Retiree migration to affordable environments has been a rite of passage for decades. Many things are factored into the decision to relocate including weather, housing costs, taxes, and the availability and quality of healthcare. Just seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. The enduring popularity of Florida, Nevada and Texas, can be attributed to Sunbelt weather, while the colder climes — not so much. New Hampshire and Tennessee are also “tax-friendly” states, taxing only dividend and interest income. Between these two naturally beautiful states Tennessee tends to garner more attention, attracting retirees and “splitters” (aka “snow birds”) because of its temperate climate. In some cases, those that have retired to Florida are moving to Tennessee because of Florida’s increasing cost of living. They are called “half-backs” because they don’t go all the way back home to the Northeast or Midwest, but just halfway.
Nashville, TN was recently cited as one of the top ten “tax-friendly” places to retire by U.S. News & World Report. It is the largest metropolitan city in the state of Tennessee and its economy is largely propelled by the healthcare industry. There are over 250 healthcare businesses in the greater Nashville area and Vanderbilt University and Medical Center alone employs nearly 19,000 people. Nashville’s cost of living is below the national average and compares well to other retiree magnets such as Atlanta, Austin, Raleigh and Dallas. Tax burden comparisons place Nashville well below comparable cities such as Birmingham, Kansas City, Charlotte, Louisville, and Atlanta, and Nashville-area real estate has remained both stable and affordable. The median price in the greater Nashville market area was in the $160,000 range for most of last year, approximately 7.5% lower than the national average.
One Nashville-area private community that has long been a retiree haven is Fairvue Plantation. Located in Gallatin, just north and east of downtown Nashville, the 1,000-acre community boasts 9 miles of lakefront and two spectacular golf courses. The 18,000-acre Old Hickory Lake is a year-round venue for boating, fishing and watersports, as well as a preserve for a variety of waterfowl. The 175-year-old historic Fairvue Mansion is the centerpiece of the community and century-old buildings have been restored and renovated to provide deluxe lodging accommodations. Foxland at Fairvue Plantation is the most recent neighborhood to be developed at Fairvue and features golf and lake view homesites and condominium apartments with views of Old Hickory Lake.
