According to The Tennessean, the price of a home in Tennessee has doubled since early 2020. As of November 2023, the median price of a home in the state stood at $365,400, up 3.2% since the previous year, as noted by Redfin Corporation (NASDAQ:RDFN). Despite the new year anticipated to open with slowing mortgage rates and a slowing economy, home prices across the state are expected to rise.
"During the third quarter of 2023, home prices across various Metropolitan Statistical Areas in Tennessee displayed a consistent upward trend. Most of these MSAs exceeded the national annual growth average of 4.7%”.
According to moveBuddha’s proprietary data, despite the rise in prices, the Volunteer State is one of the most popular states of 2023. According to their report, the state ranks 7th in terms of inbound moves, with the In-to-Out ratio standing at 1.62. The ratio implies 162 inbound moves for every 100 moves out of the state. Their report further notes that the state has been witnessing new inbound moves over the year. For every 100,000 residents, there were 30 move-in searches. A large proportion of these inbound moves have been centered around the Nashville area.
Tennessee, particularly Nashville, appeals to people owing to its beautiful scenery, world-class dining options, and its booming tourism industry. The housing market is quite accessible, and the cost of living is below the national average as well. According to the Missouri Economic Research & Information Center, the cost of living in the state is 9.6% lower than the national average.
Besides its affordable cost of living and friendly taxes, some other advantages of retiring to Tennessee include a culturally rich lifestyle, scenic landscapes such as the Smoky Mountains, and well-regarded medical facilities. Another plus point for retirees choosing this state for their golden years is Tennessee’s growing retirement-aged population. According to the Tennessee State Data Center, this decade marks the highest growth of the 25-to-54 age population. Since July 2020, the state has witnessed about 48,000 people being added to the state. At the same time, the state's over-65 age population saw an estimated increase of 60,000 people. The data also reveals that over-65 people in the state grew by an estimated 58% over the 2010-2020 decade.
As evidenced by the figures, Tennessee has increasingly become a desirable state for retirement. While the population is getting older in the state, migration has also been driving the increase in senior population in the state. The University of Tennessee's State Data Center attributes the state's appeal as a retirement destination to factors such as affordability and the absence of individual income tax collection.
To conclude, the Tennessee Commission on Aging and Disability asserts that the percentage of residents aged 65 and older will continue to soar in the coming years. The commission further estimates that this age group is predicted to represent 25% of the state's total population by the year 2030. Consequently, the burgeoning senior population is likely to put pressure on senior housing, amenities, care, and related resources. Regardless, the state has plenty of cities and towns where living is affordable for seniors, even on social security. On that note, let’s check them out.
15 Best Places in Tennessee for a Couple to Live on Only Social Security
f11photo/Shutterstock.com
Methodology
To compile the list of best places in Tennessee for a couple to live on only social security, we have used several sources such as Nasdaq, Movoto, Travel & Leisure, and Empower. We also explored several forums such as Reddit and Quora to assess which places in Tennessee are the best for older couples to live on social security. Next, we selected the places that have a cost of living index that is 95 or below (5% or lower than the national average). We scored them on their cost of living index, median home price, and median monthly rent. Scores were summed and places were ranked in ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places in Tennessee for a couple to live on only social security:
15. Paris
Insider Monkey Score: 7
Cost of Living Index: 74
Median Home Price: $289,900
Median Monthly Rent: $795
For seniors who love living lakeside, Paris is home to one of the largest man-made lakes in the world. The small town is revered for its active adult lifestyle, mild climate, and ample opportunities for fishing, boating, and camping. The median price of a home in Paris is well below the national average, while the cost of living is 26% lower.
14. Germantown
Insider Monkey Score: 8
Cost of Living Index: 85.8
Median Home Price: $523,000
Median Monthly Rent: $2,750
Situated in Shelby County, Germantown is one of the best places in Tennessee for a couple to live on only social security. Seniors appreciate it for its comfortable temperatures, small-town charm, and equestrian roots. Overall, the city exhibits a family-friendly vibe and seniors enjoy activities and events year-round. It is brimming with tree-lined streets, parks, and green spaces as well, contributing to its scenic beauty and helping seniors lead an active lifestyle. More than 20% of the population is over 65 years of age, implying that seniors constitute a significant demographic presence in the community.
13. Maryville
Insider Monkey Score: 9
Cost of Living Index: 92.4
Median Home Price: $360,000
Median Monthly Rent: $1,850
Huddled in the foothills of the Great Smoky Mountains, Maryville stands out as an ideal retirement destination owing to its scenic beauty, affordable cost of living, and recreational opportunities. Seniors appreciate it for its affordable yet high quality of life, strong sense of community, friendly residents, and peaceful environment. The city is overflowing with natural beauty and there are plenty of outdoor spaces to enjoy and engage in activities. The highlight of this town, however, is the Great Smoky Mountains National Park, boasting 815 square miles of nature and wildlife, 850 miles of hiking trails, and fly fishing lakes as well.
12. Collierville
Insider Monkey Score: 11
Cost of Living Index: 85.8
Median Home Price: $509,000
Median Monthly Rent: $2,200
Another city making it to our list of best places in Tennessee for a Couple to Live on Only Social Security is Collierville. Offering a unique blend of charm and convenience, the town boasts a small-town ambiance while offering proximity to urban amenities. The vibrant yet historic downtown is filled with local shops and restaurants to explore. The healthcare system is quite robust, ensuring easy access to medical services. Moreover, the town's low crime rates and friendly neighborhoods contribute to a safe environment for retirees.
11. Oak Ridge
Insider Monkey Score: 16
Cost of Living Index: 86
Median Home Price: $345,000
Median Monthly Rent: $1,525
Located in Anderson County, Oak Ridge appeals to retirees because of its peaceful environment, senior-friendly amenities, and outdoor spaces. The city is huddled amidst beautiful landscapes that offer a scenic backdrop and provide opportunities to enjoy the outdoor life. The city also boasts a strong sense of community, reputable healthcare facilities, and a good quality of life. All sorts of amenities are easily available in this city, making it a nice place to call home.
10. Knoxville
Insider Monkey Score: 17
Cost of Living Index: 91.8
Median Home Price: $305,000
Median Monthly Rent: $1,940
Multiple sources have claimed Knoxville as one of the best places to retire in Tennessee. Its location against the backdrop of the Smoky Mountains provides its residents with stunning scenery and numerous outdoor activities. The affordable cost of living is attractive for retirees, and the state’s tax-friendly policies further enhance its financial benefits. The city also boasts a rich cultural scene which includes museums, theaters, and festivals. The friendly community, diverse dining options, and natural beauty contribute to a pleasant lifestyle here. There are six major hospitals in the city, providing retirees with ample access to healthcare.
9. Clarksville
Insider Monkey Score: 19
Cost of Living Index: 89.1
Median Home Price: $330,000
Median Monthly Rent: $1,350
The vibrant city of Clarksville is located in north Tennessee on the Cumberland River. The town is popular amongst retirees for its scenic outdoors, mild climate, and Southern charm. Historic attractions, local restaurants, and rich arts and culture make it a place worth retiring to. The cost of living is 10.1% lower than the national average. The numerous parks, recreational areas, and vibrant downtown scenes allow seniors to keep themselves engaged and have a good retirement.
8. Cookeville
Insider Monkey Score: 19
Cost of Living Index: 87.1
Median Home Price: $363,000
Median Monthly Rent: $1,250
Cookeville, the largest city of Putnam County, is home to rich culture and art, historic downtown districts, and stunning outdoor spaces. The town's close-knit community fosters a friendly atmosphere for seniors, making it easy for them to integrate into the community. Cookeville's cultural events and festivals further provide ample opportunities for social engagement to its residents. There is ample access to healthcare, and overall, it is a nice place for seniors to call home.
7. Chattanooga
Insider Monkey Score: 20
Cost of Living Index: 89.7
Median Home Price: $308,000
Median Monthly Rent: $1,500
Lying along the Tennessee River, the vibrant city of Chattanooga is embraced by majestic mountains and numerous outdoor recreational activities. Its thriving downtown is enlivened by cultural attractions, diverse dining options, and a thriving arts scene. Seniors have a chance to lead an active lifestyle here, spending time hiking and biking on the city's many trails. The cost of living is well below the national average, making it one of the best places for a couple to live on only social security.
6. Cleveland
Insider Monkey Score: 26
Cost of Living Index: 84.9
Median Home Price: $329,500
Median Monthly Rent: $1,450
Offering a unique blend of Southern charm, affordable living, and a friendly community, Cleveland is another nice place for a couple to retire in Tennessee on social security. Snuggled in the scenic foothills of the Appalachian Mountains, the city offers seniors a beautiful backdrop, a friendly atmosphere, and lots of community events to keep them occupied. Healthcare and other amenities are easily accessible here, and seniors enjoy their time in the city.
