At a Glance
- ZIP code 37205 (West Nashville) ranks #1 for wealth concentration in the Nashville Business Journal’s 2026 Wealth Edition, followed by 37215, 37204 and Brentwood’s 37027.
- The ranking measures concentration of wealth using per-capita income, median home value, population density, median age, land area and regional affordability adjustments, not simply median household income.
- Green Hills’ 37215 has the region’s highest median home value at $1,046,500, the only Nashville-area ZIP code above $1 million.
- Eight Williamson County ZIP codes rank among the top 24 in the Nashville-area wealth analysis, showing wealth spreading well beyond Brentwood.
- Four Middle Tennessee ZIP codes rank among the 10 wealthiest ZIP codes in the entire state of Tennessee.
- The rankings are built on the U.S. Census Bureau’s 2020-2024 American Community Survey 5-Year Estimates, released January 29, 2026.
Nashville’s luxury real estate market is often discussed in terms of home prices. But home prices alone do not tell us where wealth actually lives.
The Nashville Business Journal’s 2026 Wealth Edition offers a more interesting way to look at Middle Tennessee. American City Business Journals ranked 40 qualifying Nashville-area ZIP codes using a proprietary methodology intended to measure the concentration of wealth, not simply which communities have the highest household incomes.
The results confirm the strength of Nashville’s traditional luxury corridor, particularly West Nashville, Green Hills and 12 South. But they also reveal something I believe is more important for anyone thinking about the future of Middle Tennessee real estate: wealth is becoming increasingly distributed across a much larger geography.
For buyers and sellers, that helps explain why luxury demand behaves differently from one Nashville submarket to another. For builders, developers and investors, it may provide another useful signal about where future opportunities could emerge.
The Key Findings
The 2026 analysis ranks 37205 as the wealthiest ZIP code in the Nashville region, followed by 37215, 37204 and Brentwood’s 37027. Four Middle Tennessee ZIP codes also rank among the 10 wealthiest in the entire state.
The top 10 Nashville-area ZIP codes are:
| Rank | ZIP Code | Area | Median Household Income | Population |
|---|---|---|---|---|
| 1 | 37205 | Nashville | $139K | 24,823 |
| 2 | 37215 | Nashville | $156K | 22,018 |
| 3 | 37204 | Nashville | $110K | 16,469 |
| 4 | 37027 | Brentwood | $155K | 61,630 |
| 5 | 37216 | Nashville | $87K | 19,038 |
| 6 | 37220 | Nashville | $180K | 5,265 |
| 7 | 37075 | Hendersonville | $102K | 73,522 |
| 8 | 37138 | Old Hickory | $85K | 22,575 |
| 9 | 37069 | Franklin | $158K | 20,209 |
| 10 | 37067 | Franklin | $112K | 31,556 |
Source: Nashville Business Journal, based on American City Business Journals’ wealth methodology and U.S. Census Bureau American Community Survey data.
That ranking is worth examining carefully because “wealthiest” does not mean “highest median household income.”
For example, 37220 reports a median household income of approximately $180,000, higher than 37205’s approximately $139,000, yet 37205 ranks first and 37220 sixth.
Why?
Because income is only part of the calculation.
How the Wealth Ranking Works
According to ACBJ’s published methodology, its Wealthiest ZIP Codes formula considers per-capita income, median home value, population per square mile and median age. The metrics are adjusted for ZIP-code land area to estimate wealth per square mile and for regional differences in affordability. ZIP codes smaller than 0.5 square miles and areas missing required data were excluded. Dollar figures are stated in 2024 dollars.
The demographic foundation is the U.S. Census Bureau’s American Community Survey. The Census Bureau confirms that its 2020-2024 ACS five-year estimates were released in January 2026 and provide economic, housing and demographic statistics for geographies including ZIP Code Tabulation Areas.
That makes an important distinction possible:
High income and concentrated wealth are related, but they are not the same thing.
For my work in land acquisition, development, new construction and luxury residential real estate, that distinction is particularly useful. A high-income ZIP code tells me something about purchasing power. A high-value housing market tells me something about existing real estate wealth. Density, population and geography tell me something about the depth and concentration of that market.
None of those statistics should determine an investment decision by themselves. Together, however, they can help us ask better questions.
37205: Nashville’s Greatest Concentration of Wealth
West Nashville’s 37205 ranks #1 in Greater Nashville and #2 statewide in the Business Journals analysis. The ZIP has approximately 24,823 residents, a median household income of $139,152 and a 63% homeownership rate.
NBJ identifies Cherokee Park, Hillwood and portions of Belle Meade among the neighborhoods within 37205.
What I find particularly interesting is that 37205 does not have Nashville’s highest median household income or highest median home value.
Yet it ranks first for wealth concentration.
For someone who has spent years working in Nashville’s luxury and infill markets, that distinction makes intuitive sense. Nashville’s established west-side neighborhoods contain something that can be difficult to capture through a single housing statistic: a combination of valuable real estate, established homeowners, desirable locations, limited land and generations of accumulated housing equity.
The NBJ data gives us a quantitative way to see that concentration.
37215: Nashville’s Most Valuable Housing ZIP Code
Green Hills-area 37215 ranks #2 for overall wealth concentration, but it takes the top spot on NBJ’s separate ranking of median home values.
Its median home value is approximately $1,046,500, making 37215 the only ZIP code in the publication’s Nashville top-10 home-value chart above $1 million.
The ZIP also has a median household income of $155,863 and a 69% homeownership rate. It ranks fourth statewide in the broader wealth analysis.
The Census Bureau identifies its 2024 ACS median-value measure as applying to owner-occupied housing units, an important technical distinction when interpreting these figures.
From a luxury-development perspective, the combination is significant: high household income, high housing values and an established concentration of wealth all exist in the same market.
That does not guarantee that every luxury project will work. Lot basis, street, architecture, square footage, construction cost and final pricing still matter enormously. But it helps explain why certain southern Nashville submarkets can sustain a level of luxury product that would be difficult to replicate elsewhere.
37204 and the Evolution of 12 South
Perhaps one of the most revealing results is 37204.
The ZIP ranks #3 in Greater Nashville for wealth concentration, #7 statewide and #5 locally for median home value at approximately $907,500.
That matters to me because 12 South and the surrounding urban-infill neighborhoods are markets I know through my work in new construction, development and luxury residential sales.
There is an important difference between a neighborhood becoming expensive and a neighborhood developing a meaningful concentration of wealth.
The former can result from scarcity, rapid appreciation or a surge in demand. The latter suggests a deeper economic base.
I would not claim the NBJ ranking proves why 37204 has appreciated or predicts where its housing market goes next. It does, however, provide evidence that the area now combines expensive housing with one of Middle Tennessee’s strongest concentrations of wealth.
For builders considering high-end urban infill, that is a more useful observation than price appreciation alone.
Brentwood Shows the Scale of Suburban Affluence
Brentwood’s 37027 ranks #4 in Greater Nashville and #10 in Tennessee.
The ZIP has approximately 61,630 residents, median household income of $154,578, a 78% homeownership rate and a median home value of approximately $931,700.
Its population is particularly noteworthy.
37215 has approximately 22,000 residents. Brentwood has more than 61,000.
That does not make one market “better” than the other. It illustrates that Nashville’s urban luxury markets and Williamson County’s suburban luxury markets derive strength from somewhat different characteristics.
In my work evaluating luxury residential opportunities, I think of that distinction as density versus breadth.
Davidson County contains extremely concentrated pockets of wealth.
Williamson County spreads substantial affluence across a much larger geography and population.
That difference has practical consequences for everything from lot sizes and housing types to buyer expectations and development strategy.
Williamson County’s Wealth Is Much Broader Than Brentwood
The complete 40-ZIP ranking makes this particularly clear.
Williamson County markets appearing within the top 24 include:
| Rank | ZIP | Market | Median HH Income |
|---|---|---|---|
| 4 | 37027 | Brentwood | $155K |
| 9 | 37069 | Franklin | $158K |
| 10 | 37067 | Franklin | $112K |
| 11 | 37135 | Nolensville | $149K |
| 16 | 37064 | Franklin | $128K |
| 17 | 37179 | Thompson’s Station | $136K |
| 20 | 37014 | Arrington | $105K |
| 24 | 37046 | College Grove | $178K |
That is eight Williamson County ZIP codes among the top 24 in the Nashville-area ranking.
It also illustrates why I would be cautious about talking about “the Williamson County luxury market” as though it were one homogeneous thing.
Brentwood, established Franklin, Nolensville, Thompson’s Station, Arrington and College Grove can have very different land characteristics, housing stock, buyer profiles and development economics.
A ZIP-code ranking gives us the macro signal. Good real estate analysis still has to happen at the neighborhood, street, lot and project level.
College Grove May Be the Most Interesting Outlier
College Grove’s 37046 deserves special attention.
It reports approximately:
- $178,000 median household income
- 7,310 residents
- $979,900 median home value
That gives College Grove the second-highest median home value shown in NBJ’s Nashville-area home-value ranking, behind only 37215. Yet 37046 ranks just #24 for overall wealth concentration.
That is not necessarily a contradiction.
ACBJ explicitly adjusts for land area and population density in calculating wealth concentration.
College Grove therefore illustrates an important limitation of rankings: a relatively low wealth-concentration rank does not necessarily mean a community lacks affluent households or expensive real estate.
A large, low-density ZIP code can contain substantial wealth without concentrating that wealth into a small number of square miles.
That is exactly why I would never use this ranking by itself to decide where a builder should or should not pursue land.
Nashville’s Top ZIP Codes by Median Home Value
Real estate itself represents a major component of the wealth picture. NBJ’s separate top-10 chart reports:
| Rank | ZIP | Median Home Value |
|---|---|---|
| 1 | 37215 | $1,046,500 |
| 2 | 37046 | $979,900 |
| 3 | 37205 | $953,300 |
| 4 | 37027 | $931,700 |
| 5 | 37204 | $907,500 |
| 6 | 37220 | $818,200 |
| 7 | 37069 | $815,600 |
| 8 | 37067 | $756,300 |
| 9 | 37014 | $739,500 |
| 10 | 37064 | $735,100 |
The underlying Census ACS housing-value measure is based on owner-occupied housing units and, like other ACS estimates, is survey-based and subject to sampling variability.
That is worth remembering when using these numbers professionally. They are excellent market indicators, but they are not appraisals and should not be interpreted as current MLS median sale prices.
The Emerging Wealth Markets I Would Watch
The headline markets are important, but for my work in development and land acquisition, I am equally interested in what appears below the obvious names.
Several rankings caught my attention:
- 37216 ranks #5.
- Old Hickory 37138 ranks #8.
- Bellevue-area 37221 ranks #12.
- Mount Juliet 37122 ranks #14.
- Thompson’s Station 37179 ranks #17.
I would not interpret those rankings as proof that these areas are Nashville’s next luxury markets.
I would interpret them as signals worth investigating.
That is an important distinction.
When I evaluate land or a new-construction opportunity, wealth concentration would be only one layer of the analysis. I also want to understand recent comparable sales, price per square foot, absorption, days on market, existing and proposed inventory, lot basis, zoning and entitlement constraints, construction costs, buyer depth and the realistic exit price.
But if a ZIP code begins showing stronger household economics and wealth characteristics while the high-end housing stock remains comparatively limited, I want to understand why.
Sometimes the opportunity in development is not where luxury is already obvious. It is where the economic foundation for better housing is developing before everyone treats it as obvious.
Nashville Versus Williamson County: Two Luxury Strategies
The data reinforces something I think is particularly useful for builders and investors.
Davidson County luxury development is often a scarcity and infill business.
In established Nashville neighborhoods, we frequently evaluate an existing property not simply for the house that stands there today, but for the land underneath it: frontage, setbacks, zoning, topography, buildable area, neighboring values and the potential exit price of new construction.
Williamson County luxury development is often a land, lifestyle and scale business.
Larger sites, estate lots, community development, schools, commuting patterns, amenities and buyer preferences can become more influential.
Those are broad tendencies, not rules. But treating the two markets identically can lead to bad underwriting.
The wealth data helps explain why both models can coexist in the same metropolitan area.
What This Data Does, and Does Not, Tell Us
I think this distinction is important enough to make explicit.
The NBJ/ACBJ analysis establishes where its proprietary formula finds the greatest concentrations of wealth. It does not establish future home-price appreciation, guarantee luxury demand or identify profitable development sites.
The Census data establishes demographic and housing estimates. The Census Bureau describes the ACS as an ongoing survey providing annual social, economic, housing and demographic information, with five-year estimates available for ZIP Code Tabulation Areas and other small geographies.
My interpretation is that these wealth rankings can be useful as one additional layer when analyzing Nashville residential real estate.
That interpretation comes from the way I work.
I have spent 16 years in real estate and have specialized extensively in Nashville and Middle Tennessee land acquisition, urban infill, new construction, luxury residential sales and development opportunities. In evaluating sites and projects, I am rarely looking for one statistic that gives me an answer. I am trying to understand how multiple pieces of information fit together.
This study gives us another one of those pieces.
Brandon Knox’s Perspective: Where the Opportunity Really Is
After reviewing all 40 ZIP codes, the biggest takeaway for me isn’t that Belle Meade, Green Hills, 12 South and Brentwood are wealthy. We already knew those were among Middle Tennessee’s strongest residential markets.
The more useful information is the growing geographic breadth of wealth.
For builders and developers, I would separate the question into two categories: where Nashville has deep, established wealth today, and where the economic characteristics are strengthening enough to justify further investigation for tomorrow.
I would still underwrite a potential project primarily from the ground up using actual comparable sales, land basis, construction cost, absorption and achievable exit pricing. But when a market also shows growing or significant concentrations of household wealth, that can strengthen the underlying thesis or tell me where to look more closely.
The opportunity is not simply to follow expensive homes. It is to understand where purchasing power, accumulated wealth, land, housing demand and product scarcity are beginning to intersect.
That is where this study becomes useful to me.
Complete 2026 Nashville-Area Wealth Ranking
For readers who want the underlying ranking, here are all 40 ZIP codes reported in the NBJ table:
| Rank | ZIP | Market | Median HH Income | Population |
|---|---|---|---|---|
| 1 | 37205 | Nashville | $139K | 24,823 |
| 2 | 37215 | Nashville | $156K | 22,018 |
| 3 | 37204 | Nashville | $110K | 16,469 |
| 4 | 37027 | Brentwood | $155K | 61,630 |
| 5 | 37216 | Nashville | $87K | 19,038 |
| 6 | 37220 | Nashville | $180K | 5,265 |
| 7 | 37075 | Hendersonville | $102K | 73,522 |
| 8 | 37138 | Old Hickory | $85K | 22,575 |
| 9 | 37069 | Franklin | $158K | 20,209 |
| 10 | 37067 | Franklin | $112K | 31,556 |
| 11 | 37135 | Nolensville | $149K | 24,409 |
| 12 | 37221 | Nashville | $98K | 41,935 |
| 13 | 37128 | Murfreesboro | $94K | 79,268 |
| 14 | 37122 | Mount Juliet | $113K | 68,492 |
| 15 | 37129 | Murfreesboro | $91K | 63,652 |
| 16 | 37064 | Franklin | $128K | 67,513 |
| 17 | 37179 | Thompson’s Station | $136K | 18,043 |
| 18 | 37188 | White House | $91K | 18,241 |
| 19 | 37043 | Clarksville | $95K | 58,742 |
| 20 | 37014 | Arrington | $105K | 3,227 |
| 21 | 37072 | Goodlettsville | $78K | 32,208 |
| 22 | 37073 | Greenbrier | $89K | 14,995 |
| 23 | 37146 | Pleasant View | $111K | 7,598 |
| 24 | 37046 | College Grove | $178K | 7,310 |
| 25 | 37062 | Fairview | $92K | 13,851 |
| 26 | 37048 | Cottontown | $100K | 6,380 |
| 27 | 37029 | Burns | $97K | 6,405 |
| 28 | 37189 | Whites Creek | $87K | 3,442 |
| 29 | 37082 | Kingston Springs | $98K | 5,517 |
| 30 | 37143 | Pegram | $97K | 4,214 |
| 31 | 37031 | Castalian Springs | $98K | 3,926 |
| 32 | 37085 | Lascassas | $119K | 5,853 |
| 33 | 37153 | Rockvale | $99K | 5,682 |
| 34 | 37037 | Christiana | $103K | 9,855 |
| 35 | 37090 | Lebanon | $84K | 19,774 |
| 36 | 37015 | Ashland City | $79K | 18,988 |
| 37 | 37187 | White Bluff | $76K | 7,988 |
| 38 | 37032 | Cedar Hill | $88K | 5,453 |
| 39 | 37052 | Cunningham | $69K | 1,659 |
| 40 | 38476 | Primm Springs | $84K | 1,228 |
About the Author
Brandon C. Knox is a Principal Partner and co-founder of BDG Partners at Compass in Nashville. His real estate work focuses on luxury residential property, land acquisition, urban infill, new construction and development opportunities throughout Nashville and Middle Tennessee. Knox has worked in real estate for 16 years and has been active in the Nashville market since moving to the city in 2013.
At BDG Partners, his market analysis is informed by both brokerage and development experience, with particular emphasis on understanding how land economics, housing demand, neighborhood characteristics and buyer behavior affect residential development and luxury real estate.
Sources & Methodology
Primary analysis: Joanne Drilling, National Data Reporter, The Business Journals, “Wealth Wave Takes Nashville by Storm,” Aug. 21, 2026.
Ranking methodology: American City Business Journals Wealthiest ZIP Codes formula, considering per-capita income, median home value, population density, median age, land area and regional affordability adjustments.
Underlying government data: U.S. Census Bureau, 2020-2024 American Community Survey 5-Year Estimates. The Census Bureau released the dataset Jan. 29, 2026.
Housing-value methodology: U.S. Census Bureau, 2024 ACS 5-Year Estimates, Detailed Table B25077, Median Value (Dollars), owner-occupied housing units.
