The U.S. Department of Housing and Urban Development define affordable housing as costing less than 30% of your annual income. The average household income in Nashville is nearly $54,000 per year. At the current interest rates with a 30 year fixed mortgage, affordable housing in Nashville equates to homes priced less than $200,000.
If you have been looking for affordable housing lately, you know this is a difficult task. All indications for this year tell us that it is going to get worse before it gets better.
Here are the top four reasons why we expect the Affordable Housing problem to grow in Nashville this year.
First, Nashville is growing. People are relocating to Nashville and Middle Tennessee at a record pace and the end is nowhere…