NASHVILLE, Tenn. (WTVF) — You may see declines in rent prices, but if you're buying a new home, you're likely seeing prices go up! It's especially true in Middle Tennessee according to a new report.
Since 2019, the Tennessee Advisory Commission on Intragovernmental Relations says median home prices rose 44%, which is ten percent higher than the national average tracked by the U.S. Federal Reserve.
The TACIR says this is not due solely to fast-growing counties and cities in the state, but because people are trying to buy a limited supply of homes which are driving up prices and setting the cost too high for many.
The report highlights single-family zoning as one of the driving factors impacting the number of new homes that are built. This type of zoning is a regulation that prevents homeowners from building multiple housing units on one property which makes it tougher for developers to build apartments or split properties. It creates more people fighting for fewer homes.
The higher price of new homes has allowed many counties in our area to lower property tax rates, but the amount of real dollars homeowners pay in those taxes has increased as home values grow faster than the value of real estate. That leaves homeowners to shoulder more of the tax burden.
Fostering Hope provides Christmas for kids in foster care. I'm delighted to see Fostering Hope expand this year to expand their reach to now include kids in Foster care in metro AND foster kids in East TN hard hit by Helene.
-Bree Smith
