Nashville, TN

Rent vs buy in Nashville

Median home $376,800. A 1 bedrooms rents for $1,399 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,399; per month
Own the median home: $2,427; P&I, tax, insurance, upkeep
Owning costs extra: $1,028; per month, same metro

What a purchase actually costs

20% down payment$75,360
Mortgage at 6.5%$1,905
Property tax (0.56% of value)$176/mo · $2,110/yr
Insurance and upkeep (1.1%/yr)$345
Total monthly ownership$2,427

Census ACS 2023: 46.6% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,668 left over a month, it takes about 29 months (2.4 years) to save $75,360 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.