Becoming the “It City” has some definitive positive and negative drawbacks. Like a child shooting taller faster than their bodies an absorb, as a city we’re experiencing the growing pains of a fast expanding metropolitan.
In fact, GoBankingRates just released a study that puts Nashville firmly as the number one city for cost of living increase. Here are some of the good (and bad) growing pains Nashville is experiencing right now.
1. More home equity.
With the skyrocketing of prices, if you bought your home six or seven or fifteen years ago, you are sitting on a lot of home equity.
2. How do you afford the upgrade?
If you have a home with a good amount of equity, but it is time to move into a bigger home, you might be worried with what you can afford with an upgrade.
This is a controversial topic as it brings much value to often overlooked or once forgotten neighborhoods. There is an increase in safety and business opportunities. It does create the dilemma for those in a lower income bracket that feel driven out of their areas because of higher taxes, etc.
4. Cost of living.
As housing prices rise, the general cost of living and associated costs also rise. Sometimes with such fast growth, the cost of living increases in salaries cannot keep up.
We can all say as more people have moved to Music City, the uptick in traffic is hard to deal with at times, until the city can catch up with newer infrastructure to handle the extra cars on the road or push us to consider better mass transit options.
6. Economic boost of increased visitors.
We don’t just have new folks moving to Nashville, but we have seen increases in tourism, which boosts our economy in incredible ways.
While it might not seem necessary to stage your house in a seller’s market, it can provide great dividends in the sale of your home.
Warmly, Sarah Milligan