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Retirement Dreams on a Dime? These 10 Tennessee Towns Might Just Be Your Golden Ticket!
For many of us, the idea of a relaxed retirement free from financial stress sounds like a dream. Conventional wisdom often points to finding an affordable haven, especially if you’re looking to stretch those Social Security checks (which, on average, hover around $1,869.20 for individuals). But what if you could combine affordability with a vibrant community, engaging amenities, and all the services you need?
We’ve been doing some digging, and with its no-state-income-tax policy and generally mild climate, Tennessee has popped up on our radar as a prime contender for a budget-friendly, yet delightful, retirement. We’ve compiled a list of ten fantastic Volunteer State towns that offer a fantastic quality of life without breaking the bank.
Let’s dive in and see where your golden years could take you!
1. Clarksville
- Average Rent: $1,450
- Average Home Price: $318,119
Just an hour’s drive northwest of Nashville, Clarksville is a charming college town situated along the Cumberland River. Home to Austin Peay State University, seniors aged 65 and over can even snag discounted courses! With a cost of living that’s 11% below the national average, it offers a lively atmosphere without the hefty price tag.
2. Cleveland
- Average Rent: $1,300
- Average Home Price: $305,181
Nestled just north of the Georgia border, Cleveland boasts a cost of living 14% below the national average. This town is a popular spot for retirees, with about 18% of its population over 65. Enjoy a picturesque downtown, local wineries, and easy access to the breathtaking Cherokee National Forest.
3. Crossville
- Average Rent: $1,600
- Average Home Price: $300,680
Known as the “Golf Capital of Tennessee,” Crossville offers nine golf courses within a 20-mile radius – perfect for those looking to hit the links! Healthcare is readily available, and the cost of living is 10% below the national average. With a cozy population of just over 12,000, it’s a peaceful retreat for retirement.
4. Dyersburg
- Average Rent: $750
- Average Home Price: $159,016
This small city on the Forked Deer River is a true gem for affordability. With housing and healthcare costs well below average, Dyersburg’s cost of living is a remarkable 29% below the national average. It exudes a laid-back vibe, showcases beautiful Victorian architecture, and is a mere 80 miles from the vibrant city of Memphis.
5. Johnson City
- Average Rent: $1,350
- Average Home Price: $286,732
Nestled in the Appalachian Highlands, this city of about 73,000 is anchored by East Tennessee State University. Outdoor enthusiasts will feel right at home with an abundance of activities, while the charming downtown, brimming with independent businesses, offers a delightful mix of small-town feel and bustling energy. Low utility, healthcare, and transportation costs contribute to a cost of living 16% below the national average.
6. Kingsport
- Average Rent: $1,218
- Average Home Price: $250,890
Close to the Virginia state line, Kingsport is a city of around 56,000 residents, with nearly a quarter of its population aged 65 or older. The active senior center offers a wealth of classes and programs, and the area’s ample outdoor recreation makes it a popular retirement destination. Kingsport is particularly affordable, with a cost of living 17% below the national average, thanks to notably low housing and transportation costs.
7. La Follette
- Average Rent: $900
- Average Home Price: $223,461
For those seeking a true small-town experience, La Follette, with its population of only 7,200, is a perfect fit. Enjoy the nearby beauty of Lake Norris for outdoor adventures, and when you crave big-city amenities, Knoxville is just 40 miles away. With the lowest average rent on our list, its cost of living is nearly 21% below the national average, making it incredibly budget-friendly.
8. Memphis
- Average Rent: $1,250
- Average Home Price: $143,363
The largest city on our list, with nearly 620,000 residents, Memphis truly has it all! From the legendary Beale Street and Graceland to live music venues and world-famous BBQ, your retirement here will be anything but dull.
High-quality healthcare and abundant services for older adults are readily available. Despite its size, Memphis remains affordable, boasting a cost of living 14% below the national average.
9. Paris
- Average Rent: $900
- Average Home Price: $204,649
Yes, this city of approximately 10,000 proudly features a 70-foot Eiffel Tower! Beyond this quirky landmark, Paris offers a great culinary scene, a dedication to the arts, and a welcoming community, including a significant senior population. Like Memphis, Paris is incredibly affordable across the board, with a cost of living a whopping 26% below the national average.
10. Union City
- Average Rent: $1,278
- Average Home Price: $160,725
Just south of the Kentucky border and east of Missouri, Union City has a population of about 11,000. Over 16% of its residents are older adults, ensuring abundant services and a supportive community.
The downtown area provides ample shopping, dining, and recreation. Housing, utilities, and healthcare are especially affordable here, contributing to a cost of living that’s an impressive 29% below the national average.
The Bottom Line: Your Tennessee Retirement Awaits!
A truly stress-free retirement isn’t just about financial stability; it’s also about finding a community that resonates with you, adequate services, attractive amenities, and plenty of fun activities. Each of these Tennessee cities delivers on all fronts.
Beyond the local charm, Tennessee’s central location makes it a fantastic hub for road trip enthusiasts. Many exciting tourist destinations are just a car ride away, guaranteeing you’ll never run out of affordable adventures in your retirement years.
Money Tips for Everyone: Boost Your Wealth Today!
No matter your financial situation, there’s always room to improve your finances and grow your wealth. Here’s a quick guide to get you started:
- Increase Your Income: If bills are tight, explore side hustles that fit your schedule or other legitimate ways to boost your bank account.
- Grow What You Have: Time and compound interest are your best friends for wealth growth.
Understand your current financial standing to create a solid plan. Consider working with a financial professional to help secure your retirement.
- Seize Opportunities: Maximize your senior benefits by taking advantage of all available deals, discounts, and money-saving opportunities. For example, regularly checking for the best car insurance rates could save you hundreds!
Conversely, be mindful of common money-wasting traps that can silently deplete your savings.