Popular retirement destinations like Florida, New Jersey, and Arizona have attracted the baby boomer crowd for many years due to their favorable climate, low cost of living, attractions, and tax breaks. But a new contender is quickly coming into the picture and retirees are taking notice.
Nashville, TN is now squarely in the spotlight and is on its way to becoming the next retirement mecca. Forbes ranked Nashville as one of the “Next Big Boom Towns” in the U.S. because of its growing economy and job market, making it one of the hottest American cities with plenty of potential for its residents as well as retirees. According to regional planners, one million people are expected to move into the Nashville area over the next two decades, most of whom will be retirees.
So why are retirees flocking to Nashville? Besides its vibrant country music scene and cultural attractions, boomers are moving to the city to be close to their family and grandkids. The city also offers a great quality of life, lower cost of living, tax benefits, recreational activities, and a four-season climate.
Cost of Living & Tax Benefits
With the cost of living below the national average by 9.7%, retirees can stretch their budgets a lot more in the Nashville area. Another major draw for baby boomers is that Tennessee carries the third-lowest tax burden in the country. The state is noted for having no income tax and the state’s sale tax is 7%. Most retirees also qualify for property tax relief and the state no longer imposes an estate tax.
In addition to these tax breaks, retirees enjoy easy access to affordable medical care in the Nashville area. According to the Employee Benefit Research Institute, boomers living in Tennessee pay below the national average for healthcare. Top-notch healthcare facilities are located in downtown Nashville like Vanderbilt University Medical Center, The Vanderbilt Clinic, and St. Thomas Hospital, which offer some of the best cardiac care centers in the nation.
Local Attractions & Entertainment
And if that’s not convincing enough, Nashville offers some of the best entertainment in the country. The Grand Ole Opry, the Country Music Hall of Fame, Nashville Ballet, and Nashville Symphony at Schermerhorn are just a few of the options located in “Music City, USA” which mean boomers never have to travel too far for their next date night, concert, or fun outing.
Communities
The Nashville area has plenty of active adult communities that promote a healthy and social lifestyle with amenities like swimming pools, fitness centers, walking trails, and weekly social events and clubs. Lake Providence in Mt. Juliet, which is just 17 miles from downtown Nashville, is one example of a successful 55+ community in the area that attracted the baby boomer crowd.
Developed by Del Webb between 2006 and 2016, this age-restricted community features more than 1,000 homes centered around a large clubhouse overlooking a 15-acre lake. With more than 80 clubs and an on-site lifestyle director, residents have no problem staying active, healthy, and social in this vibrant atmosphere.
Following its success from Lake Providence and a strong demand from retirees for this type of development, Del Webb’s newest active adult community opening in 2017, Southern Springs in Spring Hill, TN, will host 602 single-family homes spread across 309 acres. Del Webb will offer a clubhouse brimming with resort-style amenities like an indoor lap pool, fitness center, aerobics room, dog park, tennis and pickleball courts, and an outdoor pool.
Builders are developing these rich active adult communities that cater to retirees where they can age in place by offering single-level home designs, wide doorways, lever handles instead of door knobs, and large windows that bring in plenty of natural light.
With so many great items getting checked off the retirement list, developers and builders are catching on and moving in on this housing market to keep up with the demand for age-restricted communities for people aged 55+. Retirees are also catching on and realizing all that Nashville has to offer. The low taxes and affordable cost of living combined with great attractions and entertainment are like music to their ears.
