Do You Make Enough to Live Comfortably in Nashville?

posted by Jonathan - 

Much has been made about Nashville's soaring cost-of-living, and a new report shows just how unaffordable Music City has really become. According to an article in the Tennessean, the average cost of living "comfortably" in Nashville has skyrocketed 15% in just a year, and now sits at $80,458 per year.

On the other hand, salaries in Nashville have not kept up with the cost of living.  The mean income for a Nashville resident sits at just $49,891, well below the national average of $55,300.  

The $31,000 gap between mean income and cost of living comfortably is one of the largest in the country - greater than New Orleans, Portland, Raleigh, Minneapolis, and Washington D.C. Philadelphia and San Francisco are two of the only cities with a larger discrepancy.

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To define "living comfortably", GoBankingRates.com uses a 50-30-20 model in which 50% of your income goes to necessities, 30% to "wants", and 20% to savings.

For the record, only one of the 50 largest metro areas (Virginia Beach) has a median income higher than the average cost of living comfortably.

So, based on that data, could you live "comfortably" in Nashville?

Jonathan

Jonathan

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