Real estate renaissance pricing out Nashville residents

U.S.

(NewsNation) — Population is on the rise and tourism is picking back up to pre-pandemic levels in Nashville, Tennessee, but not everyone is thrilled that Music City is thriving again. Inflation is hitting local residents hard, even more so than those in many other major cities across the country.

“If I was younger, I’d probably be moving somewhere else in the county because of the prices and the way things are going,” said Brenda Hall, a longtime Nashville resident.

Kate Cameron has called Nashville home since 2015. She’s a rising musician and a real estate agent, balancing two jobs just to afford to call Music City home.

“Just being a musician — the hustle — I feel like I have to work twice as hard as I did seven years ago moving here. You’ve got to hustle and make ends meet somehow,” Cameron said Thursday during NewsNation’s “Rush Hour.”

“Buying my groceries, paying for food, going out and meeting friends, anything you can think of, it’s more expensive than it was five to seven years ago when I first moved to town,” Cameron said.

While the entire nation is dealing with the fastest inflation rise in 40 years, Nashville is getting hit especially hard, in large part because so many people are moving there.

The moving company Pods recently released data that shows Nashville had the third-highest increase in residents from January 2021 to March of this year.

And that demand is driving up housing prices. Hall, who has lived in Nashville all her life, has witnessed the growth of Music City and the struggle for some to stay there.

“Affordable housing … the people that’s been here for years, they’re being run out and they’ve got nowhere to go because they can’t afford it,” Hall said. “They’re running out of the people that’s been here all their lives, givin’ their life to this town, Nashville, Tennessee.”

Prices to buy a home in Nashville have doubled over the past decade, according to Realtor.com, and to rent a one-bedroom, it’ll cost you around $1,800 a month, with rates up 21 percent since last year, according to ApartmentList.com data.

That, in addition to gas prices going up, grocery bills spiking and the rush of people moving to the city is making it harder for Nashville lifers to enjoy the city they love.

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