A lot of chatter surrounding the real estate market not just in Nashville but all over the country centers on millennials and other young home buyers finally making the long awaited transition from renting to owning. Although many young home buyers are still opting to rent rather than buy right now, others are slowly but surely looking to purchase that first new home or condo.
The good news for young buyers in Nashville is that in a recently released report from Credit Sesame, Music City placed very high in a list of cities that give entry-level home buyers the most bang for their buck.
Unlike in cities like San Francisco and New York, where many young home buyers first consider because of so many job opportunities in the tech and financial industries, Nashville housing is significantly more affordable, and the job market and tech scene here continues to see tremendous growth. In addition, healthcare and manufacturing also presents recent grads with ample job opportunities, while Nashville also provides some of the best walkability and urban green spaces of any major city in the nation.
For further perspective, rent prices in San Francisco and New York average $3,590 and $3,280, while median home prices are $1,070,100 and $1,165,000 respectively. In Nashville, recent statistics show a median rent price of $858 and a median home price of just $207,300.
When you view it from that standpoint, to say Nashville gives young buyers, or even renters, more bang for their buck, it might just be the understatement of the year.