Nashville is a great place to live. The culture, the food, the music – it’s just unsurpassed. There are plenty of reasons someone would want to move there. But the flood of people coming to Nashville is the very reason to consider moving just outside of the city into areas like Lawrenceburg, Tennessee.
The Cost of Living in Nashville
There’s a ton to see and do in Nashville, but you’re going to pay plenty for the privilege of being in the middle of the action. Move.org, for example, ranked the cost of living in major cities last summer. Nashville was in the top 20 most expensive cities to live in, along with Sacramento, Philly, Denver and Austin. With an estimated monthly cost of living of $2,192.76 (this includes rent for a 1-bedroom apartment, utilities, internet, gasoline, and groceries), it’s a pricey place to spend your time as a renter.
That doesn’t get better if you’re going to buy a house, though. Nashville’s average home prices have increased by a little over 11 percent since last year, according to RedFin.com, and there’s no problem moving real estate at these prices. Houses on average go under contract in about 43 days, at prices that averaged $328k last month.
Along with paying for that house the first time, you’ll be continuing to pay taxes throughout your ownership. Within Davidson County, which Nashville is the seat of, your median property tax will be $3,148.80, based on a value of $328,000. That’s an average of 0.96 percent of your property’s fair market value spent on taxes each and every year!
Nashville, But Affordable
Nashville is expensive by anyone’s reckoning, but that doesn’t mean you should move to the other side of the country. Instead, look at the counties surrounding the city. For example, Not only are houses considerably cheaper in Lawrence County, Tennessee, coming in at about $150k according to RedFin, the tax rate in that county is much lower. At 0.71%, the taxes you’d pay on your $150,000 house only amount to about $1,065 each year.
Lawrence County, in fact, has one of the lowest median property tax rates in the country, which makes it a pretty attractive place to settle down. You save more money by not only having to spend less on housing, but by spending less on taxes and other related living expenses.
But what makes Lawrence County so attractive? The easy drive to Nashville, Columbia, Franklin, Murfreesboro, for one thing. You can enjoy the quiet and affordability of rural living without missing out on any of the action in the city!
Is It Time to Sell My Nashville Home?
Despite the current climate, it’s an excellent time to sell. People who are looking for bigger homes or to settle down in Nashville are paying more than ever for the privilege. You’ll walk away with more equity than in years past, allowing you to buy even more house or have a much lower payment in rural areas like Lawrenceburg. Nashville homes are going fast, so you won’t even have to wait that long to move on to your new life in the country.
With all the excitement of the city within easy reach and all the peace of the country surrounding you, there’s absolutely no better time to make the move to Lawrenceburg. You can telecommute from your own back porch or have a short, pleasant commute to your job in Nashville.
Now is the time to make a move! Call me at 931-321-8226 and let’s talk about how I can get you into a new home.