The Economics

"When we retired to Middle Tennessee, we were able to save many thousands of dollars per year in taxes and insurance, and put the difference of our home prices in the bank."

From Kiplingers 50 Smart Places to Live

Kiplingers Magazine June 2006:

#1 Nashville, Tennessee

Our top pick offers affordable homes, a mild climate and a phenomenal entertainment scene that goes far beyond country.

June 2006

What we loved: Hillsboro Village, for the acoustic guitars at Cotten Music, kitchenware at Davis Cookware and the triple chocolate mousse at Provence Breads & Café.

Although "Music City" may have worked fine in the days of Hank Sr., our top pick among great, affordable places to live needs a new moniker. We suggest "Nashville: Music Is Just the Beginning."

Southern hospitality. Gently rolling hills with big, affordable homes. A mild climate. With such an appetizing mix, it's easy to see why Nashville keeps attracting people from across the nation.

10 Great Low-Tax Places to Retire

U.S. News and World Report listed Nashville, Tennessee as one of the 10 Great Low-Tax Places to Retire.

In an article by Emily Brandon posted November 25, 2008 they said:

Full-time work is often taxing. Retirement shouldn't be. Picking a retirement location with low taxes gives you more cash to spend exploring the surrounding scenic beauty, taking in the local nightlife, or hoarding your hard-earned dough for future expenses. Kicking less money up to Uncle Sam also helps retirees on fixed incomes better cope with food, gas, and utility costs.

Home Prices & Property Taxes

Northeast Vs.

The difference in home prices between Middle Tennessee and many areas of the northeast offers a unique opportunity to those in a position to take advantage of this prospect.

Median home prices in Middle Tennessee are generally one half that of median prices in many areas of the northeast, such as Long Island, New York and the difference in property taxes can be even more extreme.

Middle Tennessee

For many in a position to relocate, the difference in the sale of their present home and what they will pay for a comparable home in Middle Tennessee can amount to a tax free payout of hundreds of thousands of dollars.

Add to that the thousands saved each year on property taxes which can be as little as one fifth, or less, than what they are presently paying, and one can easily see the value of the move.

Unemployment

Electric Rates

Residential electric rates for Cumberland Electric are about half per kilowatt hour as those paid by residential customers of the Long Island Power Authority.

Automobile Costs

My auto insurance in Hendersonville, Tennessee is half of what it was in Nassau County, New York, for the same coverage with the same company.

According to prices shown on MSN Autos, gasoline prices in Middle Tennessee are about thirty cents less per gallon than those in Long Island, New York.

Cost of Living

Nashville offers a wide range of housing choices in the downtown area, just a short walk from art galleries and music meccas.

According to the Nashville Area Chamber of Commerce:

A low cost of living is not always characteristic of larger cities with an excellent quality of life. Nashville's low cost of living is one of the many reasons people and companies relocate to Nashville every year. The charts below compare the Nashville cost of living and home or rental prices to peer cities.

Source: ACCRA Cost of Living Index, Second Quarter 2008 (U.S. Average=100)

City

100% Composite Index

12.49% Grocery Items

29.84% Housing

9.94% Utilities

10.73% Transportation

4.07% Health Care

St. Louis

90.2

98.8

76.8

92.9

102.3

97.7

Dallas

90.7

100.2

68.6

106.3

104.8

103.9

Nashville

91.8

100.9

74.6

91.0

95.1

88.9

Charlotte

93.7

102.1

80.1

92.3

98.2

109.1

Columbus

93.7

96.9

89.3

101.0

96.2

103.2

Austin

95.5

93.4

84.4

87.8

96.5

96.9

Cleveland

95.7

103.8

86.7

107.1

98.0

102.7

Atlanta

96.1

98.8

91.7

85.7

100.4

100.5

Phoenix

99.8

100.6

98.5

91.6

99.0

100.6

Detroit

100.7

92.5

102.8

112.4

100.4

97.2

Denver

103.5

103.9

110.3

89.4

99.1

107.0

Raleigh

104.8

104.5

102.3

98.0

97.8

109.5

Philadelphia

123.5

124.3

142.9

119.5

102.5

108.8

San Diego

135.0

111.6

207.8

90.3

110.6

113.0

Los Angeles

148.1

112.3

249.6

89.7

113.5

107.6

New York

220.3

145.2

408.5

177.3

115.8

133.3

Source: ACCRA Cost of Living Index, Second Quarter 2008

City

Average Residential Home Price

Average Apartment Rental Rates

Dallas

$208,499

$724

Nashville

$218,657

$753

St. Louis

$223,392

$790

Austin

$241,515

$982

Cleveland

$251,058

$933

Charlotte

$253,248

$635

Orlando

$263,558

$839

Columbus

$274,900

$769

Atlanta

$293,527

$759

Phoenix

$306,317

$809

Detroit

$318,900

$856

Raleigh

$323,657

$760

Denver

$345,770

$835

Chicago

$359,649

$1,431

Philadelphia

$422,778

$1,392

Boston

$453,000

$1,500

San Diego

$640,659

$1,686

Los Angeles

$779,733

$1,887

New York

$1,234,540

$3,500

Night out for two for fewer than one hundred dollars.

Click this link to see how a night out for two with dinner, wine and concert can be had for under $100.

Total evening cost:

Restaurant - $37.85

Concert Tickets - $35.00

Intermission Bar $16.00

Parking – Free

Gas for 46 mile round trip - $3.50

Total for evening for two - $92.35

No traffic, no aggravation – priceless.