Baby Boomers, if you'r close to retirement and looking for the ideal spot to spend your leisure time, Cookeville, Tennessee could just be the place for you. This town of 42,000 people is located in the Upper Cumberland region of middle Tennessee. It is approximately 90 miles east of Nashville, and is surrounded by placid lakes and wooded terrain. The city leaders are striving to attract retirees and they are succeeding; 18% of the residents are age 45 to 64, and 14% are age 65 or better. Retirees searching for that special retirement location should consider Cookeville, Tennessee because of its genuine, caring people, affordable-cost-of-living, and the beautiful weather experienced year-round.
This regional center is especially noted for its affordability. Cookeville remains one of the top 5 most economical cities in the nation (1st quarter, 2009). Real estate costs are nearly 28% below the national average; food items are 15% below, and the healthcare is 17% below. Overall Cookeville's cost-of-living is around 20% below the national average. The median home price in Cookeville is $125,000, making it an appealing destination for those who are retired. Modest, older but well-kept homes with 3 bedrooms, 2 baths and 1,000 square feet can easily be found for under $110,000. Nearly 1,800 square foot homes, ranch-style with large yards, 3 bedrooms and 2 baths, are readily available for $130,000. New, gorgeous 2,000+ square foot homes with tile floors, wrap-around porches and cathedral ceilings are easily purchased for less than $185,000. Briefly stating, real estate money goes a long way here.
Cookeville is primarily a single-family residence community. There are some condo's and townhomes. Apartments quanities have been increasing since the real estate market crisis. They rent from $450 per month, to $685 per month range, depending on location, age, condition, etc. Depending on home size and location, prices range from $12,000-$90,000. Residents are taxed $.88 per $100 of assessed value in the city and $2.75 in the county; city residents may 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 $1,361 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 4th lowest tax rate burden of all 50 states.