How This Tennessee City Became a Top Retirement Spot in the South | Global News Avenue

Immigration is real in Tennessee, with the state ranking sixth in the nation for population growth from 2022 to 2023. Tennessee has some famous big cities, but if you’re looking to move to the Volunteer State, Maryville is an under-the-radar option. The town, just south of Knoxville, has a small population of less than 32,000 people, according to the latest census data. But don’t be surprised if more retirees start flocking there as word gets out.

Maryville is known for its small-town feel and Smoky Mountain views. The city’s average age is on the younger side at 41.2, making it a trendy place for active seniors who like to stay young at heart. What’s more, it also has affordable appeal for budget-conscious seniors. In fact, Maryville is considered the most Affordable places to retire in the South Investopedia and Southern Living. Learn more about this hidden gem in the Great Smoky Mountains.

Below average cost of living

In Maryville, the median income is $74,610, nearly equal to the national median income of $74,580. However, Maryville’s lower median home price compared to national costs puts aspiring home buyers in a more favorable financial position.

Specifically, Maryville’s median home sales price is $374,066, and the income-to-home value ratio is approximately 19.9%. By comparison, the national income-to-household ratio is 17.7%, based on a median home price of $420,400 as of the third quarter of 2024.

The median housing cost is $1,125, which is 3% lower than the overall South average ($1,163 per month).

Why this is the key to an affordable retirement

Housing is one of the important expenses to consider in retirement, as it often takes up the largest portion of your monthly budget.

Choosing an area with lower housing costs can put you in a better position to further increase your retirement income. This is one of the key reasons why Maryville ranks No. 7 on Investopedia’s ” ” rankings.The best places to retire in the South” Report.

low property taxes

One of the factors that keeps housing costs manageable is the relatively low property tax burden. Tennessee ranks 41st in the nation in paying property taxes as a percentage of owner-occupied home value, with the top spot among states with the highest rates. For Blount County, where Maryville is located, the average county tax rate is 0.600%. For a home valued at $274,066, this would mean annual property taxes of approximately $1,644.

Why this is the key to an affordable retirement

Property taxes can be a budget killer, even for those who may already have their mortgage paid off — just ask homeowners in places like the Northeast or California. Because they are an ongoing expense that may increase over time, it can help you protect a limited income if you can start at a lower level in retirement.

No income tax

Tennessee has no personal income tax, which means any retirement income you have, from Social Security checks to pensions to retirement account distributions, won’t be taxed. This is One of only nine income tax-free states at home.

The state’s average combined state and local tax burden of 7.6% is the third-lowest in the nation.

Why this is the key to an affordable retirement

For retirees on a fixed income, not having to pay taxes on their income can be a big deal. Especially if you’re relocating from a high-income tax state, this could feel like an automatic raise just for moving.

Finding a “pension-friendly” state is one of the key factors many people consider when considering where they want to live in retirement. If this is important to you, Tennessee’s income tax exemption may inspire you to explore your options there.

Other Surprising Benefits Maryville, Tennessee Offers Retirees

Maryville is a respite from overcrowded, tourist-heavy areas like Nashville, but it has the benefit of being located in the beautiful foothills of the Great Smoky Mountains. The region has a relatively mild climate year-round. You’ll still experience all four seasons, but you shouldn’t experience any extreme hot or cold temperatures.

Maryville is filled with green spaces, parks, and lakes for those who enjoy outdoor recreation such as hiking, biking, and fishing. The town is also home to the Everett Senior Center, which offers a full program of activities for those 50 and older, including dance, day trips, fitness classes and more. This very walkable town also has many cultural opportunities, including historic buildings, downtown views, quaint shops, and local restaurants.

Seniors can also rely on quality medical care at Blount Memorial Hospital, or travel to nearby Knoxville (only about 18 miles) if additional resources are needed. Maryville is also a low-crime area compared to the national average.

bottom line

If you haven’t heard of Maryville, Tennessee before, do yourself a favor and check it out. It could be the perfect combination of small town living, active lifestyle and affordability you’re looking for in retirement.

While it’s not the beach town or golfer’s paradise that some retirees prefer, Maryville might be a good choice if you prefer mountain and lake life. When you dig into your finances, no income taxes and lower-than-average housing costs may help you make your final decision.

methodology

selected location The South’s Best Places to Retire in 2024 List selected from Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia) for all census-designated places. Median household income and monthly housing cost estimates are based on data collected across the South from the 2022 American Community Survey (5-year period). Places with large errors in estimates were removed from the initial list.

The final list of locations was selected through an evaluation of:

1. Housing affordability relative to the South (how monthly housing costs in each location compare to the weighted average of Southern states);
2. Median income for each locality (as a proxy for taxes that may be associated with community resources; and
3. Personal reports on proximity to parks or shorelines, recent changes in the community, and those highlighted in previous Southern Living reports this Best place to retire.