CALCMONEY // HOME AFFORDABILITY // TN // NASHVILLE
How much house can you afford in Nashville? Based on local median home prices, current TN mortgage rates, and Nashville property tax data.
$450,000
$2,832/mo
$121,380/yr
$231,314
Monthly housing costs of $2,832 represent 47.2% of Nashville's median gross monthly income ($6,000/mo). At 47.2%, median-income buyers in Nashville are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $450,000 |
| Down Payment (20%) | $90,000 |
| Loan Amount | $360,000 |
| Monthly PI Payment | $2,371 |
| Monthly Property Tax | $274 |
| Monthly Insurance Est. | $188 |
| Total Monthly PITI | $2,832 |
| Housing Cost % of Income | 47.2% |
| Required Income (28% rule) | $121,380/yr |
| Max Affordable Home | $231,314 |
$15,750
$3,629/mo
Nashville Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $450,000 | Nashville city median |
| Down Payment (20%) | $90,000 | Conventional loan |
| Monthly PITI | $2,832 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $121,380 | Annual gross |
| Max Affordable Home | $231,314 | Based on median income |
| FHA Down (3.5%) | $15,750 | Minimum FHA |
| Housing Cost % of Income | 47.2% | Median income: $72,000/yr |
| Property Tax Rate | 0.73% | $3,285/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Nashville is $450,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $360,000, generating a monthly P&I payment of $2,371. Adding property taxes ($274/mo) and homeowners insurance ($188/mo) brings total monthly PITI to $2,832.
Nashville's property tax rate of 0.73% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Nashville median home, that is $274/month, or $3,285 per year.
Tennessee has no state income tax, improving effective take-home pay for Nashville residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Nashville's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Nashville's mortgage rate of 6.9% and property tax rate of 0.73%, that translates to a maximum affordable home price of approximately $231,314 with 20% down on a 30-year loan.
To afford the median Nashville home priced at $450,000, you need an annual gross income of approximately $121,380. Total monthly housing costs (principal and interest of $2,371, property taxes of $274, and insurance of $188) come to $2,832/month, which equals 28% of the required income.
At the median home price of $450,000 and median household income of $72,000, the total monthly housing cost of $2,832 represents 47.2% of gross monthly income. This is well above the standard 28% threshold, making Nashville a challenging market for buyers at median income.
A conventional 20% down payment on the median Nashville home of $450,000 is $90,000. An FHA loan requires just 3.5% down — $15,750 — but adds mortgage insurance of roughly $308/month, bringing total FHA payments to $3,629/month.
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$200,000 median
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$310,000 median
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$320,000 median
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