Tennessee ranks high in analysis of taxpayers' return on investment (2024)

FAQs

Does Tennessee have the highest ROI? ›

Tennessee is one of those states, ranking as the 10th-best state in the nation in taxpayer return on investment, according to a WalletHub study on the Best & Worst Taxpayer Return on Investment in 2021.

1. Wyoming: 203% 5-year ROI on College. Wyoming has some of the highest wages for high school graduates: $31,936 a year, on average.

For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 3.87 percent.

The average rental income is about $1,200 and the average ROI is a whopping 10%. The median property price is one of the lowest in the state, at just $69,900.

(NewsNation) — A new survey from WalletHub shows that New Hampshire and Florida are two of the best states for taxpayers to live if they want to see more bang for their tax bucks.

Investors probably need no explanation why and convincing that Florida tops the list of the best states for the long term rental investment strategy. Our nationwide rental market analysis shows that, on average, you can expect the highest rate of return in the Sunshine State.

The combined tally of investment of three years makes Maharashtra the most attractive investment destination, states the survey. The investment is more than Karnataka ( ₹2,93,149 crore, 331 projects) and Gujarat ( ₹ 2,36,866 crore, 602 projects), states the survey.

Tennessee is one of nine states that does not collect a general income tax. However, the state does collect taxes on interest and dividends earned on investments – a form of income tax known as the “Hall tax.”

Tax Collections & Reporting

More than two-thirds of revenue come from two taxes - sales and use tax and franchise and excise tax.

Return on investment is variable and depends on a lot of factors — there's no one-size-fits-all answer for what is considered a “good” ROI. The average annual ROI for residential real estate is currently hovering around 10 percent, so anything above that can be considered better than average.

Is Tennessee a good place to retire financially? ›

If you want a slower pace of life set amongst the backdrop of stunning mountains or love country music and southern charm, Tennessee is a great option for retirement. Financially speaking, it can save you thousands in retirement with its low cost of living, lack of income taxes, and affordable housing.

The main reason why Tennessee is such a tax friendly state for retirees is that in 2021 Tennessee repealed all forms of state income taxes (including income from interest and dividends). This means that Tennessee does not tax Social Security benefits or other forms of retirement income in any way.

Agriculture is an important part of the economy of Tennessee, with the state ranking among the top producers of soybeans, tobacco, and cotton in the United States. The state is also home to a thriving healthcare industry, with Nashville being a major hub for healthcare services and research.

1. Alaska. Alaska is the most tax-friendly state for retirees because it has no state income tax or tax on Social Security. And its sales tax rate is the fourth lowest on our list - fifth lowest in the U.S. But keep this in mind: The cost of living in Alaska is higher than in most states.

All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.

Texas replaced California in 2023 as the strongest housing market by state. With an existing home inventory of 83,222, the available houses for sale have more than doubled since last year. It has seen a drop of about 6% in new construction and is now at 248,648 since 2022.

What are the best states to make money? ›

The time value of money (TVM) is the concept that a sum of money is worth more now than the same sum will be at a future date due to its earnings potential in the interim. The time value of money is a core principle of finance. A sum of money in the hand has greater value than the same sum to be paid in the future.

After trailing the national average in economic growth in the previous three years, Tennessee led the nation in GDP growth in 2021, growing 8.6% to outpace the national average growth rate of 5.7%.

But the government agency said the Volunteer State ranked second among all U.S. states in gross domestic product growth in 2022, rising nearly 2 1/2 times as much as the rest of the country.

Tennessee is the thirty-fifth-richest state in the United States of America, with a per capita income of $28,764 (2017).

Agriculture is an important part of the economy of Tennessee, with the state ranking among the top producers of soybeans, tobacco, and cotton in the United States. The state is also home to a thriving healthcare industry, with Nashville being a major hub for healthcare services and research.

6, during his State of the State, Governor Lee said, “Tennessee is leading the nation.” On two important economic indicators, he's right. In three years, we've risen from 24th to No. 1 in gross domestic product (GDP) growth, recording 8.6% growth in 2021.

What is the best return on investment? ›

Most investors would view an average annual rate of return of 10% or more as a good ROI for long-term investments in the stock market.

Tennessee has popped up on lists of the best, most affordable, and most moved-to states in the US, with cities like Chattanooga and Knoxville gaining recognition for their population booms during the pandemic.

One of the primary drivers of Nashville's growth is its strong economy. The city has become a hub for several industries, including healthcare, music, and tourism. Healthcare is a particularly important industry in Nashville, with several major hospitals and healthcare companies headquartered in the city.