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Small Town Ambiance and Lake
Recreation Bring Retirees to Paris, Tennessee
Cost of Living: Below the National Average
| Retirees are attracted to tranquil Paris,
Tennessee (population 9,800) for a variety of
reasons. This small southern town is located in
Henry County in the northwestern portion of the state
and just 15 miles from the sprawling (140,000 acres)
recreation area Land Between the Lakes, which as the
name implies, is situated between two large, shimmering
bodies of water, man-made Kentucky Lake and Lake
Barkley. Here residents enjoy water skiing,
picnicing, camping, fishing, sailing, canoeing and motor
boating while surrounded by lush, wooded
geography. Paris' cost-of-living is below the
national average, and the town has a healthy downtown
and an active senior population. In fact, 22% of
the residents are aged 45 to 64 and another 22% are aged
65 or above. |
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Paris real estate is very affordable and consists
primarily of single-family homes within city limits and
homes and new condominiums on Kentucky Lake. In town,
2 and 3 bedroom homes, some located within newer
subdivisions, can be found for under $100,000, but inventory
opens up in the $125,000 range. In an historic
neighborhood, $181,000 will buy a beautiful, completely
restored 1941 Greek Revival, Neo Classical, 2,400 square
foot home on a 1/2 acre large lot with mature
trees. $250,000 will fetch a lovely, brick, 3
bedroom, 3 bath home with 3,000 square feet, a great room, a
formal dining room, a finished basement, a gazebo and a sun
room.
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On Kentucky Lake, where many seniors opt to live,
real estate is more expensive but still not completely out of
reach. Pleasant Place is a new condominium development at
Buchanan Resort and Marina and offers a community boat dock, a
beach, tennis courts, a restaurant and a clubhouse.
Two bedroom, two bath units with 1,150 square feet start at around
$170,000. Lots along the Lake start at around $35,000, but
the average price seems to be roughly $85,000 for land with a view
of the water and $150,000 for lots that actually touch
water. Small (650 square feet), rather
ramshackle homes slightly back from the Lake can be found for
around $60,000, but most houses start at closer to $250,000 and
rise significantly in price from there.
Outside of town, individual manufactured homes on
10 acres can be found for $87,000. Paris also has five
manufactured home communities, including Lone Oak Village Mobile
Home Park (731-642-1930) and McClains Mobile Home
Park (731-642-9050).
For homes within town limits,
property is taxed at $36.50 per $1,000 assessed value, and homes
are assessed at 25% of market value. The tax on a $135,000
house within town is $1,231 per year. On homes outside
of city limits but within the county, property is taxed at $24.40
per $1,000 assessed value, and homes are assessed at 25% of home
value. The tax on a $135,000 house in the county but not
within the city limits is $823 per year.
The median apartment rent in Paris
is $350, but we were unable to find any apartments for rent at
this writing.
Paris,
Tennessee, Continued...
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