Nashville's expensive. We all know that. It was getting expensive before COVID, and then an influx of people moving to Tennessee during the pandemic made it even less affordable.
But just how expensive has our city gotten? Well, unless you're making north of $71,000 a year, you'd be considered "cost-burdened" by the average rent in Music City
"Cost-burdened," according to the the U.S. Department of Housing and Development, is when your rent accounts for more than 1/3 of your income.
With an average rent cost in town of $1,657 for a one-bedroom apartment and $1,741 for a two-bedroom, the income needed to comfortably afford an apartment is between $71,000 and $74,629 annually.
That places Nashville as the 14th most expensive rental city in America. San Francisco leads with an income needed of $125,000/year. Nashville compares to other larger cities like Dallas, Chicago, and Philadelphia, and is just outside the Top 10 most expensive.
The hope is that with a new influx of apartment buildings being built, demand will slow and costs will go down, but for now Nashville is becoming less and less affordable for average earners.