Money Research Collective’s editorial team solely created this content. Opinions are their own, but compensation and in-depth research determine where and how companies may appear. Many featured companies advertise with us. How we make money.
Best Places to Live in Tennessee
By Noel Colon MONEY RESEARCH COLLECTIVE
Are you thinking about moving to Tennessee?
Whether you’re looking for a bustling city or a small town with a tight-knit community, Tennessee offers plenty of options. From the vibrant nightlife of Nashville to the charming historic district of Franklin, there’s something for everyone. In this article, we’ll take a look at the top five places to live in Tennessee in 2023.
Tennessee is known for its rich musical heritage, breathtaking natural beauty, and southern hospitality. The state is home to diverse cities and towns that offer an excellent quality of life, affordable living and a booming economy.
Tennessee’s population has steadily increased over the past decade, with the current population estimated at around 7 million. The median household income in the state is $58,516, and the median home price is $291,334. The unemployment rate in Tennessee is 3.5%, slightly above the national average.
Now, let’s take a closer look at the 5 best places to live in Tennessee in 2023.
Nashville
Nashville, also known as “Music City,” is the state’s capital and largest city. With over 700,000 people, Nashville is a vibrant city that offers an excellent quality of life, a booming economy and a rich arts and entertainment scene. The city is known for its iconic music venues, such as the Grand Ole Opry and the Ryman Auditorium, as well as its excellent restaurants, museums and nightlife.
Nashville has become a popular destination for young professionals and entrepreneurs in recent years, partly thanks to its thriving start-up scene and business-friendly environment. The city is home to several major corporations, including Nissan, Bridgestone Americas and HCA Healthcare, as well as numerous small businesses and tech startups. Additionally, Nashville’s location in the heart of the Southeastern United States makes it an ideal hub for transportation and logistics, with easy access to major highways, rail lines and airports.
All these factors have helped fuel the city’s robust economy, which has consistently outpaced the national average regarding job growth and overall economic output. Overall, Nashville offers an attractive mix of culture, opportunity and affordability, making it a top choice for those looking to live and work in Tennessee.
The median household income in Nashville is $83,348, and the median home price is $421,000. The unemployment rate is 3.5%, lower than the national average.
Memphis
Located in the southwestern part of the state, Memphis is the second-largest city in Tennessee, with a population of over 630,000 people. Memphis is known for its rich history, delicious barbecue and iconic music scene. The city is home to attractions such as Graceland, the National Civil Rights Museum and the Beale Street Entertainment District.
Memphis has been revitalizing recently, with new businesses and developments sprouting up throughout the city. The downtown area has seen particular growth, with the Memphis Grizzlies’ FedEx Forum opening, a revitalized Beale Street, and the new Bass Pro Shops at the Pyramid. The city has also invested in its public transportation system, launching the Main Street Trolley and expanding the Memphis Area Transit Authority’s bus routes.
Memphis has also become a hub for medical research and innovation, with institutions such as St. Jude Children’s Research Hospital and the University of Tennessee Health Science Center attracting top talent and driving economic growth. Despite its challenges, Memphis offers a unique blend of culture, history and affordability, making it a great place to call home.
The median household income in Memphis is $32,285, and the median home price is $175,000. The unemployment rate is 3.7%, slightly lower than the national average.
Knoxville
Located in the eastern part of the state, Knoxville is a mid-sized city with a population of around 190,000. Knoxville is home to the University of Tennessee and offers a thriving downtown area, excellent schools and plenty of outdoor recreation opportunities. The city is situated near the Great Smoky Mountains, which offer hiking, camping and skiing.
In addition to its outdoor recreational opportunities, Knoxville also offers a vibrant arts and culture scene. The city is home to the Knoxville Museum of Art, the Clarence Brown Theatre and the historic Tennessee Theatre, which host a variety of concerts, plays and other performances throughout the year. The downtown area has been revitalized recently, with new restaurants, bars and shops opening up along Market Square and Gay Street.
Knoxville also has a strong sense of community. Many annual events and festivals, such as the Dogwood Arts Festival and the International Biscuit Festival, bring residents together to celebrate their city’s unique culture and traditions. All these factors make Knoxville a great place to live, work and play.
The median household income in Knoxville is $58,881, and the median home price is $305,133. The unemployment rate is 2.6%, slightly below the national average.
Chattanooga
Located in the southeastern part of the state, Chattanooga is a small city with a population of around 180,000. Chattanooga offers a revitalized downtown area, a growing job market and plenty of outdoor recreation opportunities. The city has attractions like the Tennessee Aquarium, Lookout Mountain and the Chattanooga Riverwalk.
In addition to its natural beauty and attractions, Chattanooga is known for its commitment to sustainability and innovation. The city has invested heavily in green spaces — there are over 50 miles of bike lanes and trails — and created the Chattanooga National Park, which protects over 10,000 acres of local land. Chattanooga is also home to the EPB, a municipally-owned electric power company that has installed a high-speed fiber-optic network throughout the city, making Chattanooga one of the most connected cities in the world. This commitment to sustainability and innovation has helped put Chattanooga on the map as a forward-thinking and vibrant city, attracting residents who value quality of life and a sense of community.
The median household income in Chattanooga is $69,197, and the median home price is $268,265. The unemployment rate is 2.9%, lower than the national average.
Franklin
Located just south of Nashville, Franklin is a charming and historic city that has seen much growth in recent years. With a population of around 90,000 people, Franklin offers a small-town feel with easy access to the amenities of nearby Nashville.
Franklin’s median household income is around $100,000, making it one of the wealthiest cities in Tennessee. The median home price in Franklin is around $802,977, but more affordable options are available.
Franklin has several historic sites, including the Lotz House Museum and the Carnton Mansion. The city also offers plenty of shopping and dining options, including the famous downtown district.
One of the significant draws of Franklin is its excellent school system, which is consistently ranked as one of the best in the state. The city also has a low unemployment rate of 2.6%, with plenty of job opportunities in industries such as healthcare and education.
Overall, Franklin offers an excellent quality of life with a strong sense of community. Its proximity to Nashville and its excellent schools make it an ideal place to live for families and professionals alike.
Methodology
We considered several factors to develop this list of the best places to live in Tennessee.
We looked at each city’s population, median household income, median home price and unemployment rate. We also considered the overall quality of life, job opportunities, access to amenities and attractions in each location.
Based on these factors, we determined that Nashville, Memphis, Knoxville, Chattanooga and Franklin are the top five places to live in Tennessee in 2023.
FAQs
Bottom line
Tennessee is a state with a lot to offer, from its rich culture and music scene to its stunning natural beauty.
Whether you’re looking for the excitement of a big city or the charm of a small town, Tennessee has something for everyone.
By considering factors such as cost of living, job opportunities and access to amenities, you can find the best place to call home in Tennessee in 2023.