💥 Read this insightful post from Investopedia | Expert Financial Advice and Markets News 📖
📂 Category: Retirement Planning,Personal Finance
📌 Main takeaway:
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2200884463-28e15b389e7c4d38a9935726b5a79de5.jpg)
Key takeaways
- Paris’s low cost of living can help retirees increase their savings, as average monthly housing costs are less than half the national average.
- Despite its small size, health care is surprisingly accessible in Paris, which contains one of the two major hospitals in Henry County.
- Bordering an 841-acre forest and a 160,000-acre lake, Paris offers easy access to nature and outdoor recreation.
- Paris’s hospitable society, creative spirit and long-standing local traditions provide plenty of opportunities to feel connected.
It may not be a source of pride for France, but Paris, Tennessee is still a worthwhile destination — at least for retirement. Located in the heart of Henry County and home to just over 10,000 residents, it offers a combination of affordability, convenient living and scenic surroundings that make it a compelling choice for those ready to relax and enjoy their golden years.
Let’s explore what Paris has to offer, from practical considerations – such as cost of living and access to healthcare – to lifestyle highlights, including the city’s environment, community events, and recreational opportunities.
Cost of Living in Paris, Tennessee
Affordability is often a priority for retirees on fixed incomes, and Paris offers an exceptionally low cost of living. The city’s median household income is just $48,540, well below the national average of $80,610. This wide gap reflects how much lower expenses are in Paris than in the rest of the United States.
Housing is one of the main areas where local retirees can expect to find savings. The median home value in Paris is just $145,200, $193,800 below the state average of $339,900 and $271,700 below the national average of $416,900. Likewise, average monthly housing costs in Henry County are $643, less than half the national average of $1,338.
Food costs in Paris are also much lower than in other parts of the country. The typical retired family in Henry County can expect to feed themselves on about $586 a month, while the average American family has to budget about $832.
Additionally, Tennessee is one of eight states with no income tax, so Paris residents pay no state taxes on Social Security benefits or retirement account withdrawals.
Quick fact
Housing expenses make up approximately 36% of a retiree’s average annual expenses, so finding affordable housing is one of the best ways to make room in your budget.
Health care and accessibility
Health care is another important priority for retirees, who often require regular medical services. Fortunately, Paris offers a surprising level of accessibility for a city of this size. Although it covers less than 13 square miles, Paris is home to its fair share of the county’s 64 medical institutions, including one of its flagship hospitals: West Tennessee Healthcare-Henry County Hospital.
Typical monthly moving costs are somewhat higher than the national average, at about $1,296 compared to $1,098. However, it’s not too difficult to get around affordably, as the Northwest Tennessee Human Resources Agency (NWTHRA) offers public transportation to the county for as little as $1 per trip. In addition, Uber service is available in the area, although wait times may be longer than in larger cities.
Quick fact
If you need to travel longer distances, the closest major airport is Nashville International Airport, about 92 miles from central Henry County. Although this may not be ideal for frequent travelers, it is still affordable enough for the occasional trip or vacation.
Lifestyle and leisure activities
For retirees who appreciate a more relaxed pace, Paris offers the perfect small-town charm. The city’s character is on full display in the Eiffel Tower Park, a nod to the city’s namesake, with a whimsical replica of the famous French landmark.
However, Paris punches above its cultural weight, with 11 arts institutions that contribute to a surprisingly lively creative scene. The Paris Academy of Arts helps establish the city’s artistic spirit, offering regular classes and events.
Despite its small size, Paris also has a strong culinary reputation, especially for regional staples. Trolinger’s Old Fashion Butcher Shoppe is a local favorite known for its classic barbecue, and the area is known for its fresh catfish from the nearby waterways.
Nature lovers can find plenty to enjoy at Paris Landing State Park, an 841-acre forest on the shores of 160,000-acre Kentucky Lake. The park is a center for outdoor activities such as boating, hiking, and golfing on its picturesque 18-hole course.
Quick fact
Henry County has a “relatively low” risk rating from FEMA, which should provide peace of mind for those concerned about natural disasters.
Plus, there are plenty of opportunities to connect with the local community, including the world’s largest fish fry. Now in its 72nd year, the week-long celebration features a parade, carnival rides, live music and all-you-can-eat fried catfish. Seasonal events like the summer farmers market round out the calendar, giving locals more regular opportunities to gather throughout the year.
💬 Tell us your thoughts in comments!
#️⃣ #Tennessee #getaway #retirees #love #smalltown #charm #great
