As you make the preparations for retirement, there are plenty of things you need to get ready for. For instance, it is important to find out what the cost of living is in your city of choice. Thankfully, for a city of its stature, Nashville is quite affordable.
The cost of living in Nashville is just 3.3 percent higher than the nationwide average according to Forbes. But, how does Music City compare to the rest of the country when it comes to the expenses most common to seniors?
The housing prices and rent costs in Nashville are soaring, and there is no end in sight as the city exhibits some of the strongest job growth in the nation and people continue to stream into town. According to Forbes’s July 2015 numbers, the median home price in Nashville is $172,100. And, as of June 2016, rent for a one-bedroom unit in Nashville is $1,204 per month on average. Two-bedroom apartments are renting for $1,495.
Though the cost of living is above average in Nashville, the cost of food is not. As a matter of fact, Nashvillians spend an average of 3.7 percent less for groceries than the rest of the United States. When it comes to common household items, this translates to average prices of $3.10 per gallon of milk, $2.85 for a dozen eggs, and $3.72 for a pound of skinless, boneless chicken breasts as of July of 2016.
Transportation is even more affordable than food in Nashville. Residents spend five percent less than the national average on transportation. And, this number is even lower for retired people who do not have a workday commute. As of July of 2016, the gas prices in Nashville range from $1.44 per gallon to $2.39. Auto insurance rates in Nashville are above the national average, but they are not outrageous. The average rate in Nashville is $1,228 per year, which compares to $1,099 nationally. You can typically find even better rates if you are a safe driver, have the right type of vehicle, and live in a safe area.
For the most part, senior care is less expensive in Nashville. The only exception is assisted living. On average, a private room in an assisted living facility costs $51,000 in Nashville. Nationally, the median price is $43,539 per year. Home health care in Nashville is about $2,500 cheaper per year than the rest of the US. Semi-private and private rooms in nursing homes cost $71,905 and $78,475 respectively in Nashville. These figures are $82,125 and $92,378 nationally. The cost of adult day health care is slightly less than the nationwide median.
You are sure to get the most out of your fixed income when you comparison shop for housing in Nashville based on prices, walkability, and accessibility to affordable transportation.
Find assisted living in Nashville near you.