Home Affordability in Nashville, TN
The median home price in Nashville is $430,000 with a median household income of $63,848. Housing is significantly stretched relative to local incomes.
Median Home Price
$430,000
Median Income
$63,848
Price-to-Income Ratio
6.7x
Est. Affordable Home
$248,000
Property Tax Rate
0.77%
Annual Property Tax
$3,311
Sales Tax Rate
9.25%
Cost of Living Index
105
Buying a Home in Nashville
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $63,848 in Nashville can afford a monthly housing payment of approximately $1,490. This translates to a home price of roughly $248,000, which is below the median home price of $430,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Nashville would be approximately $3,311 per year ($276/month) at the effective rate of 0.77%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,900 | $417,100 | Yes |
| 5% | $21,500 | $408,500 | Yes |
| 10% | $43,000 | $387,000 | Yes |
| 20% | $86,000 | $344,000 | No |
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