In this article, we will look at the 16 Best Places to Live in Tennessee in 2024. We will also discuss the economic outlook and the employment projections for Tennessee.
Economic Outlook of Tennessee
The economy of Tennessee is backed by diverse sectors including healthcare, automotive, finance, electronics, and tourism. According to the US Bureau of Economic Analysis, the GDP of Tennessee grew by 2.8% during the fiscal fourth quarter of 2023 as compared to the national growth rate of 3.4%. Moreover, the Real GDP of Tennessee increased by 3.2%, from $412.10 billion in 2022 to $425.41 billion in 2023. The economic growth during the year was mainly attributed to the growth in retail trade, which contributed the most at 0.86% in the GDP growth, followed by the real estate and leasing sector and the professional, scientific, and technical services sector, which contributed 0.35% and 0.28% respectively. In addition to the GDP, personal income in the state is also growing. The personal income of an individual increased by 4.4% in the fourth quarter of 2023 surpassing the national increase of 4.0% during the same quarter. While the net earnings of individuals in Tennessee grew by 4.8% during the last quarter of 2023, the dividends, interest payments, and rents also increased substantially by 8.2% thereby restricting the personal income in the state. If you want to read more about the economy of Tennessee and the population growth in the state, you can take a look at the 15 Fastest Growing Cities in Tennessee.
Tennessee’s Labor Market Projections
Healthcare and Social Assistance, manufacturing, and retail trade are some of the largest sectors employing most of the labor force of the state. According to the Tennessee Department of Labor & Workforce Development, employment in the state is forecasted to grow 2.3% annually to reach 3.6 million jobs by 2025. In a sector-wise analysis, healthcare and social assistance is expected to remain the largest sector employing almost 439,000 people by 2025. In addition to the healthcare sector, the manufacturing sector is also a main contributor to creating jobs for the labor market. The manufacturing sector is forecasted to create more than 374,000 jobs for the citizens of Tennessee by 2025. Growth in the manufacturing sector is mainly attributed to the state’s positive economic outlook that attracts businesses and the fast-growing automotive manufacturing industry of Tennessee. Automotive manufacturing and other related industries alone are expected to create more than 25,500 jobs by 2025. On March 21, PPG Industries, Inc (NYSE:PPG), a US-based international paint manufacturer and distributor, announced building a new paint and coating manufacturing facility in Tennessee. PPG Industries, Inc (NYSE:PPG) as part of its aim to grow and gain operational efficiency in the automotive coating will invest $300 million to build a 250,000-square-foot facility plant in Loudon County, Tennessee. The construction of the PPG Industries, Inc. (NYSE:PPG) facility will start in August 2024 and is expected to be completed by 2026.
Another company leading the economy of Tennessee includes HCA Healthcare, Inc. (NYSE:HCA). HCA Healthcare, Inc. (NYSE:HCA) is a leading acute healthcare company that owns and runs hospitals, medical services, surgical services, patient care, and much more. The company is based in Nashville, Tennessee. On April 26, HCA Healthcare, Inc. (NYSE:HCA) announced earnings for the fiscal first quarter of 2024. The company reported earnings per share of $5.36, ahead of market expectations by $0.27. The company’s revenue for the quarter grew by 11.21% year-on-year, amounting to $17.34 billion, and outperformed market consensus by $523.72 million. Here are the comments from HCA Healthcare, Inc.’s (NYSE:HCA) earnings call for Q1 2024:
As compared to the prior year, diluted earnings per share as adjusted increased almost 9% in the first quarter to $5.36. The same facility’s volumes were favorable across the company. Inpatient admissions grew 6% year-over-year, inpatient surgeries were up almost 2%, equivalent admissions grew 5% and emergency room visits increased 7%. Most of our other volume categories, including cardiac procedures and rehab admissions, also had solid growth metrics in the quarter. While outpatient surgery revenue increased year-over-year due primarily to favorable payer mix, total cases declined 2%. We attribute most of this decrease to the effect of the calendar and the redetermination process, which drove a considerable decline in Medicaid volume. All domestic divisions had growth in inpatient admissions and equivalent admissions.
Now that we have discussed the economic outlook and the employment projections for Tennessee, let’s look at the 16 best places to live in Tennessee in 2024. If you want to explore more about the state, you can also look at the 15 Best Places in Tennessee for a Couple to Live on Only Social Security and the 16 Best Places to Live in Tennessee for Retirees.
Copyright: digidreamgrafix / 123RF Stock Photo
Our Methodology
To compile the list of 16 best places to live in Tennessee in 2024, we did a sentiment analysis on Reddit. First, we aggregated the list of best places by sifting through 5 online rankings. Next, we used Reddit to find 13 threads that asked people about the best places to live in Tennessee. We read and analyzed all the comments and added the upvotes for each best place on our list. Lastly, we shortlisted places that had at least a total of 150 upvotes and ranked the best places on our list in ascending order of the total upvotes on Reddit.
Note: This list is not exhaustive and does not reflect our opinion. The ranking is solely based on the opinions of Reddit users. Also note that we have added information regarding city population, literacy rates, and employment rates for each place, sourced from the US Census Bureau.
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16 Best Places to Live in Tennessee in 2024
16. Maryville
Upvotes: 157
Maryville ranks as the 16th best place to live in Tennessee in 2024, with 157 upvotes on Reddit. It is renowned for its scenic beauty and attracts tourists from around the globe. The city is situated in the Blount County of eastern Tennessee and is also a gateway to the Great Smoky Mountain National Park. The economy of the city is mainly based on the manufacturing of aluminum and automobile parts. Moreover, a substantial amount of revenue also comes from the tourism sector. The famous Cherokee National Park and the Fort Loudoun State Historic Park are situated southwest of the city.
15. Nolensville
Upvotes: 160
Nolensville ranks as the 15th best place to live in Tennessee in 2024 with 160 upvotes on Reddit. It is a city with a population of approximately 13,829 in 2020. According to the United States Census Bureau, 71.% of the population of Nolensville had at least a Bachelor’s degree as of 2022. Moreover, the city has an employment rate of 74.8% as per 2022 data.
14. Germantown
Upvotes: 162
Germantown is another city in Tennessee situated in the suburb of Memphis. The City has a population of approximately 40,267 residents as of 2023. The town has high literacy rates with approximately 69.6% of the population holding at least a Bachelor’s Degree. It ranks as the 14th best place to live in Tennessee in 2024, with 162 Reddit upvotes.
13. Southside
Upvotes: 163
Southside is an unincorporated community in Montgomery County Tennessee. It ranks as the 13th best place to live in Tennessee in 2024 with 163 upvotes on Reddit.
12. Brentwood
Upvotes: 178
Brentwood is a city in Tennessee that ranks as the 12th best place to live in Tennessee in 2024. The city has a population of approximately 45,373 residents as per 2020 data. In addition, the city has a literate population with around 75.4% of the population holding at least a bachelor’s degree. In addition, the city has an employment rate of 61.8% as per 2022 data by the US Census Bureau.
11. Collierville
Upvotes: 185
Collierville is a city located in Shelby County. It ranks as the 11th best place to live in Tennessee in 2024 with 185 Reddit upvotes. The city has a population of 51,324 as of 2020, with approximately 18,800 housing units. The city has a literacy rate of 60.4% (bachelor’s degree or higher) and an employment rate of 64.7% as of 2022.
10. Johnson City
Upvotes: 189
Johnson City is situated in the Washington County of Northern Tennessee. It ranks as the 10th best place to live in Tennessee in 2024, with 189 Reddit upvotes. The city had a population of 71,046 with approximately 32,801 housing units in 2020. Johnson City does not have a very high literacy rate and only 46.5% of the population holds a bachelor’s degree or higher as per 2022 data. Moreover, the city had an employment rate of 63.2% in 2022.
9. Franklin
Upvotes: 192
Franklin is a city in the Williamson County of Tennessee, situated approximately 34 miles from the south of Nashville. As of 2020, the city had a population of 83,454 with 34,720 housing units. In addition, the city has an employment rate of 66.4% and approximately 61.6% of the total population holds a bachelor’s degree or higher as per 2022 data. It ranks as the 9th best place to live in Tennessee in 2024 and has 192 upvotes on Reddit.
8. Farragut
Upvotes: 194
Farragut is a town situated in a hilly area between the Tennessee River and Blackoak River. The town had a population of 23,506 residents with 8,992 housing units in 2022. Moreover, Farragut has a literacy rate of 65.4% (people with a bachelor’s degree or higher) and an employment rate of 61.2% as per 2022 data by the US Census Bureau. The town ranks as the 8th best place to live in Tennessee in 2024.
7. Mount Juliet
Upvotes: 197
Mount Juliet is a city situated in the suburbs of Nashville in Wilson County Tennessee. As of 2020, the city had a population of 39,289 residents with 15,090 housing units. Mount Juliet has a low literacy rate as compared to other cities in Tennessee only 47.9% of its population has a bachelor’s degree or higher. Moreover, the city had an employment rate of 66.6% in 2022. It ranks as the 7th best place to live in Tennessee in 2024 with 197 Reddit upvotes.
6. Oak Ridge
Upvotes: 201
Oak Ridge is situated in the eastern part of Tennessee and lies close to Knoxville. The city had a population of 31,402 people and approximately 14,678 housing units in 2020. Oak Ridge city also lacks in literacy rate as compared to other cities in Tennessee, only 37,9% of its population had a bachelor’s degree or higher in 2022. In addition, the city had an employment rate of 53.4% during the same year. Oak Ridge ranks as the 6th best place to live in Tennessee in 2024.
5. Downtown, Nashville
Upvotes: 322
The downtown of Nashville ranks as the 5th best place to live in Tennessee in 2024, with 322 Reddit upvotes. The place is known for its nightlife, restaurants, bars, and shopping spots.
