NASHVILLE, Tenn. (WKRN) – Over the past few years, many people around the country have watched home prices in their humble hometowns quickly grow out of reach. Just recently, the median price for home sales in Nashville jumped to a soaring $430,000.
A report by MoneyGeek, found that 26 counties in the US have become housing “unaffordable” in the past three years, leaving many wondering is Nashville close to joining that list?
MoneyGeek identified 26 U.S. counties that have made that shift since 2019. To compile its list, MoneyGeek said it looked at counties with more than 250,000 people that are seeing population growth. From there, analysts looked at how much home prices have gone up since 2019 and compared the cost of owning a home to the area’s median income.
According to the study, six of the counties that made the list are just in Washington state alone with others residing in areas that include Austin, Las Vegas, and Phoenix. Given Nashville’s soaring housing prices, News 2 asked experts if Davidson or any surrounding counties are close to marking their mark on that list.
“Over the 30 biggest metropolitan markets in the nation we were still on the lower half of that somewhere between 18 and 20 at that time, in terms of being price,” said Jeff Checko with Remax Advantage.
“If you talk to anybody about the top three or five hottest cities in America, Nashville is going to be on that list, and even just, in general, a cool place to live or interesting place to consider living in, Nashville is certainly on the top handful of places right now in America. So, if you look at it through that lens we’re still doing ok,” said Checko.
However, Checko says that advantage could change if city leaders do not make the right decisions when it comes to infrastructure and development.
In many of these counties, the price of homes has grown far faster than incomes, making homeownership more and more out of reach for the average resident. See the median income and median home price of each county in MoneyGeek’s full report.