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10 Tennessee Towns Perfect for Retirement on a Budget
Retirement should be a time of relaxation and enjoyment, not financial stress. For many, Social Security benefits provide the foundation of retirement income, and stretching those dollars is a top priority.
Tennessee, with its lack of state income tax and pleasant climate, offers numerous affordable and appealing locations for retirees. Here are ten cities that combine affordability with desirable amenities and a welcoming atmosphere:
1. Clarksville:
- Average Rent: $1,091
- Average Home Price: $304,551
Located an hour northwest of Nashville, Clarksville offers a vibrant college town atmosphere thanks to Austin Peay State University, which also provides discounted courses for seniors. With a cost of living 10% below the national average, Clarksville offers both affordability and cultural opportunities.
2. Cleveland:
- Average Rent: $1,023
- Average Home Price: $294,126
Cleveland, situated near the Georgia border, boasts a cost of living 17% below the national average. With a significant senior population (18%), a charming downtown area, and access to the Cherokee National Forest, Cleveland provides a welcoming community and ample recreational opportunities.
3. Crossville:
- Average Rent: $773
- Average Home Price: $292,242
Known as the “Golf Capital of Tennessee,” Crossville offers nine golf courses within a 20-mile radius. This town of over 12,000 also provides access to quality healthcare and beautiful hiking trails. The cost of living is 11% below the national average, making it an attractive option for budget-conscious retirees.
4. Dyersburg:
- Average Rent: $559
- Average Home Price: $152,594
Dyersburg, with a population of nearly 16,000, offers exceptionally affordable housing and healthcare. Located on the Forked Deer River, this town provides a tranquil setting while remaining within easy reach of Memphis.
5. Johnson City:
- Average Rent: $990
- Average Home Price: $279,301
Nestled in the Appalachian Highlands, Johnson City combines a small-town feel with the vibrancy of a university town. Outdoor enthusiasts will appreciate the access to hiking and other recreational activities. The cost of living is 4% below the national average.
6. Kingsport:
- Average Rent: $986
- Average Home Price: $241,090
Kingsport is a popular retirement destination, with nearly a quarter of its 56,000 residents aged 65 or older. The city offers a robust senior center, plentiful outdoor recreation, and a cost of living 17% below the national average.
7. La Follette:
- Average Rent: $307
- Average Home Price: $213,103
For those seeking a smaller community, La Follette, with a population of 7,200, offers a tranquil mountain setting and proximity to popular Lake Norris. With the lowest average rent on this list and a cost of living nearly 10% below the national average, La Follette is an exceptionally budget-friendly option.
8. Memphis:
- Average Rent: $1,035
- Average Home Price: $144,131
Memphis, the largest city on this list, offers a wealth of cultural attractions, from Beale Street to Graceland. Despite its size, Memphis maintains a 10% lower cost of living than the national average, along with abundant healthcare and senior services.
9. Paris:
- Average Rent: $451
- Average Home Price: $187,843
This charming town of 10,000 boasts its own Eiffel Tower (a miniature version, of course), a thriving arts scene, and a welcoming community. With a cost of living 10.8% below the national average, Paris offers both charm and affordability.
10. Union City:
- Average Rent: $649
- Average Home Price: $140,241
Located near the Kentucky and Missouri borders, Union City offers a strong sense of community and abundant services for its senior population. The cost of living is 13% below the national average.
Making the Most of Your Retirement Budget:
Retirement planning involves more than just choosing an affordable location. Consider these additional tips to optimize your finances:
- Prioritize debt reduction: Explore options like balance transfer credit cards or debt counseling.
- Explore supplemental income opportunities: Consider part-time work or other income streams.
- Reduce expenses: Shop around for insurance, travel deals, and other cost-saving measures.
By choosing a budget-friendly location like one of these Tennessee towns and implementing smart financial strategies, you can enjoy a fulfilling and financially secure retirement.