Comfortable jobs category in Tennessee is $42,058 a year. Just in case you need a simple salary calculator, that works out to be approximately $20.22 an hour. This is the equivalent of $809/week or $3,505/month.

Is it cheaper to live in Tennessee or Florida?

If the average cost of living in the United States is 100, Florida has an overall score of 97.9. This is considerably more than Tennessee, which has an overall cost of living score of 88.7. When comparing the numbers, this means Florida is nearly 10% more expensive to live in than Tennessee.

Is it cheaper to live in Nashville or Atlanta?

Atlanta is 6.0% more expensive than Nashville-Davidson. Atlanta housing costs are 1.1% less expensive than Nashville-Davidson housing costs. Health related expenses are 5.1% less in Atlanta.

Is it worth moving to Nashville?

Best known as the “Capital City of Country Music,” Nashville is home to many musicians and aspiring artists. With a growing job market, a booming craft beer scene, and some of the best food and entertainment in the country, it is no surprise that moving to Nashville, Tennessee is a dream come true for many.

Is it cheaper to live in Georgia or Tennessee?

Tennessee is 5.7% cheaper than Georgia.

What to know before moving to Nashville TN?

10 Things You Need to Know Before Moving to Nashville

• The cost of living is lower than the national average.
• Your money will go further in Nashville when it comes to apartments.
• The live music scene is vibrant.
• Hot chicken is an absolute must.
• Prepare for the Southern heat.
• Make sure to budget for transportation expenses.

What is the average electric bill in Tennessee?

$123.30
According to the U.S. Energy Information Administration (EIA), the average monthly energy bill in Tennessee is $123.30. That’s $11.63 above the U.S. average energy utility bill of $111.67.

What is considered low income in TN?

What is considered low income? What is considered an affordable housing cost* for families? A full-time employee, for example, earning the minimum wage of $7.25/hour in Tennessee (last increase was in 2008) earns $15,080/year – considered very low income if they are a single person household.

What’s Tennessee’s minimum wage?

$7.25
Tennessee’s minimum wage hasn’t changed since 2009, when the federal minimum wage changed to $7.25. Someone working full time on minimum wage would only make about $15,000 a year.

What is middle class in Nashville?

There seems to be an engine of prosperity in Nashville that’s helping pull the income distribution to the right.” In 2017, 63.2 percent of the metro area’s households were in the broad middle class, defined as having incomes between $23,000 and $113,000, according to the Brookings analysis of Census data.

What is considered high class in Tennessee?

The average income of the top 20% comes in at $172,622. For the top 5%, the average income is $335,653. In Music City, the lowest income to be considered “rich” (Top 20%) is $115,609. The average income of the top 20% comes in at $212,201.

What is middle class in TN?

Tennessee households must make at least $21,573 to reach middle class, study finds. (The Center Square) – In Tennessee, households must earn a minimum of $21,573 per year to be considered middle class, with the upper earnings boundary set at $98,679, according to a new 24/7 Wall St. analysis.

Where should I not live in Tennessee?

The 10 Worst Places to Live in Tennessee

• Millington.
• Savannah.
• Morristown.
• Sweetwater.
• Dunlap.
• Covington.
• Rockwood.
• Memphis. Memphis makes it into the ten worst places to live in Tennessee as its high crime rates mean it is the most dangerous place to live in the state, says Only in Your State.

Is Tennessee tax friendly?

Tennessee is tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are not taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

Are taxes cheap in Tennessee?

WalletHub says Tennessee’s rate is some 25.84 percent lower than the United States average. And when the rate is adjusted to reflect the cost of living index, Tennessee ranks as the third-lowest state overall. But taxes don’t affect everyone equally.

Should I live in Tennessee or Georgia?

Tennessee and Georgia can be perfect spots for retirement. For example, Georgia has the benefit of a coastline, warmer weather, many Active Adult Communities, and a lower crime rate. In contrast, Tennessee has a lower cost of living, friendly locals, and a vibrant music scene.