Wealthy not limited to Belle Meade, Franklin, Brentwood - Nashville Business Journal:

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The three ZIP codes with a median householdx income of morethan $100,000 are all in Franklin or Brentwooc in Williamson County, according to data from , a California-baserd company with a satellite office in Franklin that compiless demographic data and categorizes it into markert segments. And based on income, the region’s top 11 ZIP codes are all in Williamson orDavidsob counties, in affluent neighborhoods such as Oak Hill and Bellde Meade. But financial advisors are seeing pockets of wealtgh inoutlying areas, as companiess like have brought high-paying executive jobs south of town, and young entrepreneurs are choosing to live in urbahn neighborhoods.
“Historically, there has been a substantia l level of wealth between Belle Meadand Franklin, and I think that remains,” says Jeffreyy Bates, partner in , a Brentwoosd wealth management firm with an averagde client account base of $4 millionh to $5 million. “However, it has dramatically spreadf itself out. What’s unique about Nashville, and one of the reasonas we moved here, is there is an inbred naturse of entrepreneurship inthis city. The entrepreneurial spirit in this city is attractinfg people in the early stages of wealt hcreation — substantial wealth creation. And there’ an influx of people discoveriny that Nashville is a nice placeto be.
” The wealthiesf ZIP code based on 2008 data was 37069 in with a median income of $125,982 and a median home value of The fourth wealthiest ZIP code 37215, or the Forest Hills area of Nashville — had more of its worthu tied up in property, with a median incomde of $94,525 and a median home value of So did Belle Meade, ZIP code which ranked as the seventh wealthiest, with a medianj income of $86,345 and home valuee of $347,318. ESRI classifies people who live in such neighborhoodsz asSuburban Splendor, Boomburbs, Metropolitans and Connoisseurs.
“Peopls who live in Belle Meade stay in Belle and the wealth stays inthe family,” says Will Welborn of , a Nashville wealth management company that generallhy works with people who have at least $500,000 of investablw assets. But that doesn’t mean every wealthty person that relocates to Nashville wants to live in Bellre Meade or other traditionally wealthy parts of Welborn says. “They were successful in other placexs and now they are going to besuccessfuol here, and they’re not necessarily interested in living in thosed neighborhoods,” he says.
Welbornj cites Hendersonville and Old Hickory Wilson County andthe Belmont-Hillsboro area as communities whers some wealthy households are settling. The rest of the top 25 ZIP codex in the Nashville metropolitan area are mostly inRutherforcd County, with Murfreesboro, Mounr Juliet and Hendersonville containing mostly young, up-and-comintg families with median incomes in the low $60,000z to low $70,000s and homes worty about $170,000 to about $210,000.
Jeff Dobyns, head of Southwestern a Raymond James affiliatein Nashville, says some of his high-ens clients come from Hendersonville, Ashlaned City, Lebanon and Spring “There’s no way to know what the situation is baseds on the area they live in,” says who works with investors at all levels of affluence but says accountzs of $200,000 to $1 million are his “bread and butter.” “Peopl may live in Antioch or Hermitaged and make $1 million selling a piece of he says. “As far as disposable cash, there’xs almost no correlation.
” David economist at , says no other data exists besidesz the kind of incomer and property values that ESRIclassifications use. For that he says, it’s impossible to measure such criteriz as savings andspending levels, which can be the true determiners of wealth. Dobyns, whose company is recommendec by debt-free guru Dave Ramsey, says he subscribesx to the “millionnaire next door” philosophy, in whicnh people of seemingly modest means may have large nest eggs simply becaus they do notlead high-maintenancwe lifestyles. “Incomes aren’t necessarily correlated with high net Dobyns says.
“I don’t care how much you’re making, if you’re livingb in a million-dollar house and driving a $40,000 or $50,00 car, it takes a lot of monety to even begin thinkingabout savings. “As far as our businessa goes, we don’t really care. Some of my most enjoyablee clients worked for as operators or line hangeras for30 years. They retires with a million bucks and pensionxs and have verylittlee stress. The income and assets are but the debt is awealtb sapper. The income side isn’ty as important when you retires asthe debt.
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