NASHVILLE, Tenn. (WZTV) — A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year.
How much do you need to make 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.
Is Nashville expensive to live in?
The annual price of living comfortably in Music City soared to $80,548 this year, according to a new analysis by personal finance management website GoBankingRates.com. Nashville, the priciest city in the state, is home to Tennessee’s most expensive real estate values.
What is a good salary in Nashville TN?
Average Salary in Nashville, TN
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $87,462 | $7,288 |
| 75th Percentile | $71,913 | $5,992 |
| Average | $58,808 | $4,900 |
| 25th Percentile | $48,104 | $4,008 |
How much does a single person need to make to live comfortably in Nashville TN?
The recommended salary in Nashville is $4,323 per month or $51,876 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment in Nashville which sits at $1,297.
Why is Nashville rent so high?
The growing job market and low unemployment rate helped make Nashville one of the top markets for rent growth last year, with a similar growth in rents expected this year as well. Nashville is the capital of Tennessee and the most populated city in the state.
What is a good hourly wage in Tennessee?
Hourly Rate Salary in Tennessee
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $58,754 | $28 |
| 75th Percentile | $45,593 | $22 |
| Average | $37,551 | $18 |
| 25th Percentile | $27,262 | $13 |
Is Nashville an affordable place to live?
The cost of living in Nashville is 3% lower than the national average. Housing prices are 9% lower than the national average and utility costs are 10% lower. Nashville has a low median monthly rent cost but the city is getting more expensive to live in as the years go by.
Is Nashville still affordable?
Nashville ranks 9th most ‘affordable’ metro in population growth.
Why is Tennessee so cheap?
This is mostly due to the majority of the state being in rural areas and the lack of a state income tax. While cities such as Nashville have high housing costs, this is balanced by below average costs of transportation, healthcare and child care.
What is middle class income 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 do rich live in Nashville?
Belle Meade – With homes ranging all the way up to $18 million, this is one of the most expensive areas in the entire city. You will find many homes on large lots with at least 5,000 square feet in this neighborhood. Green Hills – Many homes in this neighborhoods range from $1 to $3 million.
What to know before moving to Nashville TN?
13 Things to Know Before Moving to Nashville
- It’s Called Music City for a Reason. If you like live music, you’ll love Nashville.
- It’s Tough to Be a Vegetarian.
- There’s More to the Arts Scene than Music.
- There’s a Parthenon.
- It’s a Tech Hub.
- Whiskey is Serious Business.
- So is Beer.
- There’s History All Around You.
Who is the largest employer in Nashville?
Here are the top 10 employers in the Nashville metro area, ranked by number of employees.
- Metro Nashville-Davidson Co.
- U.S. Government: 12,891.
- HCA Holdings Inc.: 10,180.
- Nissan North America Inc.: 10,100.
- Saint Thomas Health: 7,100.
- Community Health Systems Inc.: 5,000.
- Randstad: 4,361.
- Asurion: 4,000.
How much are utilities per month in Nashville?
Numbeo.com data from 2019 shows what the average monthly utility bills for a 915 square-foot apartment cost in Tennessee’s largest cities. In Nashville, residents can expect to pay $159.32, while $145.29. For comparison, the national average is $151.96.
Will housing prices drop in Nashville?
A housing shortage will remain in 2022, keeping home prices high. It is expected that the Nashville real estate market will continue in favor of sellers because of the demand-supply imbalance.
Is Nashville booming?
According to the 2020 Census, Davidson County’s population increased nearly 15% in the last 10 years, equating to one new resident every hour. Populations in the Nashville metro area also saw some growth — including 35% in Williamson County and 30% in Rutherford County.
Is rent expensive in Nashville?
The average highest rent is just over $2300 in downtown Nashville. And the lowest rent average is about $1,079 in the Bordeaux-Whites Creek area. The data also showed that rent had increased almost 13.92% from the first quarter of 2021. And the average rent price is $1530.
How much money do you need to live comfortably in Tennessee?
–A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year. The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America’s 50 largest cities.
What is considered low income in Tennessee?
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.
How much money does a single person need to live comfortably?
It helps to use what’s called the 50-30-20 rule. In general, you’ll want your monthly necessities (housing, transportation, etc) to be around 50% of your monthly net income. This means it should be under $2,000 based on a $60,000 income. That is where the 50 in the 50-20-30 rule comes from.
