Cost of Living, Nashville, TN

A Guide to Cost of Living, Nashville, TN

Are you ready to move to Nashville, Tennessee? The home of country and blues is calling, and people from all over the United States are answering the call. 

In this comprehensive guide, we’ll be exploring the cost of living in Nashville TN. If ever you need advice on whether you should move here or not, our guide will help you understand your options. Let’s get those blue suede shoes walking. 

The Cost Of Living Nashville TN 

Not only is Nashville a mecca for music fans, but the cost of living here is 3% lower than the national average. There are many reasons for moving to the legendary Music City. 

You aren’t the only one thinking of moving to Nashville, TN. With ever more people moving to the songwriting capital of the world, housing should be on top of your list of concerns.

Housing

The cost of housing in Nashville is 9% lower than the national average. Not only is housing in Nashville affordable, but also quite in demand.

Nashville boasts a pretty healthy and thriving property market. In fact, Nashville MLS reports that the property market here has experienced phenomenal growth. 

The year-over-year growth is just slightly more than 10%. The competition will be on when you plan on buying property in Nashville.

Buying Property in Nashville

Today, we find that the average single-family house, condo, or townhouse in Nashville is just over $260,000. However, this figure is somewhat misleading.  

Nashville is host to a variety of large, luxury homes worth over several millions of dollars. Luxury neighborhoods, such as Brentwood, Henderson, and Franklin, are home to many expensive, luxury properties. Properties here start from around $675,000 and only go up from there. These properties are some of the most expensive homes found in Tennessee.

If you don’t have the budget to buy a luxury home, you still have plenty of viable options. Neighborhoods such as Inglewood and Murfreesboro have more average-sized, affordable homes, ranging between $26,000 and $390,000.

One alternative to help lower your cost of living in Nashville is by renting property instead of buying.

Renting Property in Nashville

On average, the rent in Nashville is 2.1% lower today than it was a year ago. Lower rental costs help you save quite a bit of money when staying here.

Rental prices vary mainly on where in Nashville you want to live and how big a property you want to live in. For instance, an average-sized studio apartment is about $890 a month, while a one-bedroom apartment is closer to $975. 

On the other hand, a two-bedroom apartment will cost around $1,200. Three and four-bedroom rental properties are naturally more expensive. If you want to rent one of these, you should budget between $1,600 and $2,000 a month.

More affordable rental properties are located in the Una neighborhood. Here, a one-bedroom apartment will only set you back about $1,000. If, however, you want a luxury apartment, we suggest that you head on over to the Oak Hill neighborhood for an average of $1,600.

Another essential factor that contributes to the cost of living is the cost of essential utilities.

Utilities

Utility costs in Nashville will have you smiling from ear to ear. Here, utility prices are about 10% lower than the national average. 

This lower cost means that you can expect, on average, to pay around $150 per month. This monthly bill includes your electricity, heating, cooling, water, and garbage services for a 915 square feet property.

Even though Nashville has pretty mild winters, you’ll find that the summer months can get quite hot and humid. This weather means air conditioning in your home is a must and will run throughout the summer, which could affect your electric bill.

Another essential utility that you cannot do without is internet services. A standard 50 Mbps internet service with unlimited data usage averages to about $70 a month. 

It’s not just on utilities that you’ll be saving. Food and groceries will give you another reason to smile.

Food And Groceries

Food and groceries in Nashville are 3% lower than the national average. You can expect to pay around $1.90 for a gallon of fresh milk in Nashville. A loaf of bread is $3.20, while a carton of eggs is only $1.75.

While these prices are reasons to celebrate, nobody can live in Nashville and not dine out several times a month. Hot chicken, mouthwatering BBQ, and several beer gardens call Nashville TN, home and you’ll want to frequent them all.

If you plan on indulging at one of the plenty mid-range restaurants, you’ll be in for a treat. A three-course meal for two will only cost around $75, while an ice-cold beer is around $5.60. 

Of course, Nashville is famous for its BBQ. You can expect to pay around $25 for a delicious rack of ribs served with a choice of two sides.

There are even more affordable options available in Nashville. A weekly farmer’s market will give you the option to buy some of the freshest and healthiest foods for fantastic prices. Not only will this be kind to your wallet, but it’ll be kind to your body as well.

Healthcare

Nashville boasts affordable health care services. Healthcare here is 18% lower than the national average. A visit to the doctor will only run you around $90. There are also far more doctors here than the national average, which makes things a little cheaper.

In fact, there are about 350 physicians for every 100,000 residents in Nashville. There are also 8 large hospitals in Nashville, such as the famous Baptist Hospital and Metro National General Hospital.

Not only are visits to the doctor affordable, but even a dentist’s appointment averages around $80, while veterinary services are only about $55. 

If you love going to the gym, you’ll find that gym membership in Nashville is on par with the national average. Gym membership for one adult will cost you about $60 for the month.

When moving to Nashville, the lower healthcare costs here mean that everybody in the family, including your dog or cat, can enjoy a healthy, low cost of living.

Education and Childcare

Nashville is a great place to start a family. It has more affordable daycare, education, and even nanny services for prospective parents than most other cities in the state.

The hourly rate of a babysitter in Nashville is around $16 an hour. Keep in mind that the rates will change, depending on the number of children and the nanny’s experience.

You’ll also find that full-time daycare for an infant is about $8,500 for a year. Nashville has child care assistance available if these rates seem a bit expensive. However, there are specific state requirements that you’ll have to meet to qualify for childcare assistance.

The average family spends about 21% of their income on childcare and education in Nashville. Either way, parents will find plenty of reasons to be happy with the lower fees of raising a child in Nashville.

Transportation

Transportation costs in Nashville are on par with the national average. If you plan on using your car to get around, you can expect to pay about $2.60 per gallon for regular unleaded gas. 

The average pricing here for gas will have a significant impact on your cost of living. Nashville is unfortunately ranked as the 24th most congested city in the United States. On average, commuters spend around 58 hours every year on the road. 

Taking that into account, you’ll be spending at least 2 and half days every year stuck in traffic when driving around Nashville. Luckily, Nashville has one of the top-rated public transit systems in the United States.

Public Transport

Getting around Nashville without owning a vehicle is both straightforward and affordable. WeGo Public Transit is the leading service provider around the city. This transit system covers most of the Nashville metro area.

A standard, one-way fare is only $2, while children under four can ride for free. Seniors and students also benefit from lower fares. For adults over 65 and students younger than 19, a single one-way ticket is only $1. 

If you want to save even more when using public transport, we suggest that you look at buying either an all-day pass for $4 or a monthly, 31-day pass for $65.

Nashville has plenty of other inexpensive commuting options available to its residents. Some of the favorite, less expensive options are biking or using the free MTA bus service. This bus service only runs two circuits, but it helps with getting around the city and it doesn’t cost you a cent.

Entertainment

No review on the cost of living in Nashville would ever be complete without discussing the legendary entertainment scene in this city. Most likely, it’s this entertainment that makes increasing numbers of people want to relocate.

There’s a lot to do in Nashville. Most residents and visitors here enjoy the music, culture, and arts. There are also plenty of sporting events, shopping, and a thriving nightlife to keep everyone entertained.

You’ll find the Country Music Hall of Fame in Nashville’s downtown area. It’s a must for all fans of the genre. Tickets here start from $25, and there are even regular promotions that can help drop the price even lower.

There are also some great fine art establishments to visit in Nashville. You can take the entire family out to The Parthenon, The Johnny Cash Museum & Cafe, or visit the Adventure Science Center. 

If you’re looking for budget-friendly entertainment alternatives, Nashville has a lot to offer. Residents frequently enjoy outings to one of the many dog-friendly parks, such as Centennial Park and the Percy Warner Park. 

Both are great spots for picnics and playing a game of catch. You could also stroll around and try to discover several of the historical monuments scattered throughout the parks.

If you prefer the indoors, you’ll be happy to know that Nashville is also a shopping paradise. With five mega malls and hundreds of shops, it’ll be easy to blow your budget if not careful. 

Salaries in Nashville

Nashville has one of the strongest labor forces in the United States. In fact, Nashville’s labor force is growing at 3.2% annually, making it the second-highest in the nation.

The average income here for a single resident is about $27,800 per year. On the other hand, the median income per household is a little less than double, standing at $46,700. This average income is slightly lower than the national average.

Today, the top industries are healthcare management, automobile production, finance, and higher education. 

Nashville also has thriving insurance, music production, printing and publishing, technology, manufacturing, and tourism industries perfect for job seekers.

You’ll also find that it’s easier to bring a paycheque home in the state of Tennessee. There’s no income tax in the state, so your hard-earned money stays yours.

However, keep in mind that there’s a 6% tax on any bond dividends and interest earned. 

Our final piece of advice for making your cost of living in Nashville affordable is to follow the 30% rule. Your rent, or mortgage, and utilities should never exceed 30% of our income. If you can do this, you can enjoy a comfortable lifestyle in Nashville.

Key Takeaways

Nashville, TN, is calling. This exciting city is home to legendary music, eclectic food, and a thriving, creative community. The cost of living in Nashville is less than the national average, and with no income tax, there’s even more reason to move to Nashville. 

Nashville is a great place to call home. However, there’s a lot to do before you move here. One of your first steps would be to get in touch with a reliable, professional moving company. 

A reliable residential and commercial mover in Tennessee can quickly help you out to get everything sorted in no time at all. Nashville is calling, and are you answering that call?