As we continue to deal with rising inflation, many in the Midstate are getting priced out of their neighborhoods. A recent study shows the average homebuyer in Nashville needs roughly 40% more income this year than last.
Across the U.S, home buyers need 34% more income this year in order to afford a home, but here in Nashville its even more of a struggle. As the average buyer would need 40% more income than the year prior, according to a recent Redfin study.
Rachel Guenther and her boyfriend are in their 30s and 40s with FOUR kids, but recently gave up their dream of buying their first home after looking at the market.
"We want something that’s ours," Guenther said. "But some of the obstacles me and my boyfriend run into is your debt ratio and then you have to have so much income and right now I'm on restricted income."
With others having to venture outside of Nashville in order to make that vision become a reality. Malaysia Talbert says, “it's just not possible. It's just not with the income people are being paid now. I have no idea how people are affording it other than moving from out of state.”
But even out of state homebuyers are struggling to keep up with the demand in Nashville. Erin Dunaway says, “we probably put offers in on upwards of 30 houses. And we completely drained our savings to purchase a home. First home.” For this hair stylist and her boyfriend, they too had to look outside of the city, in Hendersonville, when moving here from California. The couple says, “I thought we would’ve ended up closer to the downtown area considering what we do for a living but we had to start venturing further out from Nashville proper city limits.”
And major cities across the U.S seeing similar spikes as Nashville, including Tampa Phoenix, and Austin where you'll need 40% or more of an income this year compared to the last.
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