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Small Town Living and a Low
Cost-of-Living Bring Retirees to Middle Tennessee
Cost of Living: Below the National Average
| Retirees seeking southern hospitality,
mild weather and an affordable cost-of-living might want
to consider Cookeville, Tennessee as a retirement
spot. This town of 27,000 people is located
in the Upper Cumberland region of middle Tennessee,
about 80 miles east of Nashville, and is surrounded by
placid lakes and wooded terrain. City leaders
strive to attract retirees and they are
succeeding; 18% of the residents are age 45 to 64,
and 14% are age 65 or better. Cookeville offers
low cost housing, friendly residents, an excellent
quality of life and an escape from hectic city living.
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This regional center is especially noted for its
affordability. Real estate costs are nearly
28% below the national average; food items are 15%
below, and healthcare is 17% below. Overall,
Cookeville's cost-of-living is roughly 20% below the
national average, and the median home price is
$102,000, making it an appealing destination for
many retirees. Cabins with acreage
overlooking one of the nearby lakes can be had for
$49,000. Modest, older but well-kept homes
with 3 bedrooms, 2 baths and 1,000 square feet can
easily be found for under $85,000. Nearly
1,800 square foot homes, ranch-style with large
yards, 3 bedrooms and 2 baths, are readily available
for $120,000. New, beautiful 2,000 +
square foot homes with tile floors, wrap-around
porches and cathedral ceilings are easily purchased
for less than $175,000. In short, real estate
money goes a long way here.
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Condominiums and town homes are not plentiful;
this is primarily a single-family residence community.
Apartments are in somewhat short supply as well, but the ones we
did find were leasing for $450 per month (one bedroom), $550 per
month (two bedrooms) and $635 per month (three
bedrooms). There are, however, at least 11
manufactured home/mobile home parks in and around
town. Depending on home size and location,
prices range from $12,000-$60,000.
Residents are taxed $.88 per $100 of assessed
value in the city and $2.60 in the county; city residents pay a
combined rate of $3.48 per $100 of assessed value. Property
is assessed at 25% of fair market value. Annual taxes on a $150,000 home would be $1,305 for someone living in the
city. Tennessee does not offer a homestead exemption but
does have a tax relief program for those 65 and
better. There is also no state income tax on
salaries, Social Security or pension income. Overall,
Tennessee has the fourth lowest tax rate burden of all 50 states.
Cookeville,
Tennessee, Continued...
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