The Cost of Living: Nashville, TN

Kevin WanThomas Hsu

Location

• Nashville, TN

Total Income: Thomas

• Occupation: Computer programmer• Initial Income: $55,000• Post-tax: $38,050• FICA: $3,106• State tax: $2,664• Total Disposable Income: $31,115.25

Total Income: Kevin

• Occupation: Aerospace Engineer• Initial Income: $40,000• Post-tax: $26,467• FICA: $3,106• State tax: $1,764• Total Disposable Income: $21,597

Housing

• 510 Gay St• City: Nashville• Zip Code: 37219• Located in city center

Housing Costs• $850/month• $10,200 for an entire year• Month-to-month lease terms• 2 bedrooms, 1 bathroom• Size: 850 square feet• 1 story condo• Garage parking available• Utilities Included• Weight room included, on premises

Remaining Income

Thomas• $31,115.25

– -$5,100 annual costs

• $26,015.25

Kevin• $21,597

– -$5100 annual costs

• $16,497

HealthcareThomas• $1,488 Annually• $124.00/month• $2,500 Deductible Plans - L07P Plan• $2500 Deductible• Individual Coverage

Kevin • $1,488 Annually• $124.00/month• $2,500 Deductible Plans - L07P Plan• $2500 Deductible• Individual Coverage

Remaining Income

Thomas• $26,015.25

– -$1,488 annual costs

• $24,527.25

Kevin• $16,497

– -$1,488 annual costs

• $15,009

Transportation

• Central location -> walk most places• 3 bus routes around Downtown Nashville free• Longer bus fares costs $1.60 for a single ride• Thomas:– $10/month

• Kevin:– $10/month

Remaining Income

Thomas• $24,527.25

– -$120 annual costs

• $24,407.25

Kevin• $15,009

– -$120 annual costs

• $14,889

Utilities

• Electricity: paid for by housing• Water: paid for by housing• Gas: paid for by housing• Cell phones: $60/month (each)• Internet: $87.50/month (shared)

Remaining Income

Thomas• $24,407.25

– -$720 cell phone– $525 Internet

• $23,162.25

Kevin• $14,889

– -$720 annual costs– $525 Internet

• $13,644

Food/Furniture

Thomas:• Groceries: $150/monthKevin:• Groceries: $150/monthShared:• 42" Screen Plasma HDTV: $400• Furniture: $500• Household Tools: $100

Remaining Income

Thomas• $23,162.25

– -$150 groceries– $200 HDTV– $250 furniture– $50 household tools

• $22,512.25

Kevin• $13,644

– -$150 groceries– $200 HDTV– $250 furniture– $50 household tools

• $12,994

Extracurricular Activities

Thomas• Clothes: $500/year• Tennis: $300/year• Computer: $1000• Video games: $50/year

Kevin• Clothes: $500/year• Computer: $1000• Movies: $30/year• Video games: $50/year

Remaining Income

Thomas• $22,512.25

– -$500 groceries– $300 tennis– $1000 computer– $50 video games

• $20,622.25

Kevin• $12,994

– -$500 groceries– $1000 computer– $30 movies– $50 video games

• $11,414

Savings (30% of adjusted income)

Thomas• $9,334• Savings account at Bank of

America: $6,334– 0.10% APY

• Checking account at Bank of America: $3,000

Kevin

• $6,479• Savings account at Bank of

America: $4,479– .10% APY

• Checking account at Bank of America: $2,000

Remaining Income

Thomas• $20,622.25

– -$9334 savings

• $11,288

Kevin

• $11,414– -$6,479 savings

• $4,935

End

Thomas• Housing: $5,100• Healthcare: $1,488• Transportation: $120• Utilities: $1,245• Food/Furniture: $650• Extracurricular: $1850• Savings: 9,334• Remaining inc: $11,288

Kevin

• Housing: $5,100• Healthcare: $1,488• Transportation: $120• Utilities: $1,245• Food/Furniture: $650• Extracurricular: $1580• Savings: 6,479• Remaining inc: $4,935