Tennessee Best Places to Retire - A Guide
Tennessee is a state in America's Southeast that attracts many active adults over 55 for its low cost of living and easy lifestyle; therefore, there are many best places to retire in Tennessee, from livable cities like Nashville to lake towns like Paris. The Great Smoky and Cumberland Mountains and many rivers including the Mississippi offer exceptional scenery and recreation opportunities. This site will acquaint you with some basic facts about what it's like to retire in Tennessee (population just under 6.5 million in 2012).
Countryside near Crossville TN
The Tennessee climate is characterized as humid subtropical, influenced by the Gulf of Mexico. Summers are hot and humid while winters tend to be mild, except at higher altitudes.
Per Capita Income and Home Prices
In Tennessee the 2011 inflation-adjusted per capita income was $24,197. Real estate and the general cost of living is well below average compared to the total U.S. The Census Bureau reports that the statewide average home price was $159,000 in early 2012. The first quarter of 2013 median home price in Knoxville was $132,800, for example, well below the national average of $176,600. The median selling price in the same period for Chattanooga was $119,900 (Source: NAR). Tourism and agriculture (cotton and beef) are important in Tennessee, along with textiles. Cost of living is estimated to be 10% below U.S. average.
Tax Burden: Total tax burden is one of the lowest in the country (44th).
Marginal Income Tax Rates. Tennessee has no income tax, although interest and dividends are taxed at 6%. Persons over 65 whose total income is less than $16,2000 (single) or $27,000 (married) are exempt from that tax.
Sales Tax: Sales tax is 7%, and some localities also have a sales tax.
Property Taxes: TN has a property tax relief program that the elderly, disabled and veterans can take advantage of. Property taxes are set at 25% of assessed value.
Estate and/or Inheritance Taxes. There is an inheritance
Link to the Tennessee Department of Revenue.
Best retirement communities
Tennessee has several large cities like Memphis and Nashville, along with many small towns. Several cities and towns in Tennessee are popular as retirement communities, particularly lake towns like Paris or the golf capital of Tennessee of Crossville. Nashville is the country music capital of the world. Maryville is a small town near Knoxville that has two great colleges in it. Johnson City and Franklin are interesting towns in the northeastern and central parts of the state. Active adult communities are being built in and around towns throughout the state and there are many to choose from. Find more helpful information on more than 30 different state retirement guides.