The Tennessee housing crisis NO ONE is talking about

[@RachaelintheBoro]

Make sure to watch this video before you decide to buy a house in Tennessee: kzbin.info/www/bejne/jJ67moGmadp-hMU

[@jdaniels1371]

Change in Sales from year ago (National Association of Realtor) $0-100K down 25%---$100K-250K down 35.6% $250K-500K down 31.4%---$500K-750K down 33.5% $750K-1M down 36.9%

[@zero0fnine]

Please keep making these videos. Facing this now. Excellent analysis and talk! There isn't enough coverage and awareness by TN news about this.

[@RachaelintheBoro]

I definitely will, and thank you for watching!

[@jjones8510]

My husband and I live in las vegas and want to sell our home and move to Tennessee but from what I've researched the rent prices and housing prices are no better than Las Vegas.

[@ColtonJohnsonBrice09]

Great analysis of the TN housing crisis.

[@PatrickHefner]

I never, in a million years, imagined I would live in a time where I make over close to a six figure salary, and can't afford to buy a home, and can barely afford the insane rental prices here in Murfreesboro. In 2004, I was making $12.50/hr and was able to buy a small 1200sq foot home in FRANKLIN, of all places. In 2008, I was able to buy a brand new 1600 sq ft 3br, 2ba home in Spartanburg, SC on a 45k/yr annual salary. These are simply insane times that we live in right now, and I'm mad as hell about it. I have 3 small children that I'm raising, and can't afford to buy my own home because down payments, closing costs, and inflated prices, are simply out of reach for me. I'm stuck in the same 2BR 2BA apartment I've been in since 2020, and have seen my rent increase 40% in 2021, and 25% in 2022.

[@kristinwest2739]

Thanks for being brave enough to tell the truth about people coming from richer states and keeping their income by working on computers and competing with us for our houses. Most of us could not compete with that and were forced to leave. I'm one of them. If I had an option to go back to Nashville, I would not go back.

[@underground9260]

If downstate Illinois homes are more affordable than middle Tennessee is, then we have a problem. And that’s including the higher property taxes! I no longer live in Tennessee, and I bought my first home here in Illinois almost two years ago. It cost 58K and didn’t need any repairs. Can’t say anywhere else in the state but property taxes where I live, aren’t that bad.

[@Lolcryariver]

I’m from Tennessee I want to buy a house but it’s impossible.

[@Lolcryariver]

6:31 I have a solution to this issue. Since rent is rising in cost how about cut down all the taxes in half. Cut the closing cost for housing. Rent should be 30% of your yearly income.

[@solidsnake6405]

Taxes aren't the problem!! The issue is damn flippers and corporations buying up houses on the cheap then pricing the locals out of the market,all of this then gives the landlords an opportunity to jack up rents cause they know the renters don't have any other option. It needs to be illegal for homes to be traded like stocks and used cars.shit is out of control.. Im my area its extremely common for a flipper to scoop up a house that needs some work for around $20-50k,and they get these prices because of their connections with agents and banks. Then they drop $10-50k into the home within a month or so doing a half assed patch job,then relist the property for $300k+ for ignorant buyers to fight over and have a bidding war as the agents are feeding the buyers FOMO! As a buyer this is a horrible property to buy cause One you are paying literally top inflated prices which you will immediately be upside down on with the mortgage,Two it will cost you even more to repair the shoty work the flipper did. I h ave no problem with a flipper that comes into a Neighborhood and fixes up some properties inorder to get a little cash,but in todays market these asshats are literally making 2x,3x,4x,sometimes even 5x their investment within a month or two and at the Detriment of the local community. Imagine if all of the gas stations or supermarkets across America got together and Colluded with eachother to ask $15 a gallon of gas or $25 for a cup of milk.that is exactly what is happening with the housing market. The banks,the agents,the flippers,insurance everybody at every point of the housing market have all started working together to drive this enormous spike in pricing..

[@jdaniels1371]

Some Marco news housing news for United States. Some states are still having growth while others are feeling the decline. Nashville area is still growing but prices are starting flatten out and even starting to drop in prices. This evident by looking Zillow, Redfin...etc. US Median home price down 13% seen June 2022 Average Price of US new house sold 16% off high

[@leneechicka2195]

I think the housing authority should stop giving vouchers to everyone and focus on the disabled before those with a job!! There are more disabled people with kids homeless and housing closed because people with a job get a voucher first and that’s ridiculous!!!!! And Tennessee needs to make it a some kind of rule that if you don’t live in Tennessee they can’t buy houses as rentals!!! There would be less homeless families with kids if Tennessee would stop letting landlords make their own prices!!! There should be rules to how much rent someone can charge!! I literally saw a non livable house the was renting for 900 dollars and it wasn’t worth 400 a month!!! God help us all!!! It’s greed!! And it’s disgusting!!

[@kayw5427]

In California we're seeing a lot of "tiny" homes becoming popular. They're much smaller but more affordable than traditional homes. Some families have taken to living in their RV's full time. I've read about modular homes but haven't looked at the pricing for those. Our town has actually encouraged granny units being added to existing homes when the lot is big enough, they stream line approval for these because so many thousands of homes have been lost due to the fires these last three years. We have a lot of apartment buildings in the process of being built so I'm hoping the cost to rent will go down when they're finished. I think now that the pandemic has slowed down things will get better, but it will take time and nothing will be the same.

[@RachaelintheBoro]

I think that's a great idea! I'm glad these options exist especially for those displaced. Implementing this in TN would take policy change at the county level. More rural areas of Tennessee with fewer restrictions this is possible, but for the areas that need this most around the Nashville metro area, the zoning restrictions will not allow for trailers, tiny homes, RV, or anything similar.

[@leshaunda]

Can your rent be raised without notice?

[@RachaelintheBoro]

There’s not a specific notice period that landlords are required to follow in TN, but the norm here is 60days minimum notice on rent increases.

[@leshaunda]

@@RachaelintheBoro I was given no notice. And I just signed a new lease a few months ago. Went to pay my rent online and they have raised it from the agreement I signed about 3 months ago.

[@oldskool16V]

I think basic fundamentals have been gone for awhile. What people earn compared to the price of a home. Things that happened in the past few years just exaggerated it at a scary fast pace. Low interest rates are another thing, people buying 500k homes spending in some cases 40% + of their income on a mortgage. Buying these homes because they could get an approval on one vs buying a fixer upper, living in it for awhile, renting that one out and buying another. Many people could have owned real assets vs being stuck in one home. Of course I’m simplifying it and there is more to it but these are real problems. A major correction has to happen, people need to start building real wealth for the future.

[@RachaelintheBoro]

Agree on all points!

[@alipainting]

A house costs $650,000 so that's $4k a month. Each bedroom needs to be rented for $1000. So that could be a couple each paying $500. The living room could be converted into a bedroom also. Even a garage apartment or camper in the backyard could bring prices down further. No one better have kids ! This is how it's going to be from now in it seems, given how the country is run. This is how I've been living for 30 years. Tennessee looks like a lovely place from above, all lush and green. No wonder people want to live there

[@RachaelintheBoro]

Thank you very much!! That is a creative way to get into a mortgage, laughed at the no one better have kids comment 😂

[@BrazenHead76]

You’re so young and naive. The 2008 housing crash was caused by government intervention. Let the market adjust itself. This is just a season that will end just like all other seasons. I want to move to TN to get away from big government. Don’t ruin TN!!!

[@RachaelintheBoro]

Then perhaps you remember the housing act of 1954? That was a great government program that helped a lot of Americans achieve homeownership. We’re letting the market adjust itself now, which isn’t going well for the majority of Americans. It’s understandable to want to look back to 2008 because it’s so recent in time, but housing market conditions were completely different then.