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Old 06-02-2017, 10:33 AM
 
Location: 352
5,122 posts, read 3,879,218 times
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Quote:
Originally Posted by DubbleT View Post
People might say Nashville is 'expensive' because it's more expensive than it was five years ago, or because it's more expensive than other TN cities. To me expensive/affordable has a lot more to do with how big of a bite are the basics when taken out of your paycheck, it's not something you can base on flat numbers. Whether $1400 for rent is expensive or not depends a whole lot on a bunch of other factors.
I think we're all in agreement that it's relative. Again my question was more "why do we call this and that expensive." Charleston is more expensive than Nashville, yet I've seen Charleston called "affordable", and Nashville "expensive." (Charleston is expensive for the southeast, but it's still affordable. Both are).

That said youre thinking what I'm thinking. Nashville is being called expensive because people are looking at the past. Charlotte and Nashville are at the same level, and even though Charlotte is growing faster, I assume increases still haven't been as fast, even though it's happening there too.

I think we focus too much on rents on city data and not enough on expenses as a whole. Yeah you may luck out and find a $700 apartment, but then you may also be paying $200 a month in transfit fare and parking for work, and $150 in utilities. And your taxes may be high. Can't forget those.
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Old 06-02-2017, 04:58 PM
 
2,785 posts, read 1,628,289 times
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Quote:
Originally Posted by bluecarebear View Post
Bingo. The millennial trendy fad that has swept the country for the last 10 years destroyed the number of affordable neighborhoods in Top 10 list cities. People can either afford the desirable high end neighborhoods or suck it up and settle for declining neighborhoods or move out to the country.

There was a thread a while back on Nashville and the negative effects of suddenly being popular. Being the "hot" city will bring growth but then that growth will end up pushing out the middle class.
I don't know why it's so hard for cities to understand the concept of affordable housing.
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Old 06-02-2017, 06:44 PM
 
Location: Pittsburgh
3,144 posts, read 2,825,168 times
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Quote:
Originally Posted by Turnerbro View Post
I don't know why it's so hard for cities to understand the concept of affordable housing.
Developers make more money on high end units and homes. They aren't going to bother with entry level homes. Flippers are doing the same thing. They paint the pig up nice and then jack up the price of the home to an outrageous level.
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Old 06-03-2017, 11:48 AM
 
56,538 posts, read 80,824,285 times
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Quote:
Originally Posted by Jandrew5 View Post
I think we're all in agreement that it's relative. Again my question was more "why do we call this and that expensive." Charleston is more expensive than Nashville, yet I've seen Charleston called "affordable", and Nashville "expensive." (Charleston is expensive for the southeast, but it's still affordable. Both are).

That said youre thinking what I'm thinking. Nashville is being called expensive because people are looking at the past. Charlotte and Nashville are at the same level, and even though Charlotte is growing faster, I assume increases still haven't been as fast, even though it's happening there too.

I think we focus too much on rents on city data and not enough on expenses as a whole. Yeah you may luck out and find a $700 apartment, but then you may also be paying $200 a month in transfit fare and parking for work, and $150 in utilities. And your taxes may be high. Can't forget those.
Keep in mind that housing makes up the biggest percentage of overall cost of living at about 30%. So, you may have one area where the other costs are a little bit higher, including taxes, but the housing cost can neutralize the cost of living comparison. So, that is how you can have Interior Northeastern or Midwestern areas with an overall COL that may be a little bit lower than that of even some Southern areas.

What may get lost is that you may get tax exemptions to where a portion/percentage of property taxes may be reduced in some cases or the taxation may hit you in other ways like sales tax in TN. I'm not saying it is a tit for tat, but there are many aspects to consider in terms of the overall cost of living picture.
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Old 06-03-2017, 02:27 PM
 
21,187 posts, read 30,343,833 times
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As of April 2017, one bedroom apartments in Nashville rent for $1211 a month on average. With a per capita average salary of 30K per year, that speaks to a rent-to-income inequity which would deem it "unaffordable" for a good many, with the housing cost eating up over half of the net income (2K per month).
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Old 06-03-2017, 07:11 PM
 
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If the average renting resident is spending more then a third of their gross income on rent, it is too expensive.

If the average home price is out of reach for the average income its too high.

Luxury apartments in urban neighborhoods are expensive in most cities. There needs to be options for people to not rent luxury apartments to afford safe quality living. Nothing fancy but good living. If you have to spend more then an hour a day communting just to have affordable home (not by choice) the quality of life will suffer because of that. Good transit options do help in metros with higher commute times.

Last edited by mjtinmemphis; 06-03-2017 at 07:28 PM..
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Old 06-04-2017, 12:22 PM
 
Location: 352
5,122 posts, read 3,879,218 times
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Quote:
Originally Posted by kyle19125 View Post
As of April 2017, one bedroom apartments in Nashville rent for $1211 a month on average. With a per capita average salary of 30K per year, that speaks to a rent-to-income inequity which would deem it "unaffordable" for a good many, with the housing cost eating up over half of the net income (2K per month).
I think it's more complex than that, and what the "average" is tends to vary from site to site, but you make a good point.

Quote:
Originally Posted by mjtinmemphis View Post
If the average renting resident is spending more then a third of their gross income on rent, it is too expensive.

If the average home price is out of reach for the average income its too high.

Luxury apartments in urban neighborhoods are expensive in most cities. There needs to be options for people to not rent luxury apartments to afford safe quality living. Nothing fancy but good living. If you have to spend more then an hour a day communting just to have affordable home (not by choice) the quality of life will suffer because of that. Good transit options do help in metros with higher commute times.
I understand that. Since everyone is different, I'm speaking in a general sense. Atlanta for instance is very affordable in general. Of course things change if you choose Buckhead vs Bankhead, but in general, Atlanta is not "expensive."

I think someone said it earlier, Nashville is called "expensive" because of the sudden surge of luxury apartments. On CD, we seem to put all the emphasis on rent and growth. I don't know how many people care how much Nashville cost in 2005 because theyre not renting in 2005. But they do care how much gas, food, utilities, child care, and taxes will cost today.

Quote:
Originally Posted by ckhthankgod View Post
Keep in mind that housing makes up the biggest percentage of overall cost of living at about 30%.
This is probably why we put so much emphasis on rent on CD. Rent/mortgage is typically the biggest eater. That said, when speaking generally, I still have to scratch my head when cities like Nashville, Atlanta, and Charlotte keep getting called expensive. San Francisco, New York City, and Boston is "expensive."

Next thing, we'll be calling Detroit expensive because 1BR rents are $850 now instead of $600.
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Old 06-05-2017, 05:11 PM
 
17,662 posts, read 4,058,482 times
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Quote:
Originally Posted by Jandrew5 View Post
I've been looking at a few cities. 3 candidates are Nashville, Charlotte, and Atlanta, and all 3 seem to be very comparable in terms of cost of living, yet Nashville keeps getting called expensive.

Judging by what I've seen online, Nashville's cost of living is at the national average, a whisker below Charlotte, yet Nashville keeps getting called "expensive" and Charlotte and Atlanta "affordable." So what gives?

I ask because when it comes to CD, I haven't been able to deduce when people bring up expense, are we considering everything: rent, utilities, taxes, food, health, gas and transit fare, entertainment, shopping, insurance, parking, etc? Or are we just referring to rent and homes?

Nashville's cost of living in general is at the national average. Home prices and rent are higher than normal, but everything else looks to be at or below the average. I know you can't take these calculators as gospel as everyones personal situation is different and things vary depending on what part of town youre in, but still. What dollar ranges are we talking for these cities?

Are people calling Nashville and other cities expensive because luxury apartments with $1400 1BR's are being built, or because people really can't live comfortably in the city in general?

Atlanta, Charlotte, Raleigh, Nashville, and most other growing cities in the country are all having big increases in rent, but all 4 still seem very affordable by everything I've seen online and heard from others.

I've seen people say the Texas cities are expensive now as well, but only bring up the rising rents. So when it comes to CD, are we calling cities expensive because America is Monaco now and the national average is high, or do we have tunnel vision on this site when it comes to the rent and home prices?

San Francisco has some people making $100K a year and they still need roommates. Now that's obviously expensive living, but does Houston truly fit the expensive moniker? After all it was named the metro where your paycheck can stretch the furthest.
I live in Texas.The cost of living in this state has gone up.Texas cities could seem pricey to someone from Oklahoma but they are still really cheap compared to Manhattan and San Francisco.
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Old 06-05-2017, 05:22 PM
 
Location: Nashville TN, Cincinnati, OH
1,798 posts, read 1,160,832 times
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Nashville proper can be expensive and the inner ring suburbs are expensive but you can still find a place close to Nashville a bit out in the country for cheap if you can handle a long commute.
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Old 06-05-2017, 05:51 PM
 
7,698 posts, read 4,554,568 times
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Anywhere a single, childless person can't afford a decent apartment on a 50k salary.
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