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The 10 Richest Cities in Tennessee

Nolensville

Tennessee is a beautiful state but one that's often misunderstood. Yes, it has diverse terrain, including 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.

Furthermore, many parts of Tennessee were a part of Civil War battles. That said, Tennessee is one of the most successful of all southern states and has endured after the Civil War to become an important economic contributor in the United States of America. In fact, the 10 richest cities in Tennessee are as nice as the wealthiest cities in other states.

For example, industries in the wealthiest cities in Tennessee include agriculture, electronics, banking, healthcare, and music. The richest cities in Tennessee include areas in and around large cities like Nashville and Memphis. Many of the richest cities in Tennessee run along eastern Tennessee.

Areas like Oak Hill, Forest Hills, and Spring Hill have a high median household income, a historic downtown area, and a family friendly community. Many of the richest residents in the richest cities in Tennessee still have that southern hospitality that makes the area so popular.

Here are the 10 richest cities in Tennessee based on a combination of income, low unemployment, low poverty, and mostly home values. The richest city and richest cities in Tennessee might surprise you, as well as the second-richest city in the area. That said, the best wealthy Tennessee city will vary depending on your needs.

Our Methodology 

When trying to find the richest city and the wealthiest cities in Tennessee, we did a lot of research. Yes, we examined the median household income of every wealthy Tennessee city to narrow down our list of the richest cities in Tennessee. The richest cities and wealthiest cities, such as Forest Hills, Spring Hill, and Oak Hill, also needed many great amenities to stand out. 

For example, we tried to find areas with historic downtown areas and family-friendly communities that welcomed wealthy residents. However, we tried to find areas in the country, big cities, suburbs, areas with high average real estate availability, and support for families. We know that families in the South love the country, but suburbs also provide many benefits, as does raw, unprocessed real estate. As a result, our research process looked at a lot of data and followed this simple process: 

  1. Carefully researching the towns throughout Tennessee
  2. Deciding which suburb or suburbs to include 
  3. Researching all the regions to find a lot of raw data
  4. Balancing which data makes a city rich or not 
  5. Updating our previous article with more up-to-date data
  6. Providing information that average families deserve

The 10 Richest Cities in Tennessee

Whether people are relocating their families to the south or want towns that provide a higher-than-average quality of living, the following richest cities in Tennessee should work well for them. Land in a suburb of Chattanooga or other bigger cities is often where the wealth is most highly concentrated. Households in these regions often have a much higher living standard. 

When picking a city in Tennessee, make sure you choose the best places for your needs. An expensive place with a rich community is nice. However, only move to an expensive place if you can afford a community filled with rich people. The costs of living in these rich areas can be high, though the community is often very tight, making these the best places to live in the state.

10. Oakland

Oakland is a wealthy suburb of Memphis in southwest Tennessee. The town has less than 8,000 residents. The average income is 32,194, and the average house price is $321,000. Unemployment and poverty rates are low. The cost of living is just below the national average.

The suburb 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.

So, while it's not the richest city or even the second richest city in Tennessee, its decent median household income and low cost of living make it very livable. Compared to higher-earning areas like Forest Hills, Spring Hill, and other cities in Tennessee, it's not quite as wealthy. 

However, it's still among the richest towns in the area, with unemployment and poverty rates that are more than decent. As a small to medium-sized city, it maintains a small-town charm that makes it a wealthy suburb that's more than worth checking out. The low poverty rate alone is nice.

9. Spring Hill

Spring Hill, a suburb of Nashville, is one of the 10 richest cities in Tennessee. The median income of residents is $92,779, and the average house price is about $508,000. The population is just under 40,000. From 1990 until 2007, Spring Hill had a Saturn Plant that kept this suburb financially strong.

The plant closed, but 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 1800s 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. The schools here are decent but not great, so keep that in mind if you want to move here instead of another wealthy suburb, like Thompson's Station, with a higher median income. The home square footage here is good, thankfully.

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. The cost of living here is thankfully quite low compared to the national average.

Due to health epidemics in Chattanooga during the 1870s, wealthy residents moved to the mountain for clean air and established Signal Mountain. Today, the town of 8,539 maintains its wealthy image. It's a nice change of pace for Brentwood residents, especially due to its lower poverty rate.

The median house price is $468,900, and the median income of residents is about $114,464. Even better, the poverty rate is less than 2%. Residents and visitors of Signal Mountain can enjoy many outdoor activities, including access to a nearby mountain, like Mount Juliet.

This mountain has several hiking trails. The city has a playhouse and an outdoor natural amphitheater. The Mountain Opry hosts bluegrass music every Friday night. As a result, this small suburb is a great place to live in the Volunteer State and, while far from the White House, is a regal place to settle.

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 cost of living in this area, not far from Nashville, is very low, and the community is rich and healthy.

The median income is $118,000, and the median house price is $480,000. The population is 39,000. For its size, Germantown has the lowest crime rate in Tennessee. Germantown was settled in the early nineteenth century. It stayed a popular city in Tennessee for many years. 

Unfortunately, this city in Tennessee suffered from the Civil War and yellow fever epidemics but rebounded in the twentieth century due to careful reorganization. Many new restaurants, rich community support, and other help transformed it into one of the wealthiest cities in Tennessee.

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. Located not far from Thompson's Station and other areas, the median household income here is $132,949.

6. Collierville

The sixth richest city in Tennessee is Collierville. The median income is $119,000, 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. The cost of living here is well below the national average.

Badly destroyed during the Civil War, Collierville was rebuilt and maintains its historic district today. The median household income of this city (not far from Mount Juliet) has jumped heavily and offers top rated schools with strong home values, a low unemployment rate, and the chance to see interesting people.

For example, it's home to large sprawling homes, retail, including the Avenue at Carriage Crossing, and some industries, including Pepsi and Carrier. Some celebrities live in the area, which increases the home values of this Tennessee city and pushes them near Nashville levels.

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 $119,167, and the average cost of a home is $559,200. 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 at the eastern end of the town to connect to Atlanta. The Tennessee River is still dotted by antebellum homes and historic churches. These days, the median household income here is high.

Today, Farragut has several parks, trails, and historic buildings, including the Boyd-Harvey House. It also includes some top-rated schools and excellent home values, making this one of the wealthiest cities in Tennessee, with a reasonable population. This town is not the most expensive place to live, either, which makes it appealing to those who struggle with Nashville's population and prices. 

4. Thompson's Station

One town in the top 10 wealthiest cities in Tennessee is the small town of Thompson's Station. The town of just 5,456 boasts a median house price of over $500,000. The median income is $104,000. Unemployment and poverty rates are about 2%, which are very low levels for a city in Tennessee.

The small Nashville suburb was founded by settlers in the 18th century who located the region and called it White House and later Littlebury. In 1855, Dr. Elijah Thompson donated land for the town.

He also donated land for the new railroad, and the town was renamed Thompson's Station 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.

It's also not far from areas like Mount Juliet and Belle Meade, meaning you can enjoy great outdoor activities in the beautiful Tennessee region. This town is not the richest city in Tennessee, but its population is more welcoming than that of Nashville, and there are excellent schools to consider. 

3. Arlington

The Memphis suburb of Arlington boasts a median house price of $380,300, with a median income of residents of $104,637 and unemployment at less than 2%. With a current population close to 11,700, Arlington is one of the fastest-growing cities in Tennessee, almost as close as Nashville!

Arlington was settled in the 1830s 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 White Station Depot. Its population is getting close to Knoxville's suburbs.

In the late nineteenth century, the town was renamed Arlington in honor of Arlington National Cemetery. The town's current wealth can be seen with chic art galleries and private schools. Though not quite as sprawling as Knoxville, Nashville, or Memphis, the richest areas have many parks to visit. Thankfully, the cost of living is very low, ensuring this isn't the most expensive place to live.

2. Brentwood

Brentwood is the second richest city in Tennessee. The suburb of Nashville has celebrity residents. The population is 42,400 for the richest Nashville suburb. The median income is $170,000 in Brentwood, making it the richest suburb in Nashville. Then there are Brentwood house prices.

The median sale price of a home in Brentwood is $1,127,200. Thankfully, unemployment and poverty rates are just 2.5%. Brentwood has one of the richest histories of all Tennessee cities.

In fact, Brentwood was settled by European-American settlers in the late 18th century. Once home to sprawling plantations, these were sold or leased following the Civil War. The main crop was tobacco, and family income was tied so heavily to this crop that, when it failed, things went poorly.

During the early 20th 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, which are located not far from other Tennessee destinations. The population is compact and doesn't unnecessarily sprawl. 

1. Nolensville

Much smaller than Brentwood, Nolensville is a suburb of Nashville. It is 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. The cost of living here is very high, so keep that in mind here.

While the median household income is $134,740, homes have a median price of $718,800. The unemployment rate is 1.6%, and the poverty rate is just 1.4%. Residents make a median of about $152,500 a year, which makes living here a pretty comfortable experience.

Nolensville was established in 1797 and is named after American Revolutionary War veteran William Nolen, who settled his family there. Nolensville remains small but has had steady population growth over the past few decades. It has pretty strong schools and is a great place to raise a family.

All in all, it's a beautiful, quaint town with antique shops, a farmer's market, and nice pubs and restaurants. Jobs are strong here, with lots of options in architecture, engineering, and other unique industries. These include transportation and warehousing jobs as well.

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Dana Hanson

Written by Dana Hanson

Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. Her academic degrees include AA social Sci/BA English/MEd Adult Ed & Community & Human Resource Development and ABD in PhD studies in Indust & Org Psychology.

Read more posts by Dana Hanson

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