Is Nashville, Tennessee, on your list of potential new homes? Well, you’re not alone! People are moving to Nashville from more costly places like California. What about the cost of living in Nashville, though?
In general, housing and rental expenses in Nashville make the city costly. But still, compared to other large U.S. cities like San Francisco or New York, Nashville is relatively affordable.
Keep reading to explore more about the cost of living in the Music City along with an overview of some popular Nashville neighborhoods and their housing prices.
Nashville vs. The Rest of Country: Cost of Living Comparison
Compared to the state average, the cost of living in the Music city is 9% higher, but 2% lower than the national average.
|Places||Cost Of Living Index|
[Data Source: BestPlaces.net]
In comparison to other major cities in the United States, the cost of living in Nashville is relatively low (see the chart above for details). Additionally, there is no need to worry about paying state income tax!
Nashville is cheap relative to many other cities, yet it is still more costly as a whole. One explanation is that the number of individuals looking for housing in Nashville rises every year. As a result, both home and apartment costs have increased.
Nashville’s median home price reached about $428,000 in February 2023. Such a sum of money, indeed!
Nashville’s music and tourism sectors, among others, are driving the city’s strong economic performance. Because of the abundance of jobs available, more and more people are drawn to the area. And when there are a lot of individuals in the employment market, living expenses tend to rise.
Popular Nashville Neighborhoods And Their Price Ranges
|Neighborhood||Median Housing Price Range||Brief Overview|
|Green Hills||$1.3 million||One of the most expensive neighborhoods in Nashville – known for its luxury shopping options.|
|The Gulch||$685 thousand||A trendy, urban neighborhood with a thriving nightlife, art scene, and luxury condominiums.|
|Belmont-Hillsboro||$849 thousand||A charming, historic area with tree-lined streets and a mix of bungalows and Victorian homes.|
|12 South||$1.6 million||One of the popular and expensive Nashville neighborhoods known for its restaurants and boutiques. It’s a nice, walkable area with nice access to parks|
|Sylvan Park||$1.8 million||Mainly populated by single family homes, and great for outdoor enthusiasts.|
|Germantown||$368 thousand||A historic district with a mix of preserved architecture, modern condos, and a lively restaurant scene.|
|Wedgewood-Houston||$625 thousand||An up-and-coming neighborhood with a growing arts scene, local breweries, and diverse housing options.|
Getting More for Your Money: Maximizing Your Home Buying Budget
You want to get the most value for your money when purchasing a property, which is a significant investment. Find the perfect property within your budget with these helpful hints.
First things foremost, calculate how much money you have to spend on a house. The answer to this question depends on your earnings, costs, and reserves. Find properties in your price range after you have a good idea of how much you can spend.
Making a prioritized list of must-haves and nice-to-haves is essential while house hunting. This will save you time by preventing you from looking at houses that aren’t a good match. You should also consider the house’s location, size, and condition.
Start discussing prices after you discover some properties you like. You can negotiate a lower price or have the seller pay some of your closing fees. And if you believe the price is too high, don’t be afraid to offer less.
A real estate agent familiar with the local property market may be helpful in finding a home that is within your price range and other requirements. They may also aid in negotiations, simplifying the procedure overall.
The Long Term Benefits Of Moving To Nashville
Relocating to Nashville may improve your life in several ways. First, property taxes are less expensive compared to those in other areas. In addition, you may save more money since the cost of living in Nashville is lower than in other major cities.
It’s very wonderful that a home you purchase in Nashville now may appreciate in value over time. It implies you can make a profit by selling it on the secondary market in future thanks to the value appreciation.
And moving to Nashville, you don’t only get financial benefits. The music culture in the city is exceptional, with many well-known performers across several genres. And there are a plethora of places serving you Southern cuisine and other delightful options.
Nashville is a fantastic location for nature lovers. The gorgeous natural landscapes in and around the Music City are perfect for a variety of outdoor activities.
Finally, Nashville residents are known for their warm hospitality. This means that settling in and making friends would be simple. In a nutshell, it’s a wonderful idea to move to Nashville!
Frequently Asked Question
1. How much money do you need to live comfortably in Nashville?
According to data, the average annual salary of people in Nashville falls in the range of $49,318 – $82,858. So usually, if you have a normal lifestyle then you can live comfortably in Nashville earning $65,000 – $80,000 per annum.
2. Is Nashville affordable to live in?
Relatively, yes, Nashville is affordable but still it can be expensive on its own. Nashville has very high housing and rental costs in general. Moreover, public transport is a bit limited so you will have to get a car for daily commute. Luckily, utilities and groceries are relatively lower than the national average.
3. How high is rent in Nashville?
As a general rule, the rent of an apartment in Nashville falls in the range of $1700 – $2000. If we compare the rental costs to other major cities of New York where the average rental of an apartment lies in the range of $3000 – $3500, it’s a bit cheaper.
4. What are the pros and cons of living in Nashville TN?
The main advantages of living in Nashville include access to great schooling options, excellent places to eat food and enjoy drinks in the bars, also you can’t ignore the pleasant music scene of the whole city and the overall welcoming community. That said, there are also some downsides in living in Nashville that include traffic congestion, limited public transportation, and humid weather.
5. Is it worth it to move to Nashville?
If you are looking for a relatively affordable city with great bars, food, and entertainment options with welcoming people, then Nashville is great to move to. However, you need to also consider things like traffic, costly housing, weather of the area and see if it would suit your needs or not. So ultimately, it’s best to base your final decision depending on your individual needs and priorities.
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