NASHVILLE, Tenn. (WKRN) – We know droves of people are moving to Nashville, but are they renting or owning homes?
According to a new study, they’re making big purchases. Nashville is one of 10 cities nationwide with a big jump in home ownership.
Experts at Realtor.com analyzed census data to come up with these numbers. Nashville came in at No. 8.
The median home price is $359,050, the current home ownership rate is 68.8 percent, and the three-year home ownership change is 4.9 percent.
The report said, “Few iconic American cities have taken off lately like Nashville.”
Home prices here shot up to 89 percent from 2012 to this year, and in the last year, home prices jumped 10.8 percent.
Still, Nashville is deemed very affordable.
And it wasn’t the only Tennessee city on the list, though. Memphis came in at No. 3 for the biggest increase in home ownership. The top spot went to Milwaukee, Wisconsin.
The one warning — if you are interested in buying, you should move fast. All this demand is steadily pushing home prices up.
However, nationwide, homeowner rates are down about 5 percentage points from 2004, prior to the crash.