2023's 9 Richest Cities in Tennessee (See Who Made the List)
There’s no denying that the lush landscape of hills, mountains, and farmland in Tennessee are green, green, green. But if you’re interested in discovering which cities in Tennessee are flush with the other type of green, we have the answers you’re looking for. From the Music City suburbs to one of the most popular places for Oak Ridge’s workers to raise their families, Tennessee has a wealth of cities that the wealthy call “home.” What are the 9 richest cities in Tennessee? You may be surprised which cities rank as the wealthiest.
How did we decide which cities in Tennessee ranked as the richest? We used 2021 U.S. census data to determine Tennessee cities’ median household income. Since the U.S. Census lumps all residents with incomes over $250,000 per year, we also factored in the average home price, unemployment rate, highest education attained, and poverty rate. In addition to looking at income, home price, and other factors, we did account for population.
City 9: Farragut
- Median household income: $106,032 - Median property value: $350,300
Farragut is nestled between Knoxville and Oak Ridge in Eastern Tennessee. This suburban city is grounded in family, outdoor living, and science. Why science? Many of the prestigious scientists that work at Oak Ridge National Lab reside in Farragut. This lovely town allows families to enjoy the perks of Knoxville’s infrastructure and culture and the University of Tennessee’s events and amenities. While this town is home to a population flush with financial means, don’t be surprised to find backyard veggie gardens, chicken coops, and clotheslines.
City 8: Collierville
- Median household income: $113,789 - Median property value: $300,600
Just west, beyond Germantown, is Collierville, a city that is scenic, friendly, and steeped in financial security. Nipping at the heels of Germantown in terms of median household income, Collierville is head-and-shoulders more rural feeling than its eastern neighbor. Often voted one of the best places to live in Tennessee, this high-class town has a history as rich as its residents. This city is a haven for celebrities and CEOs who like to pop over to Memphis for some barbecue and live music.
City 7: Germantown
- Median household income: $116,585 - Median property value: $331,700
On the eastern edge of Memphis, you’ll find Germantown, Tennessee. This beautiful suburb is one of the best places to call “home” in the Volunteer State. Despite being a quick drive to all the fun of Memphis, Germantown feels like a completely different country. In fact, it feels like a country with sizable yards, friendly neighbors, and plenty of places to watch the lightning bugs flutter about. This wealthy city has a wealth of parks, natural areas, and historic sights. Germantown also features a wide variety of home styles, including stately mansions, historic German-inspired architecture, and more.
City 6: Lookout Mountain
- Median household income: $135,114 - Median property value: $534,500
It’s difficult to find a better view than Lookout Mountain in all of Tennessee. Along the Georgia-Tennessee border, you’ll find this small suburb of Chattanooga that is dripping in gold. Lookout Mountain is an exclusive town nestled atop Sunset Rock National Park. While the residents may have deep pockets, the views from Rock City Mountain and the surrounding area are priceless.
City 5: Nolensville
- Median household income: $148,223 - Median property value: $532,237
Chances are you haven’t been to Nolensville, Tennessee. Likely if you have, it’s because you popped down to enjoy one of the quaint restaurants or the Amish market along Nolensville Road. And while this city is anything but haughty, it does have a population that out-earns the majority of the state. Nolensville continues to grow as Nashville residents move south to escape the city. Since the 2010 census, Nolensville’s population has increased by 107%, and it’s easy to understand why. This city offers peace and quiet, small-town charm, and convenience to Nashville’s most popular businesses and attractions.
City 4: Oak Hill
- Median household income: $255,163 - Median property value: $719,200
Oak Hill is a slice of paradise within the Nashville area. This quaint city has a history of wealthy residents, including Andrew Jackson’s law partner, John Overton who settled in the area in 1789. John Overton bred thoroughbred horses, and his property remained owned by his family until nearly 1940.
While Oak Hill is just a heartbeat away from the heart of Nashville, it is home to Radnor Park, one of Nashville’s most pristine green spaces. It’s said that many country stars and other celebrities live in and around the hills surrounding the scenic park.
City 3: Brentwood
- Median household income: $219,628 - Median property value: $719,200
Brentwood has been a refuge for the wealthy that want to enjoy the amenities of Nashville with a bit more home square-footage and acreage. Brentwood is a medium-sized city that sees more and more growth every year. Despite being one of the wealthiest cities in Tennessee, Brentwood residents are down to Earth. And this affluent city’s residents don’t stay cooped up in their sizable homes, they enjoy the extensive greenway trails and parks throughout the city.
City 2: Belle Meade
- Median household income: $220,417 - Median property value: $860,000
Belle Meade exemplifies southern charm, hospitality, and grandiosity. With a long history of wealth, it’s no surprise that this corner of Nashville is often considered Nashville’s coin purse. Before Belle Meade became home to 2,400 residents, it was home to John Harding, a southern plantation owner who invited the elite of the South to enjoy his “Belle Meade” or “beautiful meadow.” This city still has expansive yards, lush spaces, and picturesque venues that people travel from near and far to see and experience.
City 1: Forest Hills
- Median household income: $299,069 - Median property value: $853,000
Forest Hills is tucked into the southwest corner of Nashville’s suburbs. With just under 5,000 residents, this picturesque town has a high concentration of well-to-do residents. This area is a strictly residential area without any businesses. It also has prohibited high-density housing, which accounts for its elevated median household income.
Why do people that can afford to nestle into Forest Hills? This city is just a stone’s throw from all Nashville has to offer but with amazing views and plenty of land for extra privacy.
Our Final Thoughts
Tennessee may be the Volunteer State, but it could be renamed “The Diamond Studded State” with all of its deep pockets of wealth. As more Fortune 500 companies continue to relocate, you can expect this list to become more competitive and ever-evolving.
While these cities may be the richest in Tennessee, there is no list long enough to capture the wealth of beauty and culture you will find in Tennessee. Want to know what it’s like to live in the most popular cities, suburbs, and towns in Tennessee? Check out our local guide to living in The Volunteer State.