One of the most important aspects of retirement is considering how much savings you are going to need to cover your costs. The city you choose to live in is a major determinant in what your expenses will be. Luckily, the cost of living in Nashville is less than the national average. In fact, utilities, groceries, transportation, health care, and other miscellaneous expenses are all less expensive here.
However, how does Nashville compare to the rest of the United States when it comes to the biggest expenses? We will explore the answer to this question below.
Many of us prefer to stay in our own home for as long as possible, while others like to move into senior living communities that have an assisted living option. If you do decide to go this route, you can expect to pay an average of $41,148 per year for assisted living. This price includes housing, weekly housekeeping, meals, and some utilities.
If you want to have your own home, the median value for homes in Nashville is $188,400 per the latest numbers published on Sperling’s Best Places. House prices are appreciating at a high rate, so you can expect the value of your investment to increase. Based on research by real estate and financial websites, like Movoto and Niche, Nashville has many suburbs that rank highly on lists of the best places to retire in Tennessee. Brentwood, Nolensville, Kingston Springs, Mount Joliet, Thompson’s Station, and Pleasant View all ranked high based on housing costs, crime rates, and quality of life.
If renting is more appealing to you, the average cost for a one-bedroom apartment in Nashville is $1,204 per month. A two-bedroom apartment will run you $1,495.
The Medicare spending in Davidson County, where Nashville is located, is below the national average. In Davidson County, the per capita Medicare costs are $9,218. In the rest of the country, the average is $9,501.
You need to budget for coinsurance, deductibles, and other out-of-pocket health care expenses as you get ready to retire. This is especially important if your preferred medical providers do not accept the fee-for-service rates of Medicare. If there is a difference between the allowed amount and the Medicare reimbursement rate, you will have to pay for it.
The cost of transportation, including gas, insurance, and other items, is lower than the US average in Nashville. Car owners spend an average of $1,228 per year for insurance in Nashville with prices ranging from $939 to $1,723 depending on which part of the city you live.
If you prefer to ride public transportation, MTA offers discounted fares for seniors aged 65 years and older. In fact, you can get a 31-day pass for $44.
There are plenty of things to do in Nashville without spending a cent. The Tennessee Agriculture Museum is free of cost and boasts an extensive collection of home and farm artifacts. The Tennessee State Capitol is another site to behold. You might also consider taking a stroll through Capitol Mall State Park.
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