House Affordability in Nashville

Median home price: $440K · Property tax: 0.66% · Insurance: $2,000/yr

You can afford a home up to

$241,050

That's a 1-bedroom condo in Nashville

Based on your $75,000 income with 20% down

2-bedroom condo/townhome
$241K$39K more →

Your $241,050 budget buys

Nashville1-bedroom condoRaleigh2-bedroom apartment/condoCharlotte2-bedroom condo/townhomeTampa2-bedroom condo/townhomeMiamiNothing yetPortland1-bedroom condoAustin1-bedroom condoPhoenix2-bedroom condo/townhomeMinneapolis2-bedroom condo/townhomeChicago1-bedroom condoSan FranciscoNothing yetLos AngelesNothing yetSeattleNothing yetNew York CityNothing yetDenverNothing yetSalt Lake CityNothing yet
/Nashville
28%Recommended
$
%
%

Monthly payment breakdown

$1,750/mo

P&I$1,251
Tax$133
Insurance$167
HOA$200
Calculate your mortgage payment on $241,050Should you rent or buy at this price?

Home price

$241,050

Down payment

$48,210

Loan amount

$192,840

No PMI

Waived (20%+ down)

Estimates based on the 28/36 DTI guideline with Nashville-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.

Monthly homeownership cost

Estimated monthly costs for a median-priced home ($440,000) with 20% down at 6.75%.

Mortgage P&I $2,283/mo
Property tax $242/mo
Insurance $167/mo
HOA $200/mo
Total $2,892/mo

Nashville Housing Market Overview

Nashville combines no state income tax with a booming economy. Rapid population growth has pushed home prices up significantly since 2020.

The median home price in Nashville is $440,000, which is 7% above the national median of $412,000. Property taxes average 0.66% of assessed value, adding $242/month to housing costs.

Homeowners insurance averages $2,000/year ($167/month). Condos and townhomes typically carry HOA fees around $200/month.

What can you buy in Nashville?

Typical price ranges by property type in Nashville, TN (2024/2025 estimates).

Property type Price range Down payment (20%)
1-bedroom condo $200K – $320K $40K – $64K
2-bedroom condo/townhome $280K – $420K $56K – $84K
3-bedroom home $380K – $550K $76K – $110K
4-bedroom home $500K – $750K $100K – $150K
5+ bedroom home $700K – $1.00M $140K – $200K

Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.

Income needed to buy in Nashville

Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.

Property type Midpoint price Income needed
1-bedroom condo $260K $71,089/yr
2-bedroom condo/townhome $350K $93,225/yr
3-bedroom home $465K $121,509/yr
4-bedroom home $625K $160,860/yr
5+ bedroom home $850K $216,199/yr

Green = achievable at Nashville's median household income of $75,000.

Cost of living context

The median household income in Nashville is $75,000, which is approximately at the national median of $75,000.

At the median income, a household can afford roughly $276K using the 28% DTI rule — which falls short of the $440K median. Many buyers need dual incomes, a larger down payment, or lower price points.

FAQ

Can I afford a house in Nashville on a $100,000 salary?

At $100K with 20% down and 6.75% interest, you can afford roughly $378K in Nashville using the 28% DTI rule. The median home price is $440K, so you may need to look at lower price points or increase your down payment.

What income do I need to buy a house in Nashville?

To afford the median price of $440K with 20% down at 6.75%, you need approximately $115,360/year (28% DTI). The median household income in Nashville is $75,000, which is below what is needed.

What are property taxes like in Nashville?

The average property tax rate is 0.66%, or $2,904/year on a median-priced home. This is below the national average of 1.2%.

What does a 3-bedroom home cost in Nashville?

A typical 3-bedroom home costs between $380K and $550K, with the midpoint around $465K.

Is Nashville affordable compared to other cities?

Nashville's median price of $440K is 7% above the national median of $412K. Median household income is $75,000, approximately at the national median.

Does Nashville have a state income tax?

No — Tennessee has no state income tax. This means more of your paycheck goes toward your mortgage, effectively increasing how much house you can afford in Nashville. However, property taxes (0.66%) and sales tax still apply.

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