Yahoo Finance 10 Best Places in Tennessee for a Couple To Live on Only a Social Security Check
If you’re a couple looking to retire in Tennessee on just your Social Security checks, GOBankingRates has compiled a list of your best options. We’ve done this by analyzing data from AreaVibes, Sperling’s Best Places, Zillow, the U.S. Census, the Bureau of Labor Statistics, and the Social Security Administration (SSA).
The result is a list of Tennessee cities that offer the best available livability on a Social Security-only budget (about $3,580 a month for a couple, according to the SSA). As for whether you should retire in Tennessee, much like all the other states, there are pros and cons.
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The Volunteer State offers a relatively low cost of living, a retiree-friendly tax structure, some energetic cities and a gorgeous outdoors. On the down side, Tennessee’s crime rate — driven up by high levels of crime in some of its big cities — is the fourth-highest in the country. Weather can also be an issue, with hot and humid summers and susceptibility to natural disasters like tornadoes in some areas. Read on for our countdown of the 10 best cities for retired Tennesseans living on Social Security only.
10. Cleveland
Average rent: $1,396.35
Average total monthly cost of living: $3,049.30
Livability score: 66
Yes, there is a Cleveland in Tennessee, too. According to the U.S. Census, the town has ticked up in population every single decade since the 1870s and now has about 47,000 residents. You’ll find it in southeast Tennessee, about 30 miles northeast of Chattanooga and 15 miles north of the Georgia state line. Cleveland’s livability score is the second lowest in our top 10, but attractions include nearby Red Clay State Park and the Cherokee National Forest.
9. Knoxville
Average rent: $1,542.83
Average total monthly cost of living: $3,218.43
Livability score: 72
Knoxville touts itself as a “nature-loving-adventure-seeking-artsy-kinda-town.” Home to the University of Tennessee, Knoxville itself has about 190,000 residents and is part of a metro area with about 880,000. Its average rent and total cost of living are the highest in our list. A retired couple can expect to spend about $389 a month on groceries here.
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8. Maryville
Average rent: $1,345.64
Average total monthly cost of living: $3,018.37
Livability score: 70
Maryville is about 20 miles south of Knoxville, in eastern Tennessee at the foot of the Smoky Mountains. Home to about 32,000 residents, it offers eight parks and some nice mountain views. Like all of the cities on our list, Maryville is a relatively inexpensive place to live, with a total cost of living for retired couples coming in just over $3,000 a month on average.
7. Dyersburg
Average rent: $1,262.78
Average total monthly cost of living: $2,860.47
Livability score: 63
You’ll find Dyersburg about 80 miles northeast of Memphis along the Forked Deer River. It’s livability score from AreaVibes is the lowest in our top 10, but Dyersburg has branded itself as “The Gateway to Everywhere.” Retirees on limited budgets may appreciate its overall average monthly cost of living, which is well south of $3,000. With about 16,000 residents, Dyersburg is the smallest city in our top 10.
6. Memphis
Average rent: $1,477.44
Average total monthly cost of living: $3,187.83
Livability score: 69
Home to world-famous blues music and barbecue, Beale Street, Graceland the National Civil Rights Museum and much more, Memphis has no shortage of things to do and see. Home to about 634,000 residents, it’s also a relatively affordable place to live for a major U.S. city. A retired couple can expect to pay about $370 a month for groceries and $339 for utilities here. Crime is unfortunately a major issue, with rates of violent crimes and property crimes well above national averages.
5. Mount Juliet
Average rent: $784.52
Average total monthly cost of living: $2,619.33
Livability score: 71
This Nashville suburb has swelled from a population of about 5,400 in 1990 to roughly 40,000 today. Mount Juliet is one of only two cities in our list with sub-$800 monthly average rent. However, its combined average monthly cost for groceries, healthcare, utilities and transportation is a list-high $1,835. Famous past residents include Charlie Daniels and Loretta Lynn.
4. Nashville
Average rent: $1,417.21
Average total monthly cost of living: $3,214.84
Livability score: 78
Nashville’s average monthly rent and total cost of living are similar to those of Memphis. Based on AreaVibes scores though, Nashville is the more livable of the two. Nicknamed “Music City,” Nashville is a globally famous center of entertainment, particularly country music. Tennessee’s capital also offers professional sports, major universities such as Vanderbilt, museums, theme parks, fine dining and much more. On the downside, crime rates have historically been well above the national average. Nashville’s population is about 683,000, with only about 12 percent age 65 and older.
3. Clarksville
Average rent: $1,400.10
Average total monthly cost of living: $3,110.14
Livability score: 81
Clarksville’s livability score of 81 tops all of the other cities in our list. Home to Austin Peay State University, Clarksville is one of Tennessee’s largest cities with about 167,000 residents. It’s located on the border with Kentucky, about 50 miles northwest of Nashville. Attractions include the Clarksville Greenway, two year-round golf courses and the Roxy Theatre.
2. Johnson City
Average rent: $1,192.61
Average total monthly cost of living: $2,811.85
Livability score: 75
Johnson City’s attractions include outdoor fun at Winged Deer and Buffalo Mountain parks, East Tennessee State University, and historical sites such as Sycamore Shoals State Park. It’s located in the eastern tip of the state, about 100 miles northeast of Knoxville. About 70,000 people call Johnson City home.
1. Kingsport
Average rent: $748.22
Average total monthly cost of living: $2,400.59
Livability score: 68
Kingsport is a popular spot for older folks, with nearly 25 percent of its 55,000 residents age 65 or older. It boasts the lowest average monthly rent (just $748) and total cost of living in our top 10. And while it received a livability score of just 68 from AreaVibes, Kingsport has multiple parks, a planetarium, an aquatic center, a senior center and lots of access to the great outdoors. You can find Kingsport near the Virginia border, about 25 miles northwest of Johnson City.
Methodology: To find the best places in Tennessee for a couple to live on only Social Security checks, GOBankingRates analyzed the cities in Tennessee across a variety of factors including total population and population aged 65 and over (both sourced from U.S. Census American Consumer Survey), cost-of-living indexes for groceries, healthcare, utilities and transportation (all sourced from Sperling’s Best Places), monthly rental cost as sourced from the Zillow Observed Rental Index, national average expenditure cost as sourced from Bureau of Labor Statistics Consumer Expenditure Survey, livability scores as sourced from AreaVibes, and average monthly Social Security benefits as sourced from the Social Security Administration. The cost-of-living indexes for each city were multiplied by the national average expenditure cost to find the average expenditure costs for each city. The expenditure costs for each city were added to the average rental cost to find the total monthly cost needed to live in each city. The average Social Security benefits were doubled to find the average needed for a couple, and all cities above the average monthly Social Security benefits were removed. The total population was scored and weighted at 0.75, percent of population 65 and over was scored and weighted at 0.75, livability index was scored and weighted at 1.50, the rental cost was scored and weighted at 1, the expenditure cost was scored and weighted at 1, and the total monthly cost was scored and weighted at 1.25. All of the scores were added together and sorted to show the best places in Tennessee for a couple to live on only Social Security checks. All data was collected and is up to date as of November 7, 2023.
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This article originally appeared on GOBankingRates.com: 10 Best Places in Tennessee for a Couple To Live on Only a Social Security Check
