$145K income needed to buy median-priced home in Middle Tennessee market, report says
NASHVILLE, Tenn. (WKRN) — A Realtor.com report shows a family needs to earn at least $145,244 a year to purchase a median-priced home in the 'Nashville-Davidson-Murfreesboro-Franklin' market.
According to the report, the median listing price for a house in that Middle Tennessee market is just under $550,000 as of April 2025.
A number of longtime Nashville residents said they can't believe how expensive real estate has become in the Metro area. They remember Nashville as an affordable city.
Some residents want greater sense of community from Golden Bear Gateway development
'I retired four years ago, 40 years in higher education, and I didn't make $150,000 when I retired,' Nashvillian Wilson Lee said. 'When I was 30-some years [old], no, there was no way I was making that kind of money.'
Based on the report from Realtor.com, the income needed to buy a median-priced home in Nashville and the surrounding area has risen 84.6% since April 2019. That means the required income for local homebuyers six years ago was just over $78,680.
The U.S. Census Bureau estimates the median household income in the U.S. is around $75,000 a year, nowhere close to what you now need to buy a median-priced home in many major cities.
'Certain areas like Davidson, Williamson, and even Sumner [counties] have seen the home prices escalate over the last few years, and home prices really haven't been coming down, so yeah, borrowers' incomes do need to be higher,' Castle & Cooke Branch Manager Rodney Jones said.
⏩
Jones also mentioned there are still homes that are more favorably priced in the $300,000 and $400,000 range, but looking outside of the Metro Nashville area will offer more affordable homes. He also believes continued demand is keeping the prices so high, so making that decision to rent or buy a home depends on your future plans.
'The rental market in Nashville is one of the more higher price rental markets, so it's not cheap to rent an apartment, even though it looks like we have an abundance of rental prices to rent,' Jones said.
According to the report, the metropolitan area with lowest required income to afford a median-priced home in the U.S. is Pittsburgh, Pennsylvania ($64,427). On the opposite end of the list is the San Jose-Sunnyvale-Santa Clara market in California, where an income of $370,069 is needed to buy a median-priced home.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 hours ago
- Yahoo
Florida Condo Owners Given Unique Opportunity To ‘Swap' Their Unit for House Down Payment Amid State's ‘Condo Crisis'
Florida condo owners are battling a wave of housing issues, including rising HOA fees and skyrocketing insurance costs, with little to no relief from government officials. But Phil Thompson, owner of a luxury custom homebuilder and home-renovation company, is hoping to quell the concerns of millions of condo owners in the Sunshine State with an innovative housing solution. In a swap that seems too good to be true, Thompson is offering to take condos out of the hands of frustrated Floridians and use their value as a down payment for a home under his own company, Coral Reef General Contracting in Fort Pierce. 'As far as the rules of condos, we're entertaining every offer from sellers,' Thompson tells Despite a general shift toward single-family homes in Florida, real estate agents still have a vested interest in condos, which serve a clientele who prefer their convenience, lower maintenance, or specific lifestyles. The median list price of Florida homes in May was $439,999, and condo ownership has become less affordable, particularly for those on fixed incomes in Florida, and many are looking for a way out. In what Thompson claims is a first-of-its-kind 'condo-swap' in Florida, he says he's not worried if a condo appears battered, broken, or run down. With prior experience working with New York City's high-rises, he assures Florida owners that the sky's the limit when it comes to taking in a less-than-perfect condo. 'We'll take a look from the best to the worst conditions,' says Thompson. 'We're not adverse to taking condominiums that have structural problems. I'm not concerned with that because of my structural experience from Manhattan.' Thompson sympathizes with condo owners in Florida who are scrambling to sell their property and saw an opportunity to aid those looking to level up their housing situation. 'So we're not worried about any of these problems,' he adds. 'They're all fixable. Our main concern is to get our buyers here and take the burden off our buyers' backs and make it a nice, transparent, smooth transaction for them.' Coral Reef is offering housing options on South Hutchinson Island that range from $1,500,000 to $3,000,000—depending on the property's proximity to the coastline and other amenities. Thompson says the incentive to ditch an old condo has drummed up enough marketing by itself. Despite a small loss here and there, Thompson is satisfied with the program and its impact. 'On a case-by-case basis, I may lose a few dollars on the condo, but the fact is that we bring our buyer from a negative situation into a positive situation. And it's all about word of mouth—that's how you grow, and that's how you make it in this business,' he adds. In April, both chambers of the Florida Legislature voted unanimously to pass House Bill 913, addressing endless complaints over the rising fees for condominium owners, despite pushback from Gov. Ron DeSantis. Essentially, the bill would aid condominium associations in setting up credit lines and investing funds that would contribute to necessary building repairs instead of immediately looking to owners for the money. 'You had people that were going to be forced out of their condos potentially because of legislation that had come down the pipe,' DeSantis said during a May 20 appearance in Tampa, referencing recent safety laws, as reported by NBC Miami. Condo reform laws continue after a devastating collapse of the Champlain Towers South condo in Surfside in 2021, which killed 98 people. After the incident, there was a massive effort to improve safety conditions regarding condos over 30 years of age and three stories tall. The new safety laws called for 'milestone' inspections and sought to invest in reserve funds for repairs and maintenance. Lawmakers such as state Rep. Vicki Lopez (R-Miami) have backed the bill, claiming it balances the need for structural safety with financial flexibility, particularly in the context of the rising costs of repairs and insurance for Florida condos, as reported by the Florida Phoenix. 'This incredible bill addressing the condominium crisis we have all heard about for the last year gives a lot of financial relief,' Lopez says. The bill also introduces electronic voting, making it easier for condo owners to participate in decisions, which could be DeSantis' main point of objection. Despite some reservations, Florida lawmakers are confident that the governor will sign the bill, as he's spoken about the condo issue on several occasions in the past couple of months. 'We have this condo issue, that legislation that caused these crushing assessments,' DeSantis said during a press conference in Fruitland Park. 'We know people need relief from that. We've got to do it. The Senate's got a great product that can do it.' HB 913 has been sent to the governor's desk for his signature. Once signed, the bill goes into effect on July 1. 'Captain America' Star Chris Evans Puts L.A. Home on the Market for $7 Million as He Quits California To Move Back to East Coast Inside NBC 'Nightly News' Host Lester Holt's Property Portfolio as He Steps Down After a Decade Billy Joel Relists 14-Acre Main Portion of His Long Island Estate for $29.9 Million
Miami Herald
a day ago
- Miami Herald
AI company's offputting ads declare ‘Stop Hiring Humans'
By Jake Meeus-Jones Commuters fear losing their jobs after an artificial intelligence company launched "gross" billboards around London, encouraging companies to "stop hiring humans." Artisan, an AI startup founded in 2023, recently acquired $25M in funding in its quest to build a company powered by AI-employees called Artisans. Their viral billboard campaigns have been seen across US cities and they have now popped up around the London Underground. The head-turning billboards have not gone down well with many who work in the industry, though some say they are "well-staged." Another of the billboards shows an AI employee front and centre with text that reads 'Artisans won't WFH in Ibiza next week', causing outrage. Jamie Vaughan, a managing director at marketing firm Signifly, said in a LinkedIn post that he believes these ads are "everything that's wrong with the current tech discourse around AI and work." He added in the post: "Here's a company literally advertising the elimination of human collaboration and creativity - the very things that make work meaningful and productive. "The idea that we should celebrate replacing 'artisans' (actual skilled humans) with AI "employees" is antithetical to everything I believe about business success. "Real innovation comes from humans working together, challenging each other, and building on each other's ideas. "It is also entirely possible for great work to be done from home or remotely. "We should be using AI to enhance human creativity and collaboration, not replace it entirely. "Hard pass on this dystopian vision of work." In response, many LinkedIn users disagreed with Jamie's post and claimed that their campaign had worked. One user said, "Yet, it triggered you. Well-staged ad by Artisan." A co-founder of a customer experience agency added: "This is the exact reaction they want!!! I'd argue the ad is doing exactly what it's intended to do…get the humanoids worked up on LinkedIn." A third said: "The only thing worse than being talked about is not being talked about - you're only helping them." A fourth reluctantly said, "Actually gross. But sadly, it did its job." But many felt the idea of 'any attention is still attention' has been pushed too far with this campaign. A senior product designer said: "I know some people agree with 'negative attention is still attention', but this is a personal and professional pet peeve of mine - is the hate worth it? "I would rather be talked about the good work we are doing rather than counting on rage bait…" Another added: "While provocative, rage baiting seems to have worked every time on a lot of posts here, but in all honesty, is it worth the risk?" The post AI company's offputting ads declare 'Stop Hiring Humans' appeared first on Talker. Copyright Talker News. All Rights Reserved.
Yahoo
a day ago
- Yahoo
Trump Vows To ‘Rapidly Defeat Inflation' To Help ‘Millions and Millions' of Americans Achieve Their ‘Dream of Homeownership'
President Donald Trump has boldly promised to 'rapidly bring down inflation' to make homeownership more accessible to millions of Americans while addressing the National Association of Realtors® Legislative Meetings 2025 in a pre-recorded speech. Speaking to industry leaders, the pre-recorded video aired at the Washington, DC, event, the president said he believes that reducing inflation will in turn help to bring down interest rates, a move that will put homeownership 'within the reach of millions and millions for the first time in years.' 'I love people that are in the real estate business,' Trump began. 'I have a little bit of a proclivity for it. You play a vital role in helping Americans achieve the dream of homeownership, and together, we will make the American dream more attainable than ever before. 'We are working to rapidly defeat inflation, which will bring down interest rates and put homeownership within the reach of millions of millions for the first time in years.' April's inflation rate—2.3%—is 'much lower than expected,' Trump noted. 'Likewise, income soared by 0.8% in one month, almost triple expectations and close to record territory. Mortgage rates are down, we're slashing unnecessary regulations, and we are working to pass the largest tax cuts and reforms in American history.' April's inflation rate is the lowest since February 2021, but it's not expected to motivate the Federal Reserve to lower interest rates. The Fed will be meeting mid-June and will announce any decision on rates when it wraps up its two days of meetings. Meanwhile, Trump has repeatedly slammed Jerome Powell for not taking further action—despite the Fed chair claiming that longer-term rates will likely remain higher because of the risk of 'volatile' inflation. Homebuying help is at hand Affordability has been a major challenge for potential buyers despite home listing inventory seeing gains in regions like the West (+40.7% year over year) and the South (+32.9% YoY), according to the May 2025 Monthly Housing Report. Mortgage rates continue to hover near the 7% mark—which is leading potential buyers to take their time committing to a home. New listings also inched up last week—up 4.2% compared with the same time last year. Homeowners looking to build a new home are also faced with challenges, as Trump's 50% tariffs on steel and aluminum took effect on June 5. 'Higher tariffs on steel and aluminum are likely to raise the cost of key construction materials, and these added costs could be passed through to homebuyers through higher home prices,' says Hannah Jones, senior economic research analyst at Following this latest tariff hike by Trump last week, the National Association of Home Builders continued to express concern over the toll the increased costs will have on homebuilders—and the wider housing market. 'President Trump's move to double steel and aluminum tariffs will have a negative impact on housing affordability by further disrupting building material supply chains and fueling business uncertainty,' NAHB Chairman Buddy Hughes told But Trump, in his pre-recorded speech to the NAR, thanked industry leaders for their support of the 'big, beautiful bill,' which is currently sitting with the Senate for review. 'I want to thank the Realtors® for your support of the one big, beautiful bill, the most important piece of legislation in many years,' said Trump. 'This landmark legislation, in fact, will preserve the small-business tax deductions and so many want and need, [that] so many real estate agents are just demanding. 'It will stop trillions of dollars in tax hikes on American families and put more money in the pockets of homebuyers by raising take-home pay for the typical family by an estimated $13,000. Think of that, $13,000 with your help, a record number of Americans will achieve financial independence and find a home that really fits their dreams and aspirations, something very, very beautiful.' The tax and spending package is expected to cut trillions from the budget, but the Congressional Budget Office said it's going to add trillions to the national debt. The president is pushing the Senate to approve the bill and get it to his desk to sign by July 4. Ties with leaders at every level A president's remarks at the NAR meetings has been a tradition since 1921. For example, NAR has invited every sitting president to its yearly conference. The first time Trump was in office, he delivered a live speech to attendees in 2019. Herbert Hoover, Ronald Reagan, Bill Clinton, and George W. Bush are among the past presidents to speak at the conference. NAR said it does not pay a fee for a president to speak.
