Renting Versus Owning
Renting vs Owning in Nashville
To RENT or to BUY. This is the age old question and debate that keeps many residents up in the middle of the night. Whether you have lived in Nashville for one month or three years, the same question persists… Do I RENT or BUY?
In our profession, I can tell you we hear every story in the book. Maybe you heard this one before:
“I moved to Nashville and thought I would only live here for a year, now it’s been three years and I still renting.”
“We sold our house and we couldn’t find another one as good, so we just decided to rent.”
“I feel like I’m just wasting money every month, waiting to see the perfect house come across online.”
“I’m scared that I won’t be able to qualify for a home.”
Chances are you probably know someone who has said something close to this. We hear it all the time and its VERY common. Sometimes, you just get comfortable and the dream of home ownership just falls away. However, that doesn’t have to be the case!
We have a step by step process on helping you achieve your dream of home ownership and its not as FAR OFF as you might think!
First, let’s discuss the facts.
Several of the graphs below have come from rentcafe.com. They highlight several of the statistics surrounding Nashville’s rental market.
As you can see the average month rate is around $1428 a month (and climbing) and that’s JUST the average. There are obviously areas in Nashville where the costs are much higher. Especially when the square footage and bedroom count is higher!
You should also consider that the average square foot cost is just 886 sqft on average. Thats not very big. The average home you would buy in Nashville would obviously be much BIGGER than that!
Gosh, rent in Nashville can be Expensive!
We know. Just look at some the price increase in these areas. Nashville was considered in Forbes Magazine of one the “Best Buy Cities in 2014.” Since then, you can see the area Increases include:
• 5.9% in Hickory Hollow
• 7.2% in Donnelson, Wilson and Hermitage County
• 8.5% in Briley Parkway and Airport
• 5.5% in Belle Meade and West Nashville
• 6.4% in Murfreesboro Pike and Antioch
How about the rising cost per bedroom?!
When you look at the graphics from Zumper.com its VERY telling, confirming just how quickly and more expensive its becoming to rent in Nashville
1 Bedroom Cost
2 Bedroom Cost
3 Bedroom Cost
4 Bedroom Cost
Just look at this graphic, two of Nashville’s hottest rental areas. The average cost is as much as a 3 bedroom house! Yikes.
So What Are The Next Steps To Determine If You’re Ready To Buy?
Well, here are a few:
• How stable is your job situation and how long have you been working there?
• Where is your credit score and how much debt do you have?
• How long do you plan on living in Nashville?
• Do you know what kind of home you want?
If you can answer at least one of these questions, chances are, you’re ready to become a homeowner!
“Okay, I want to do it.
How do I start?”
Well the first thing is to establish a working relationship with a Mortgage Lender and a great REALTOR®. Thankfully, we have you covered in both those areas.
Here to break it down is one of our most trusted lenders Kent Fitzsimmons with Prime Lending and next steps you can take to move closer to your dream of home ownership!
Homeownership does have to be a dream
Contact us Today!
Still have questions about how the whole process works? No problem!
Click Here to access our BUYER GUIDE. We developed this tool to help every potential client we work with answer every question about the home buying process and how it works!