The 10 Richest Cities in Tennessee
Tennessee is a beautiful state. Its diverse terrain includes mountains, valleys, rolling hills and rivers. Home to many Native American tribes, European-American settlers arrived in the eighteenth century drawn to the state's beauty and natural resources.
Many parts of Tennessee were a part of Civil War battles. Tennessee has endured and became an important economic contributor in the United States of America. Industry in Tennessee includes agriculture, electronics, banking, healthcare and music. There are many rich cities in Tennessee particularly around large cities like Nashville and Memphis.
Here are the 10 richest cities in Tennessee based on a combination of income, low unemployment, low poverty and mostly home values.
10. Oakland
Oakland is a wealthy suburb of Memphis in southwest Tennessee. The town has less than 8,000 residents. The average income is $76,000 and the average house price is $207,000. Unemployment and poverty rates are low.
The town has had some population growth in recent years because of its reputation for low crime and low taxes. In the early twentieth century, Oakland was home to Tennessee's largest egg factory and a large Christmas Tree Farm. The town has some retail and commercial areas but is mostly residential.
9. Spring Hill
Spring Hill, a suburb of Nashville, is one of the 10 richest cities in Tennessee. Average income of residents is $90,000, and the average house price is about $350,000. The population is just under 40,000. From 1990 until 2007 Spring Hill had a Saturn Plant.
The plant closed, but recently Saturn's owner GM plans to re-open the automotive plant due to the city's population growth. Spring Hill was settled in the early 1800's and experienced the Civil War particularly in 1864's Battle of Spring Hill. Visitors to Spring Hill can tour the site of the battle. There are several walking trails in Spring Hill that link the town's neighborhoods.
8. Signal Mountain
Signal Mountain was the home of Native Americans who used smoke signals to send messages across the Tennessee Valley. During the Civil War, the Union Army used the mountain to send communications.
Due to health epidemics in Chattanooga during the 1870's, wealthy residents moved to the mountain for clean air and established Signal Mountain. Today the town of 8,539 maintains its wealthy image.
The median house price is $360,000, and the median income of residents is about $110,000. The poverty rate is less than 2%. Residents and visitors of Signal Mountain can enjoy many outdoor activities. The mountain has several hiking trails. The city has a playhouse and an outdoor natural amphitheater. The Mountain Opry hosts blue grass music every Friday night.
7. Germantown
One of the richest cities in Tennessee, Germantown has wealthy residents, low unemployment and poverty rates and maintains its charming character. The population is about 40,000.
The median income is $118,000, and the median house price is $390,000. The population is 39,000. For its size, Germantown has the lowest crime rate in Tennessee. Germantown was settled in the early nineteenth century.
The town suffered from the Civil War and yellow fever epidemics but rebounded in the twentieth century due to town organizations. Today Old Germantown is built around the old railroad depot which is now a train museum. There is no industry in the city which is known mainly for its horse shows and competitions.
6. Collierville
The third richest city in Tennessee is Collierville. The median income is $114,000 and the median house price is $404,000. The Memphis suburb has a population of about 50,000. The town was named for Jesse R. Collier. Badly destroyed during the Civil War, Colliervielle was rebuilt and maintains its historic district today.
It is home to large sprawling homes, retail including the Avenue at Carriage Crossing, and some industry including Pepsi and Carrier. Collierville's historic Town Square overlooks the old train depot and has a tree lined park, small shops, trendy cafes and a weekly farmer's market. Collierville hosts a Fair on the Square and Symphony in the Rose Garden each May followed by a summer concert series.
5. Farragut
Farragut is a suburb of Knoxville located in eastern Tennessee. The population is about 22,600. The median household income is $108,500 and the average cost of a home is $466,000. The town started out as Campbell's Station when a Stage Coach station was built along with an Inn.
During the Civil War, Campbell's Station was the site of an important battle. Railways would arrive in the eastern end of the town to connect to Atlanta. The Tennessee River is still dotted by antebellum homes and historic churches. Today Farragut has several parks and trails and historic buildings including the Boyd-Harvey House.
4. Thompson's Station
One town in the top 10 richest cities in Tennessee is the small town of Thompson's Station. The town of just 5,456 boasts a median house price of a half million dollars. The median income is $104,000. Unemployment and poverty rates are about 2%.
The small Nashville suburb was founded by settlers in the 18th century. It was first called White House and later Littlebury. In 1855 Dr. Elijah Thompson donated land for the town and the new railroad, and the town was renamed in his honor. The quaint town has several historic landmarks especially homes including Jacob and Thomas Critz's homes, the John Neely House and Homestead Manor as well as Thompson's Station Bank.
3. Arlington
The Memphis suburb of Arlington boasts a median house price of $524,500. The median income of residents is $225,000. Unemployment is less than 2%. With a current population close to 11,700, Arlington is one of the fastest growing cities in Tennessee.
However, it seems to be attracting the rich. Arlington was settled in the 1830's as Haysville in honor of President Andrew Jackson's nephew Samuel Jackson Hays. In 1856 the population was just 200 but grew with the Memphis and Ohio railroad line even becoming home to Withe Station Depot.
In the late nineteenth century the town was renamed Arlington in honor of Arlington National Cemetery. The towns current wealth can be seen with chic art galleries and private schools.
2. Brentwood
Brentwood is the second richest city in Tennessee. The suburb of Nashville has celebrity residents. The population is 42,407. The median income is $170,000. The median sale price of a home in the city is $718,858. Unemployment and poverty rates are just 2.5%.
Brentwood was settled by European-American settlers in the late eighteenth century. Once home to sprawling plantations, these were sold or leased following the Civil War. The main crop was tobacco.
During the early twentieth century, the plantations were purchased by Nashville businessmen as places to have fox hunts and raise quality horses. Today, scenic Brentwood has several parks, a nature center, art galleries and the Towne Centre Theatre.
1. Nolensville
Much smaller than Brentwood, Nolensville is a suburb of Nashville and the richest town in Tennessee and is home to some of the wealthiest residents of the state. The small suburb of Nashville has a population of just 8,390.
While the median household income is $134,740, homes range in value of $235,000 to $11 million with an average of $455,700. The unemployment rate is 1.6%, and the poverty rate is just 1.4%. Nolensville was established in 1797 and is named for American Revolutionary War veteran William Nolen who settled his family there.
Nolenville remains small but has had steady population growth over the past few decades. It's a beautiful, quaint town with antique shops, a farmer's market and nice pubs and restaurants.
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Written by Dana Hanson
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