By: Davina Ward, Apartment list, Nov. 2012 - Nashville, Tennessee, is known as a music mecca,
especially for
fans of honky-tonk country music. Not only has the city been the
birthplace of many country music legends, but it's also got a lively culture of
its own.
This might sound like a dream for many prospective renters looking for
a new city to call home. However, you should consider a few things before
packing your bags and booking the next flight to Nashville. The cost of living
in Nashville is generally more affordable than that of similar metropolitan
areas. However, just because it's considered more affordable doesn't mean that
all prospective renters will be able to afford to live there.
To determine
whether Nashville's cost of living fits into your budget, you'll need to have an
in-depth understanding of what those costs look like in Nashville. Here's
everything you need to know about the cost of living in Nashville, Tennessee,
and how you can get the most bang for your buck in Songwriter's City.
- Nashville
Housing Costs
- Nashville Transportation Costs
- Nashville Food Costs
- Nashville
Healthcare Costs
- Nashville Utility Costs
- Fitness and Entertainment Costs
- Other
Expenses to Consider in Nashville
- Recommended Salary in Nashville
Nashville
Housing Costs
Now might be a good time to dive into Nashville's rental market,
especially if you’re looking for a low-cost luxury apartment. Rent prices are
experiencing a downturn. They’ll likely take some time to rebound. In short,
making your move now could save you hundreds, if not thousands, on your rent.
This is saying a lot, as Nashville is already among some of the more affordable
cities in the US, similar to Dallas and Denver. Compared to the median rent
prices in other large cities, like San Francisco, a renter can save over $1,000
a month. Nashville boasts a low median rent cost. A one-bedroom apartment will
set you back $1,055. The average rent cost for a two-bedroom apartment is
$1,217. Typically, the cost of a Nashville studio apartment will be less
expensive.
Nashville Transportation Costs
Transportation in Nashville can be a
bit of a challenge. That’s especially the case if you're considering an
apartment that lies outside of Downtown Nashville. The streets are overtaken by
the huge number of residents that own a personal vehicle. So, wherever it is
that you plan on going, don't expect to get there quickly. The traffic-ridden
streets will certainly slow you down.
Public transportation in Nashville is
handled by the Nashville Metropolitan Transit Authority (NMTA). They offer
busing services to residents and private paratransit services for passengers
with disabilities. A one-way ticket costs $2 for an adult passenger. Nashville
has no other public transit service beyond its bus lines. A referendum to add a
railway and expand busing services was voted on in 2018. However, residents
quickly shot it down. This is partially due to the lack of effective traffic
decongestion that the plan would have provided, especially because it would’ve
lacked service to the sprawling suburbs on the city's outskirts. Additionally,
it would have significantly increased taxes for residents. Since there are no
railway plans for the future, and bus service is limited, it might be ideal to
own a vehicle, bike, or choose walking as your preferred mode of transportation
from your Nashville apartment.
Nashville Food Costs
Nashville is known as a
foodie paradise with Southern cuisine mixing with ethnic influences in the Music
City. The average single Nashville resident spends just $291.13 a month on
groceries and dining out. If you intend to enjoy a meal in the city, expect to
pay around $15 for a single person at an inexpensive restaurant, according to
data collected by Numbeo. If you're a person who eats out for lunch during the
weekdays, that can mean your lunch budget alone will swell to $300 a month. In
short, your personal preferences and level of frugality will determine just how
large (or small) your food budget is in Nashville.
Unfortunately, food prices
are going up all over the country. If you want to get the most out of your food
budget, clipping coupons, shopping at a co-op, and buying pantry items in bulk
can often help you save big.
Nashville Healthcare Costs
Overall, the average
annual health insurance premium for employer-based single coverage has increased
by 3%. It now sits at $6,896 for a single coverage policy. On average, employees
pay 18% of the premium cost for a single policy. This translates to $103 a month
for employer-based coverage. Policies that extended coverage to families were
higher, with employees paying $294 a month for their insurance premium. That
said, healthcare costs will vary widely depending on your personal
circumstances. It's essential to research all your health insurance options
before making a final decision. This’ll allow you to choose the most
cost-effective and beneficial policy. Nashville local government put together an
awesome resource covering free and low-cost healthcare options for residents to
consider. You'll find a similar list of free and low-cost healthcare options put
together by the Housing and Urban Development Department. It might be helpful to
keep an eye on politics when shopping the health insurance market. Currently,
the Supreme Court is deciding a case that could completely overhaul the current
system. Depending on the ruling, you could expect to see a major change in
costs.
Nashville Utility Costs
Utility costs can vary greatly from apartment to
apartment. Beyond accounting for the various things that influence the cost of
utilities, there's no real guarantee that you'll pay the number you come up with
on your budget. In short, it's a budget category that you should overestimate
until you get your first bills after a full month of use. That said, Numbeo
offers some average costs that you can use as the foundation of your budget.
Basic utilities for a 915 sq. ft. apartment unit will cost you just under $169 a
month. This includes electricity, water, garbage collection, heating, and
cooling. Keep in mind, this number only fits in this specific circumstance. In
some cases, your landlord may include your utility costs in the rent itself. In
this case, you'll have a single bill to worry about on a monthly basis. However,
this setup can also mean that you'll see an inflated rent price. So, if you're
looking for an affordable Nashville apartment, tread carefully.
Fitness and
Entertainment Costs
You've moved to a great new city, so why not enjoy
everything it has to offer? Regardless of your personal entertainment
preferences, there's something to do for everyone in Nashville. Here's what you
need to know about common entertainment costs.
Concerts
According to SeatGeek,
the average cost of a concert ticket in Nashville is $135. Whether you decide to
pay less for the nosebleed seats or more for the front row is up to you. There
are a plethora of venues in the Music City famed for the country music tunes and
legends that have emerged from the city. Ryman Auditorium is one of the largest
and oldest venues that many artists fight to book. For larger shows, expect to
jam at Nissan Stadium.
Fitness
Truthfully, the cost of fitness is pretty much
free if you don't mind sharing the monkey, er, pull-up bars with children at the
park. However, if you're looking for something that’ll help you avoid playground
arguments, you can sign up for a membership at one of Nashville's many fitness
centers and gyms. The average cost of a gym membership for a single adult is
around $45 a month, or $540 a year. Keep in mind, many gyms have implemented
application and first-time membership fees that may cause your costs to rise. If
you don't mind the investment, many gyms are also offering completely virtual
memberships that’ll enable you to follow along to various fitness classes from
your home.
Outdoor Recreation
This type of recreation is always free, minus the
cost of equipment. Luckily, Nashville is loaded with tons of outdoor recreation
options that you can enjoy throughout the year. Percy Warner Park, which is just
two massive parks separated by a street, is one of Nashville's most popular
parks. The parks span 3,100 acres. They make up the second-largest park in the
state. You'll find trails for running, walking, and biking. There are two full
golf courses, a dog park, and sports fields. Not to mention, access to several
hiking trails. Though this is only one park, there are tons more in the city.
So, you can enjoy a full day of fun without paying a cent.
Other Expenses to
Consider in Nashville
Though we've run through the most common costs to consider
when moving to Nashville, there are a few more that merit mention.
Phone,
Internet, Cable: These are costs that you'll carry with you even after a move.
While many are pulling the plug on cable and opting for streaming platforms like
Netflix instead, your phone and internet are necessities in this day and age.
Vehicle Ownership: As stated earlier, Nashville doesn't have a robust public
transportation system. So, you'll likely be responsible for the costs of owning
a personal vehicle, including gas, maintenance, and insurance.
Childcare Costs:
Childcare can often be one of the biggest expenses for families with young
children. In Nashville, this cost sits at around $1,122 a month for a single
child with full-day care.
Increased Development: This is not a cost per se, but
it's something that you should keep an eye on. Nashville is enjoying mass
expansion. While the pandemic has certainly slowed that down, it's likely to
start back up again. This typically correlates to higher living costs for every
resident.
Generally, your expenses are tied to your lifestyle more than anything
else. While the costs of these budget categories may change, it's unlikely that
you'll add a new one simply due to a move. So, perform an audit of your current
expenses to gain an accurate idea of what you should include in your budget for
a new city. That way, you'll have a solid foundation to build on if you do pick
up new expenses after the move.
Recommended Salary in Nashville
The Bureau of
Labor Statistics puts the average Nashville resident's annual wage at $49,890 or
$23.98 an hour. However, that's not necessarily the wage you should aim for when
moving to this city. As housing costs often make up the largest portion of an
individual’s expenses, it's ideal to base your budget on this metric to ensure
that you have enough to cover your housing cost. The best rule to follow is that
rent should only be 30% of your monthly income. The median cost of rent for a
one-bedroom apartment in Nashville is $1,055. This translates to a recommended
monthly income of at least $3,517 or around $42,300 a year.
Final Thoughts
Making a move to any city can be challenging. However, the biggest challenge is
determining whether you can afford to move to the city of your dreams. That's
why it's essential to create an accurate budget that accounts for all expenses.
Not only will this put you in a better financial position, but it enables you to
plan ahead to meet your financial goals well before making the move. Once you've
got the budget in place, the next big task is finding the right apartment.
Luckily, Apartment List is here to help! Just get started with our quiz to find
your dream Nashville apartment.
AUTHOR Davina Ward is a
contributing author at Apartment List and freelance writer specializing in real
estate and digital marketing. She received her B.A. in English from SUNY Geneseo.
Rod's Comment: I find it interesting how others view our city and how they report on Nashville. The above underlining is mine. While everyone cannot afford to live comfortably in Nashville, we do not have a housing crisis. The average Nashvillian can rent an apartment and it consumes less than 30% of his income. When compared to other similar size cities with even less to offer, Nashville is still a bargain.
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