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

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The three ZIP codees with a median household income of morethan $100,000 are all in Franklinm or Brentwood in Williamsob County, according to data from , a California-basee company with a satellite office in Franklinb that compiles demographic data and categorizesw it into market segments. And based on the region’s top 11 ZIP codes are all in Williamsojn orDavidson counties, in affluent neighborhoods such as Oak Hill and Belle But financial advisors are seeing pocketsz of wealth in outlying areas, as companies like have broughtf high-paying executive jobs south of town, and young entrepreneurzs are choosing to live in urbahn neighborhoods.
“Historically, there has been a substantiak level of wealth between Bellse Meadeand Franklin, and I thinki that remains,” says Jeffrey partner in , a Brentwoo d wealth management firm with an average client account base of $4 million to $5 million. it has dramatically spread itself out. What’sd unique about Nashville, and one of the reasonzs we moved here, is there is an inbred nature of entrepreneurship in this The entrepreneurial spirit in this city is attracting peoplr in the early stages of wealtbcreation — substantial wealth creation. And there’s an influxx of people discovering that Nashville is a nice placedto be.
” The wealthiest ZIP code based on 2008 data was 37069 in Franklin, with a mediabn income of $125,982 and a median home valuse of $339,036. The fourth wealthiest ZIP code — 37215, or the Forestt Hills area of Nashville — had more of its wortuh tied upin property, with a media income of $94,525 and a median home value of So did Belle Meade, ZIP code which ranked as the seventh with a median income of $86,3454 and home value of ESRI classifies people who live in such neighborhoods as Suburbanm Splendor, Boomburbs, Metropolitans and Connoisseurs.
“People who live in Bells Meade stay inBellr Meade, and the wealth stays in the family,” says Will Welborhn of , a Nashvill e wealth management company that generallyg works with people who have at least $500,000 of investable assets. But that doesn’ t mean every wealthy person that relocateas to Nashville wants to live in Bellw Meade or other traditionally wealthy partaof town, Welborn says. “They were successful in other places and now they are goinv to be successful and they’re not necessarily interested in living in thoss neighborhoods,” he says.
Welborn cites Hendersonville and OldHickorty Lake, Wilson County and the Belmont-Hillsboro area as communities whers some wealthy households are The rest of the top 25 ZIP codee in the Nashville metropolitan area are mostlg in Rutherford County, with Murfreesboro, Mounf Juliet and Hendersonville containing mostly young, up-and-coming familiea with median incomes in the low $60,000s to low $70,000s and homes worth about $170,000 to about $210,000.
Jeff head of Southwestern a Raymond James affiliatein Nashville, says some of his high-ensd clients come from Hendersonville, Ashlands City, Lebanon and Spring “There’s no way to know what the situatiomn is based on the area they live says Dobyns, who worksa with investors at all levelsw of affluence but says account s of $200,000 to $1 million are his “bread and “People may live in Antioch or Hermitage and make $1 million sellingv a piece of property,” he “As far as disposable cash, there’s almos no correlation.
” David Penn, economist at , says no other data existse besides the kind of income and propertt values that ESRI classifications use. For that he says, it’s impossible to measure such criteriq as savings andspending levels, which can be the true determiners of Dobyns, whose company is recommendex by debt-free guru Dave Ramsey, says he subscribesz to the “millionnaire next philosophy, in which people of seeminglu modest means may have large nest eggs simply because they do not lead high-maintenance lifestyles. “Incomes aren’f necessarily correlated with high net Dobyns says.
“I don’t care how much you’r making, if you’re living in a million-dollar housde and driving a $40,000 or $50,000 car, it takes a lot of moneyh to even begin thinkingabout savings. “Aa far as our business goes, we don’t reallyy care. Some of my most enjoyable clients worke d for as operators or line hangerw for30 years. They retire with a million bucks and pensions and have verylittls stress. The income and assets are important, but the debt is a wealtjh sapper. The income side isn’tg as important when you retirde asthe debt.
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