Friday, March 2, 2018

Why the Tennessee Population Is Booming

                                         Why the Tennessee Population Is Booming

Tennessee is going through a major growth period right now, thanks to plenty of job opportunities and the low cost of living. This combination is making the state one of the best places in the country to live, and the state has the growth to prove it. Tennessee’s major metro areas, such as Nashville, are going through unprecedented development right now; currently about 86 people a day move to middle Tennessee.

Here are a couple of trends that are impacting population growth in Tennessee.

Home Sales Are Surging and Costs Could Rise

According to the Tennessee Housing Development Agency, in 2015 the state saw its fourth consecutive year of solid growth. That year, 87,681 homes in the state were sold. Compared to many parts of the nation, this was excellent growth. Most of the expansion and sales are happening in Tennessee’s major cities. Music City has quickly become one of the hottest metro areas in the nation. However, with high demand comes high prices, and homebuyers and renters worry about a lack of affordability if the growth continues at this rate.

Nashville Is Growing Rapidly

Watch out New York City, Nashville is quickly becoming one of the top cities for young professionals. In 2016, the city was named the third hottest housing market in the nation, sitting just behind Seattle, Washington, and Portland, Oregon.

It’s not surprising that Nashville is getting so much attention with its vibrant culture, music scene, and low cost of living. In fact, The Tennessean reported that Nashville ranks sixth in the nation among top cities for property investment in 2017. New businesses are popping up every day, because the cost of doing business in Nashville is 6 percent less than average. In 2014, renter household growth outpaced the construction of rental units, creating high demand for housing in the area.

Low Cost of Housing, Doing Business

The secret recipe of low-cost housing and low cost of doing business created a booming market that’s encouraging new college grads to stay, and pulling in others from more expensive areas. The low cost of living is evident in housing prices. The median housing cost in the Nashville area is $225,000, 7 percent lower than the national median of $243,000.

As the millennial generation gains footing, demographics and housing patterns across the nation are evolving and developing. So far, this has been great news for Tennessee, and we hope these trends for growth continue into 2018 and beyond! 

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