Despite the national housing market cooling off for much of 2019, recent statistics are showing that it still may be more affordable to rent than to buy here in Nashville. According to real estate analysis firm ATTOM Data Solutions, renting a three-bedroom apartment is currently cheaper than owning an average priced single-family dwelling in the Music City right now, which is making it hard for young and first-time home buyers to finally make a move.
Although buying still means you’ll still be building equity and will eventually get that back, here is the breakdown mentioned for the Nashville area specifically:
- Average monthly rent in Nashville for a 3-bedroom apartment - $1,550.
- Average priced home for $260,000 in Nashville with 3 percent down costs $1,798 with property tax, homeowners’ insurance, and mortgage insurance included.
The good news for prospective Nashville home buyers is that we’re certainly not alone when it comes to an affordability problem. Also mentioned by ATTOM is that renting is more affordable than owning in many big cities across the country, including Chicago, Houston, and Los Angeles.