With a nickname like Music City, it’s no wonder why people flock to Nashville. But this city has so much more to offer its residents, including amazing eateries, beautiful scenery and friendly neighbors.
Nashville is one of the most beautiful cities in the country. It’s no wonder people flock to move here! One resident interviewed said that the vibe is cool, the weather is great and the economy is almost recession-proof. It’s estimated that approximately 82 people move to this city every day.
Other cities with these features — particularly the strong job market — tend to see higher costs of living. For instance, Silicon Valley is the tech capital of the world. But even people working in that industry and earning six figures per year are struggling to make ends meet due to the high housing costs.
This isn’t the case for many of the residents in this Tennessee town. The cost of living in Nashville is lower than the national average by 3.1 percent (up 0.9 percent in the last year).
Does Nashville sound like your dream city? If so, you’ll need to find out whether the cost of living here meshes with your budget. In addition to determining the average rent in Nashville, you’ll also need to delve into the following cost categories to see if making the move to Music City is right for you.
Housing costs in Nashville
Overall, the cost of housing in Nashville is 5 percent less than the U.S. average. This is great news since rental fees are the largest monthly expense in most people’s budgets.
The average rent in Nashville is $2,614, which is 24.7 percent higher than the previous year. However, if you’re intent on living in Nashville but the $2,614 price seems a bit out of budget, there’s good news! You can find cheaper rental costs in neighborhoods within and surrounding Nashville.
Remember: the $2,614 price is an average made up of much higher and lower rental rates. In Downtown Nashville and Midtown, for example, you’ll pay around $3,367 each month. On the other hand, in neighborhoods like West Nashville and Whitebridge, you can pay as low as $899 per month for a two-bedroom apartment.
Rental prices depend on multiple factors including:
Average rent prices in cities near Nashville
Of course, you don’t have to live in the center of Nashville to enjoy the lifestyle. There are several cities nearby (some within a 30–40-minute drive) that are just as lovely, have great rental properties and boast the same amenities. And many of them have lower average rental fees. Here are just a few.
Home prices in Nashville
Purchasing your own home is another option that can potentially bring down your monthly housing costs in Nashville.
According to Redfin, the average monthly mortgage payment is $1,334. The median home price is $388,000, which is nearly 16 percent higher than 2020. The housing market is somewhat competitive but not hot. Homes in popular neighborhoods are hotter-than-average and typically sell for 6 percent higher than the asking price. The average home in Nashville generally sells for 2 percent more than the homeowner’s asking price.
Food costs in Nashville
Another perk of living in Nashville: food costs are 3.4 percent cheaper than the national average. This can significantly lower the cost of living in Nashville over the year and make it easier to pay the average rent in Nashville or surrounding areas.
Grocery costs vary. If you’re in a rush and don’t have time to cook, a frozen dinner costs around $2.30. Add in a Coke for another $1.99 and you have a quick meal for $4.29. Nationally, the same meal averages $4.48.
If you have time to cook and want to make a steak dinner and salad, you’ll pay $13.15 for the steak, $3.08 for potatoes and $1.45 for lettuce to make a salad, for a total of $17.68. Nationally, you’ll pay $17.02 for the same meal.
Another reason to move to Nashville is the amazing restaurants — it’s pretty much a foodie’s dream. You’ll find Parisian-inspired cafés, restaurants devoted to hot wings, Tex-Mex and more. If you’re in the mood for international cuisine, Nashville offers Vietnamese, Turkish, Ethiopian, Lebanese, Indian and Caribbean just to name a few.
How much you spend eating out depends on the type of restaurant you visit. A burger and fries can range from a few bucks to $24 if you choose to indulge in a gourmet burger at a fine dining establishment.
Utility costs in Nashville
On average, utilities in Nashville are 10.4 percent less than other cities in the U.S. That’s a huge bonus when it comes to the cost of living in Nashville. Utility prices can radically change the cost of living and the average rent in Nashville, so the fact that prices are lower in this area is a definite perk.
Electricity costs average $93.54 per month. Add in other energy fees and you might pay as much as $138.62 per month in Nashville. The U.S. average ranges from $95.88 per month for electricity alone to $161.20 when you factor in other energy fees.
Other utilities that factor into the cost of living in Nashville are:
- Internet: Can range from $20 to $70 per month depending on your provider
- Cellphone: Costs range from $6 to $300 per month depending on your provider and plan specifications (minutes, data, etc.)
- Landline: Landline fees range from $12 to over $50
- Cable: Depending on your provider, costs can range from $25 per month to $65 per month
Transportation costs in Nashville
National transportation costs average 3.5 percent higher than those in Nashville. This cost is important to factor into the cost of living in Nashville because it can play an important role in where you decide to move.
Some neighborhoods are absolutely lovely and have all the amenities you want. But the average rent in these Nashville neighborhoods is typically higher. If you have to pay transportation costs, like vehicle maintenance, fuel and parking fees, your costs can rise significantly. Upon learning how much it will cost to travel between home and work — as well as to run errands — you may decide to move to a neighborhood that’s closer to work or has fewer non-essential amenities.
Currently, gas prices in Nashville are $2.63 per gallon. The national average is $2.76, though in some parts of the country the prices are exponentially more, like in Sacramento, CA, which has the highest gas prices in the country (an average of $4.49 per gallon).
Car maintenance fees, like tire balancing and rotating, cost an average of $52.96 in Nashville and $52.40 nationally. Parking in a lot or garage in Nashville averages about $5 per hour.
Public Transportation, Walkability and Biking in Nashville
The Metropolitan Transit Authority (MTA) is Nashville’s bus system, which has over 50 routes throughout the city. The cost of a one-way fare is $2. An all-day pass is $4. They also provide multi-day passes that allow for unlimited rides. Prices range from $20 for a 7-day pass to $65 for a 31-day pass.
Biking and walkability scores in Nashville are well below average (41 and 37, respectively). It’s a car-dependent city, though there are some well-defined bike lanes. The best Nashville neighborhoods for walking and biking are Downtown Nashville, East End and Historic Edgefield.
Healthcare costs in Nashville
It’s difficult to provide an accurate estimate of healthcare costs in a particular city simply because healthcare is such a unique experience. The needs vary from one person to the next. Some people must factor in multiple doctors visits per year into the total cost of living in Nashville because they’re responsible for their healthcare costs, as well as those of other family members or dependents. Others are fortunate enough to have great genes and rarely get sick or never get so much as a headache. In these cases, healthcare costs are significantly less.
On average, healthcare costs in Nashville are 5.3 percent cheaper than nationally. A trip to a Nashville doctor costs around $105, while in other cities the cost is approximately $112.81. A dental check-up in Nashville can cost $99.45, while the national average is $99.44.
Medication costs vary as well with over-the-counter medications (like ibuprofen) averaging about 6.6 percent cheaper and prescription costs averaging 2.6 percent lower costs.
Goods and services costs in Nashville
Goods and services are so-called non-essentials, though we often invest in them with such regularity that they feel essential. In this category, you’ll find services like going to the barber or salon or going out to the movies and getting a beer with friends.
Other services include dry cleaning, which averages $15.19 in Nashville and $13.39 nationally. If you want to get a burger and beer with friends, you’ll pay approximately $14.61 per person in Nashville. The national average for this type of evening comes to $14.38.
What if your pet needs to see the vet? Nashville vets average $49.67 for a check-up, while around the country the price is around $52.45.
Overall, goods and services in Nashville are 0.5 percent higher than the national average.
Taxes in Nashville
Nashville has an above-average sales tax rate. Many cities/states don’t charge sales tax. Others average around 8.25 percent. The highest sales tax rate in the country is in Tacoma, WA (10.3 percent). Sales tax in Nashville is 9.25 percent.
The residential property tax rate in Nashville is 0.820 percent. If you purchase a home for $388,000, you can anticipate your cost of living in Nashville will increase by $3,182 per year due to property taxes.
How much do you need to earn to live in Nashville?
According to the U.S. Census Bureau, the average annual income in Nashville is $59,828. If you make that much and only want to spend 30 percent of your income on rent (as many experts recommend), you’d need to find an apartment for rent in Nashville that costs approximately $1,495.70. This is $1,118.30 less than the average rent in Nashville.
If you make more than the average income, you may well afford the higher cost of living in Nashville. However, if you earn the average income or below, you might want to consider living in a suburb of Nashville, a more affordable neighborhood within the city or in another Tennessee city altogether.
To see if Nashville is right for you (as far as your rental budget goes), make sure to check out our free rental calculator.
Understanding the cost of living in Nashville
The thriving music industry isn’t the only thing that makes people want to move to Nashville. The low unemployment rate and healthy job market make it a safe bet for those looking to settle down in a new city. You’ll also find that it’s one of the more affordable large cities in the country, compared to cities with similar population rates like Denver and Portland.
If Nashville seems like an ideal place to settle down, make sure to check our website to find apartments for rent in Nashville. With our specialized filter, you’ll find a beautiful apartment or rental that fits your budget.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of two-bedroom apartments as of August 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Source: rent.com