Brenda, Lakewood is a great little place to live. It's located just between Hermitage and Old Hickory on the Northeast side of town. You can be shopping in Rivergate in 7 to 10 minutes or on the lake or river in 5 minutes. It's a running local joke, however, that Lakewood is the speed trap capitol of Nashville. There's even a sign that says something to the effect of "DO NOT SPEED. You are in Lakewood." You can find a good bargain in Lakewood, too. I drove by two new houses there last week which are 3 bed/2 bath new constructions for under $130K!!
Recently this area has seen a high number of foreclsoures and that trend is expected to continue based on data from HUD and the MBA. The area is also in the middle of a major school zone restructuring.