Retiring? Why Knoxville Makes Sense for Seniors

As you approach retirement, it is time to begin thinking about where you’d like to live. If you’re not already considering Knoxville, Tennessee, you certainly should be.

When people think of retirement, their minds may automatically go to Florida, or maybe Arizona, but it’s important to remember that Tennessee offers a slew of benefits that are worth considering. One study, conducted by MagnifyMoney, evaluated key standard of living elements like cost of living, quality of life and employability and the study resulted that Knoxville is the top destination for people looking to retire early. The weather is mild nearly year round, the city boasts urban amenities with undeniable southern charm and access to good healthcare. It’s the perfect recipe for retirees.

Still not convinced? Below you’ll find a few of the top reasons why you should be considering Knoxville, Tennessee for your retirement:

Knoxville is Affordable for Retirees

Does your retirement plan involve downsizing and buying a new home? If so, you should know Knoxville is one of the more affordable places to buy a home. According to real estate website Zillow, the median price of homes sold is $179,300 - far below the average price tag nationally, which is $229,800.

Seniors interested in retiring in Knoxville will find a very friendly tax environment. According to WalletHub’s 2018 tax burden rankings, Tennessee is ranked 3rd on the list of states for lowest overall tax burden. Tennessee is one of just a handful of states in the nation that does not impose a tax on income or public or private pensions, which means more of what you earn from these sources can stay in your pocket. Low-income seniors who buy a home in Knoxville can also apply for property tax relief or tax freeze through the city’s trustee office. Your real estate agent can help you navigate through that process.

Knoxville Offers Many Retiree-Friendly Entertainment Options

Knoxville may be a college town, but there's plenty for retirees to enjoy in the city. Some of the top senior-friendly entertainment options include:

• Strolling around Historic Market Square

• Visiting the Knoxville Farmers Market

• Go bowling at Maple Hill Bowling

• Visit the Sunsphere, a city landmark

• Go to one of the many bars downtown that has open mic night

• Walk around Ijam’s Nature Center

• Take a dip in Mead’s Quarry Lake

• Walk along the Knoxville Riverfront

Knoxville is Home to Many Different Senior Living Options

If buying a house is not in your plan, you’ll need to review the different senior options available in the city with your real-estate agent.

One of the most popular options for active retirees is a “55-plus” community. Retirement communities allow seniors to remain independent and have their own home without having to deal with the wearisome parts of owning a home - like yard work, snow removal, and other home maintenance chores. Beyond maintenance, these communities often offer fitness classes, adult education, special events, and other forms of entertainment directly on-site. Your real estate agent can help you navigate the ins and outs of each of the communities your visit.  

If your health and mobility limitations are more than you think you could handle on your own, you’ll be happy to know Knoxville is home to many different senior living options. There are a variety of top-rated communities in Knoxville as well as others in the nearby area. These communities are ideal for seniors who want to maintain their independence but may need assistance with activities of daily living such as bathing or medication management.

Enlisting the help of a Knoxville real estate agent can help ensure you have all the information you need to make an informed choice.