How much do you need to live comfortably in Nashville?
Nashville, known as the “Music City,” has been experiencing significant growth in recent years, attracting people from all over the world. With its vibrant music scene, low cost of living compared to other major cities, and numerous job opportunities, it’s no wonder that many are curious about how much it costs to live comfortably in this charming Southern city. In this article, we will explore the various factors that contribute to the cost of living in Nashville and provide a general estimate of the amount needed to live comfortably.
Cost of Housing
One of the most significant expenses in any city is housing. Nashville offers a range of housing options, from cozy apartments to spacious homes, catering to different budgets. According to Zillow, the median home price in Nashville is around $335,000, which is relatively affordable compared to other major cities. However, renting in Nashville can be more expensive, with the average rent for a one-bedroom apartment being approximately $1,100 per month.
If you’re looking to buy a home, you’ll need to factor in the down payment, which is typically around 20% of the home’s purchase price. This means you’ll need to save at least $67,000 for a $335,000 home. If renting, you’ll need to budget for at least $13,200 per year, or $1,100 per month, to cover rent expenses.
Utilities and Groceries
Another significant expense is utilities and groceries. The cost of utilities in Nashville is relatively low compared to other cities, with the average monthly utility bill ranging from $100 to $150. Groceries, on the other hand, can vary widely depending on your lifestyle and preferences. The average cost of groceries for a single person in Nashville is around $300 to $400 per month.
Transportation
Transportation costs in Nashville can vary depending on whether you choose to drive or use public transportation. If you drive, you’ll need to budget for car payments, insurance, maintenance, and fuel. The average cost of car ownership in Nashville is around $8,000 per year. Alternatively, you can save money by using public transportation, which costs approximately $100 per month.
Healthcare and Entertainment
Healthcare costs can be a significant expense, especially if you don’t have insurance. The average cost of healthcare in Nashville is around $5,000 per year for a single person without insurance. However, if you have insurance, your out-of-pocket expenses will be significantly lower.
Entertainment is another area where you can spend as much or as little as you want. From attending live music shows to exploring the city’s many parks and museums, Nashville offers a wide range of activities. The average person spends around $300 to $500 per month on entertainment.
Conclusion
In conclusion, to live comfortably in Nashville, you’ll need to budget for approximately $1,100 per month for rent, $300 to $400 for groceries, $100 to $150 for utilities, $100 per month for public transportation, $5,000 per year for healthcare, and $300 to $500 per month for entertainment. This totals to about $20,800 to $27,800 per year, or $1,733 to $2,300 per month. Keep in mind that these are just general estimates, and your actual expenses may vary depending on your lifestyle and preferences.
