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
Your $241,050 budget buys
Monthly payment breakdown
$1,750/mo
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.
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.
Other cities
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
- Chicago, IL — median $340K
Related tools
- Tennessee House Affordability — statewide data
- Tennessee Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs