Nashville's 9 Most Affordable Places to Live 2023 (See The List)
On the hunt for a bargain in Music City? Check out these affordable places to live within the city limits of Nashville and see how far your dollar can stretch. We’ve compiled a list of the top neighborhoods in Nashville where you can get more bang for your buck.
In this article, we’re analyzing the many factors that help distinguish a neighborhood as affordable. Housing costs may be the leading component, but the cost of food, transportation, utilities, taxes, and healthcare also impact your budget. This article focuses on affordable neighborhoods throughout Nashville-proper, broken down by zip code. If you’re interested in exploring affordable suburbs, check out our other article on the top 10 most affordable Nashville suburbs.
To quickly view our full list of affordable places to live in Nashville, scroll to the bottom of this article!
Affordable Things To Do That Won’t Break The Bank
Not everything in Nashville has to break the bank, and you can find a variety of cheap things to do at little or no cost. While you can easily rack up a hefty tab eating and drinking at any of the tourist bars on Broadway, simply listening to the live music won’t cost a dime.
The city has an abundance of parks and green spaces to explore. Some of the most popular free parks and recreational centers include the Bicentennial Capitol Mall, Centennial Park, Percy Warner, and Shelby Bottoms. Be on the lookout for free community events, activities, and live music at these spots and other parks throughout Nashville.
Visiting one of the many museums in the city is a great way to have fun for cheap or even better - free. The Tennessee State Museum is free to enter and the Frist Art Museum is also free to those 18 and younger. Other historical educational activities available at no cost include Fort Negley, Fort Donelson National Battlefield, and Fort Nashborough Interpretive Center.
Besides The Cost Of Buying A Home, Are There Other Homeownership Costs That Should Be Taken Into Account
When making the decision to buy a home, it’s important to look beyond the listing price. You’ll find that owning any property comes with a handful of other homeownership costs that, if unaware, can offset your expected expenses.
Owning a home means you’ll need home insurance. It’s important to know what’s covered and always check to see if any additional coverage is needed for the property, such as flood insurance. You’ll also bear the burden of property taxes, which in Davidson County isn’t exactly cheap. One thing to note is that Davidson County recently underwent a 34% hike in property taxes.
Lastly, expenses that are hard to predict are property upkeep and maintenance. It’s the unfortunate aspect of becoming a homeowner, but when something requires repair, you’re responsible for the costs. For this reason, you’ll want to be sure to complete a thorough property inspection before sealing the deal on a home.
Will These Neighborhoods Remain Affordable
It’s highly unlikely these neighborhoods will remain affordable for long. Nashville is the “city to be in” and as more people choose to move here, home values in places like Madison and Antioch will continue to increase in value. Even more so when taking into account their premier location and close proximity to downtown.
Over time, we anticipate the affordable neighborhoods with older homes, such as Old Hickory and Donelson, will undergo significant modern-style renovations. Many of the up-and-coming neighborhoods will go on to follow in the transformation seen in East Nashville.
Are These Neighborhoods Safe
You can oftentimes find low-priced homes located within gentrifying neighborhoods. This could mean temporarily compromising on things like lower-rated schools or higher crime while in the transition process. However, just because you’re finding a great deal doesn’t mean the location can’t be safe. As with every neighborhood, you’ll find some parts with higher crime and some with low crime. To best understand the level of crime within any Nashville neighborhood, we always recommend checking Crime Mapping.
Why Buying A Home In These Neighborhoods Could Be A Great Investment
It’s not a secret, the demand for living in Music City is at an all-time high. It’s likely that many of the homes located within these affordable neighborhoods will also go up in value. Especially when considering their appealing location and proximity to the city center. By purchasing a home at a low price in an affordable, developing neighborhood, you can gain a significant return on your investment.
In some locations, such as North Nashville, even purchasing an empty lot can be a great investment. The amount of new construction in this neighborhood is skyrocketing. We’re seeing an influx of HPR (tall & skinny) new construction homes, complete with modern accents, open concept floor plans, and high-end finishes. Many of these types of homes are proving to have a great return on investment, selling anywhere between $450K- $500K. Deals like this are becoming the new norm in many of these affordable neighborhoods.
What Are The Zip Codes With The Lowest Median Sales Price
We’ve compiled a list of zip codes for the Nashville neighborhoods with the lowest median sales price. This list is intended to serve as a guide for the most affordable areas to live in Nashville. As with any city or neighborhood, you’ll find parts that are expensive and parts that are more affordable. For additional information on these areas and more, you can visit our complete guide to the best neighborhoods in Nashville.
The statistics mentioned below are based on single-family home sales in Middle Tennessee from the past year. For reference, the median sales price in Davidson County is $360,000.
1. 37217 - Nashboro Village
Median Home Price: $250,250
You won’t want to overlook the peaceful wooded neighborhood of Nashboro Village. Along with the favorable home prices, the close proximity to downtown and the Nashville International Airport make living in this location even more appealing. Nashboro Village is also home to the Nashboro Golf Club and Percy Priest Lake is less than a 10-minute drive away.
2. 37115 - Madison
Median Home Price: $255,000
Madison sits only 8 miles North of Nashville’s city center. Its popularity took to the rise as the surrounding home prices in Inglewood and East Nashville began to increase. A mix of old and young residents can be found throughout the area, and it’s steadily becoming more common amongst families.
3. 37013 - Antioch
Median Home Price: $280,000
You can find low-priced homes throughout Antioch. Several corporations have also taken to the area, bringing with them many job opportunities. With local development surging, you’ll want to act fast for finding deals within this emerging Nashville neighborhood.
4. 37218 - Bordeaux
Median Home Price: $281,500
Bordeaux may be experiencing a tremendous amount of growth, but you can still find yourself a great deal on housing. Its close proximity to the Cumberland River and 10-minutes car ride to downtown Nashville means it may not remain affordable for long.
5. 37138 - Old Hickory
Median Home Price: $282,500
Many of the residents who can no longer afford the rising prices in East Nashville are making their way towards Old Hickory. The location is ideal for outdoor enthusiasts and is a great spot for raising a family.
6. 37214 - Donelson
Median Home Price: $295,000
You’ll want to act fast on the affordable homes located in Donelson. It’s quickly becoming one of the fastest-growing neighborhoods in Nashville. It hugs the Cumberland River and sits between two popular parks, Two Rivers and Stones River Bend. The location is already home to a handful of great restaurants, with even more to come as development continues.
7. 37080 - Joelton
Median Home Price: $303,000
Joelton is by far the most rural destination to make our list of affordable places to live in Nashville. The location is ideal for raising a family and you can find a variety of kid-friendly activities in and around town.
8. 37072 - Goodlettsville
Median Home Price: $307,410
The favorable housing prices won’t last long as the demand for living in Goodlettsville is quickly rising. Several companies moved their headquarters to the area, helping to boost the local economy. The location is surrounded by parks and is becoming a favorite amongst many families.
9. 37207 - Whites Creek
Median Home Price: $310,000
Only 10 miles North of Nashville is the neighborhood of Brick Church Bellshire, near Whites Creek. You can find a mix of reasonably priced old and new construction homes throughout the area. Many residents are moving to the location to capitalize on the low-priced homes and close proximity to the inner city.