The cost of living in Nashville, TN is on the rise, as the appeal of Music City is apparent through rapid population growth of nearly 100 people moving to Nashville daily, according to the US Census. The influx of new residents is a large part of why Nashville currently ranks as number 53 amid the 75 most populous cities in America concerning monthly living costs.
The average Nashville resident spends about $2192.76 per month on necessities, including:
- Household needs
These expenses have now surpassed comparable cities such as Atlanta, Baltimore, Dallas and Orlando. Here's a breakdown of what the typical income is in the community as well as where the money goes when one calls Nashville home.
Average Income in Nashville, TN
A booming job market heavily leans towards health care, entrepreneurial energy and tech industries. Numerous start-ups find a place here, meaning that opportunities for employment are above the national average. Experts expect the economy to remain strong in the city because of the booming growth amid these sectors.
Currently, salaries in the county average $51,000 per year, and there is a predicted growth rate of 1.7% in the coming year, according to the Department of Numbers. The average salary is a comfortable $51,000 per year, though the median household income is just below that when taken across all Nashville residents. With a predicted growth rate of 1.7%, you can expect that number to keep rising.
Cost of Housing in Nashville
As Davidson County and Nashville in particular become more popular, the cost of housing seems to rise as well. Many homes on the real estate market in Nashville are on the edge of the center of the city, while the downtown area is dominated by town homes, duplexes and apartments for rent.
Those looking to buy a home can prepare for median housing prices nearing $340,000 this year, as listings are averaging $222 per square foot. Rentals are going for a higher rate of $1790 per month for a large one- or modest two-bedroom unit, with those downtown or on Music Row going for much more.
Average Food Cost in Nashville
The cost of eating out in Nashville's most popular tourist restaurants and fine dining establishments is a bit more expensive than average. Even an inexpensive place can start with plates costing $15 and up, while a multiple course meal can easily run $60 per person. Those who prefer eating at home can expect to spend around $350 for groceries monthly for a family of three to four people.
Cost of Utilities
Utilities will vary depending on the size of the space residents are heating and cooling and the expenditure of electricity throughout the home. The summers can get rather hot in Nashville, and the winters can get pretty chilly, so there are many weeks during the year that the HVAC system won't be running and cranking up the bill.
On average, electric bills tend to top out around $250 for a two-bedroom home but can escalate in larger homes or amid extreme temperatures. Be prepared to pay a premium for internet services, which can cost upwards of $70. Those who want a full cable TV, phone and internet package will pay just over $200 monthly for the services.
Transportation Costs in Nashville
Public transportation in Nashville is somewhat limited, as there is only a bus system currently available, but a light rail system is in the works. Monthly bus passes average around $60 per month or $2 per ride. That being said, most individuals rely on personal vehicles for traveling about and commuting to work to the tune of around $150 in fuel expenses. This doesn't include auto maintenance, registration, insurance and related fees associated with private transportation.
Average Healthcare Costs in Nashville
Due to the high presence of medical facilities in Nashville, the cost of healthcare in the community is relatively low compared to national averages. In fact, most residents pay about 25% less for doctors and dentists visits, and prescriptions are typically lower in cost than in nearby states.
Child Care Costs in Nashville
Some employers and universities in the city offer free or low cost day care, but most residents ultimately end up paying an average $5500 per year for child care. Those seeking an educational-style facility can expect to pay double that amount for a pre-kindergarten type of environment.
The cost of living in Nashville, TN isn't the lowest in the nation, but resident satisfaction is high.