Affordable homes drive buyers outside Rutherford County: ‘Our values are still going up’

Rising Home Prices in Rutherford County and Surrounding Areas

The housing market in Rutherford County and the Nashville area has seen a significant increase in home prices in the first five months of this year. According to an article in The Tennessean, home prices in the nine-county area, including Rutherford County, have risen by 5.5% from January to May.

South Murfreesboro, Barfield, and Rockvale Areas in High Demand

• The demand for housing is particularly high in the southwest area of Interstate 24, especially in the Stewarts Creek and Blackman schools areas.
• The South Church Street and Barfield communities in the south Murfreesboro area are also experiencing strong home sales.
• The Rockvale area along State Highway 99 and southwest of Murfreesboro and I-24 is another hot spot for housing demand.

Affordable Housing Challenges for First-Time Home Buyers

The rising home prices have made it difficult for first-time home buyers to find affordable housing in the area. Many families are now looking to purchase homes farther away from Nashville and its suburbs, such as Shelbyville, Manchester, Tullahoma, Woodbury, and McMinnville.

Real estate broker Joe Hafner advises buyers to consider purchasing homes in more affordable areas, even if it means a longer commute. He emphasizes the potential for equity growth in these homes over time.

Incomes Not Keeping Pace with Rising Home Prices

One of the challenges contributing to the affordability issue is that incomes are not rising at the same pace as home prices. This has made it increasingly difficult for families to save up for a down payment and qualify for a mortgage.

The lack of housing inventory to meet the growing demand is another factor driving up prices. Additionally, the presence of national real estate investment trusts purchasing homes for rental properties has further impacted the affordability of housing in the area.

The Impact on First-Time Home Buyers

Despite these challenges, some first-time home buyers like Ebby and Jake Bolden have found affordable housing options outside of Murfreesboro. They will soon be moving into their first home in Shelbyville, where they were able to purchase a 1,900-square-foot house for $320,000. The same house in Murfreesboro would have cost them $400,000 to $450,000.

While the commute may be longer for Ebby, who works as a special education teacher in the Christiana community south of Murfreesboro, they see the value in owning a home and building equity over time.

Conclusion

The rising home prices in Rutherford County and the Nashville area have created challenges for first-time home buyers seeking affordable housing. Families are now looking to purchase homes in more affordable areas farther away from Nashville. However, the potential for equity growth and the opportunity to own a home outweigh the challenges of a longer commute for many buyers.

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 1: No Poverty
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities
• SDG 11: Sustainable Cities and Communities
• SDG 12: Responsible Consumption and Production

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 1.4: Ensure that all men and women have equal rights to economic resources
• Target 8.1: Sustain per capita economic growth in accordance with national circumstances
• Target 10.1: By 2030, progressively achieve and sustain income growth for the bottom 40% of the population at a rate higher than the national average
• Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums
• Target 12.2: By 2030, achieve sustainable management and efficient use of natural resources

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No, the article does not mention or imply any specific indicators that can be used to measure progress towards the identified targets.

4. SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: dnj.com

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