The Cost of Living in Nashville TN
In this video, I examine the cost of living in Nashville. As a native Nashvillian, I remember how affordable Nashville used to be. If you are a native Nashvillian (or been here at least 10 years), and you make the median income of native Nashvillians of approximately $49900, then you are probably struggling with the cost of living in Nashville.
Currently, the median home price in Nashville is $259000. (I believe this number is much higher, much closer to $300,000) Using this $259000 median price for a home, you need an annual income of at least $70150. So right there you're already $20k short.
And renting is even worse. One bedroom apartments that used to rent for $795 in March 2014 now costs $1294 per month. And increase of $502. A 2 bedroom apartment rented for $952 in 2014 and now the median rent for a 2 bedroom apartment is $1597. An increase of $645 per month.
Our local news station reported last month that according to statistics, you need an income of approximately $80000 to live comfortably in Nashville. So again, if you are making the $49900 salary, you're $30k short of living comfortably.
Off the rip, you're either $20k or $30k behind if you are a native Nashvillian.
For the hundreds of people who are moving to Nashville daily with an income of $70k or $80k or higher, the cost of living in Nashville is totally afforable for them.
With so many people moving to Nashville on a daily basis, housing prices are not going to come down. Now is the time to buy. Rents will definitely continue to increase and outpace wage growth.
To find your next home, you can download my Homescout app from your app store and use my VIP code 0832. This will give you the latest listings directly from the MLS and the listings are updated every 15 minutes.
Please feel free to download the app. Give me a call at 615.554.0832 to get started today so you can escape the rising rent.