VitalSigns-2018

The largest costs for most households are housing and transportation. Despite the increases in income, a growing number of residents in Middle
Tennessee find it difficult to locate housing within their budget. Residents struggle to find housing for many reasons: the pace of growth in Nashville
and the addition of new residents has led to an imbalance in supply and demand of housing. Additionally, the interest in in-town neighborhoods that
had been home to more affordable housing, the demand for housing and the demolition of existing housing that was less expensive and is replaced
with newer, more expensive housing also contribute to this growing challenge. Looking at the same time frame as the household income increase,
2006 to 2016, median home prices increased dramatically from $175,000 in 2006 to a little under $250,000 in 2016. An analysis of Multiple Listing
Service data found that in June 2018, buyers in the Nashville region paid an average of $320,000. This represents $20,000 more than the average
home cost in June 2017.
Similarly, Census data and Rentjungle found that average rents in Nashville increased 60 percent in a six-year period from $872 in 2011, to $1,401 in
2017. Residents of Nashville are spending more than 28 percent of their monthly incomes on their rent or mortgage.
MEDIAN HOME PRICES: 2006 - 2016
Source: Zillow, 2017
2006 2016
$300,000
$250,000
$200,000
Austin
Denver
Nashville
Portland
Raleigh
Charlotte
Takeaway:
Nashville’s growth
and rising national
popularity has led
to increasing home
prices, particularly
in the past few
years. Compared
to most peer cities,
home prices in
Nashville have
risen sharply in the
past decade.
$150,000
Columbus
Indianapolis
Atlanta
Minneapolis
$100,000
45