The housing industry trends in Nashville are pretty consistent with national trends. Interest rates have reached a plateau that is higher than the market has recently experienced. But don’t let slightly unfavorable conditions deter you from buying your dream home in Nashville. Keep reading to find out more about the Tennessee housing market.
Quick Nashville Housing Facts
Percent of Homeowners in Nashville: 69.9%
Percent of Renters in Nashville: 30.1%
Median Nashville Household Income: $36,360
Average Nashville Credit Score: 678
Best Cities to Live in Tennessee: Franklin
Median Nashville Home Value: $93,000
How Much Real Estate Can I Afford in Nashville?
You don’t have to be a real estate agent or mortgage broker to be able to figure out what kind of house you can afford in Nashville. All you need is a few minutes, something to scribble notes on, and a little guidance from us. First, we recommend that you ponder the following topics.
- Think about how much you are willing to spend each month on your mortgage payments. Be sure to consider not only your income and bills, but your lifestyle and spending habits as well. It is very important to be very realistic and honest when answering this question. Being honest now can save you from trouble later.
- Consider different payment plans. If terms like ARM, LIBOR, HELOC, and VA make your brain swirl in confusion, start smaller. Learn about the Fixed Rate Mortgage and Adjustable Rate Mortgage. All of the mortgage plans stem from those basic concepts.
- Learn about property taxes in Nashville. Can you afford them?
- Find out what local mortgage interest rates currently run at.
Next, check out our mortgage calculators. One you’re done doing a little simple number crunching, we’re confident that you will feel confident about entering the Nashville housing market.
Refinancing in Nashville:
Refinancing can be a helpful economic tool. When people refinance, it usually has to do with one of the following two complaints:
- I want a lower interest rate. If the market interest rate has dropped 2% below what you pay, it is time to refinance. If you credit score has improved so much that you qualify for a lower interest rate, it is time to refinance.
- I want a different payment plan. Want more stability? No problem. Refinance from an Adjustable Rate Mortgage to a Fixed Rate Mortgage.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.