NASHVILLE, Tenn. (WKRN) — Looking to make the most out of your golden years? A new study shows that a city in Middle Tennessee is among the best when it comes to providing opportunities to build a financial nest egg for retirement.
Where you live can have an impact on your savings and retirement goals. In fact, fewer than half of working-age Americans have any retirement savings, according to Census data for 2020.
According to a study by financial resource MutualFund.com, a city in Middle Tennessee is among the nation’s top 10 best cities to build a nest egg.
To determine the rankings, experts analyzed key factors including housing affordability, poverty rate, median household income, and tax rates from the 170 largest cities in the U.S.
Data shows Clarksville came in as the tenth best city to live in to save for retirement. Among the top 10 cities, Clarksville had the lowest housing costs averaging $1,388 a month.
However, the city also had the lowest household income with residents bringing in $63,723 yearly. In comparison, residents in Overland Park, Kansas — which claimed the first spot — bring in a median $413,250.
Top 10 best places to build a retirement nest egg:
- Overland Park, Kansas
- Boise, Idaho
- Durham, North Carolina
- Gilbert, Arizona
- Arlington, Texas
- Garland, exas
- Chandler, Arizona
- Charlotte, North Carolina
- Mesa, Arizona
- Clarksville, Tennessee
MutalFund.com said Clarksville’s relatively low housing costs compared with median salaries, plus the state’s lack of income tax, helped propel Clarksville to the top of the list.
Among the top 10 cities, the average monthly housing costs are $1,711, which is $4 below the nationwide average.
To view the best U.S. cities to save for retirement, click here.