What does it cost to live comfortably in Nashville?

Sandy Mazza | The Tennessean

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Nashville's tourism and development explosion hasn't been easy on wallets.

The annual price of living comfortably in Music City soared to $80,548 this year, according to a new analysis by personal finance management website GoBankingRates.com.

Nashville, the priciest city in the state, is home to Tennessee's most expensive real estate values. It costs an average of $745,800 for a home in the city's most expensive 37215 ZIP code, including Green Hills and Forest Hills addresses.

For average residents, the cost of living has skyrocketed since last year by nearly 15 percent. In 2017, GoBankingRates.com estimated that residents should earn at least $70,150 annually.

Actual median household income lags far behind, at $49,891.

In contrast, the national median income is $55,300, according to the U.S. Census Bureau.

GoBankingRates.com surveyed residents in the 50 largest U.S. cities to estimate monthly living costs for mortgages and rents, car payments, groceries, clothing and household expenses.

The price of living in Nashville was found to be higher than in New Orleans. There, residents earn a median income of just $37,488 but need $70,413 to be comfortable.

Here are how other cities compared:

Minneapolis median income: $52,611. Cost of living: $77,512.

Portland, Oregon, median income: $58,423. Cost of living: $79,397.

Raleigh, North Carolina, median income: $58,641. Cost of living: $69,656.

Philadelphia median income: $39,770. Cost of living: $73,005.

San Francisco median income: $87,101. Cost of living: $123,268.

Washington, D.C., median income $72,935. Cost of living: $90,811.

The only city where residents earned more than the estimated cost of living was in Virginia Beach, Virginia. Average annual income there was $67,719, while residents needed $67,568 to live comfortably.

But costs are rising quickly in Virginia Beach, too. The city was identified as one of the top 20 cities with the fastest-rising costs of living in June. Topping that list are Colorado Springs, Colorado; Austin, Texas; and Columbus, Ohio.

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