NASHVILLE, Tenn. (WTVF) — A new study from the city sheds light on how the dream of home ownership is slipping out of reach for many families in Music City.
In 2013, Eva Angelina Romero became the first person in her family to own a home.
“I was able to buy my first property, and it changes the trajectory of my entire family,” explained Romero, who is also a real estate agent.
That’s when Romero said she truly grasped the importance and value of becoming a homeowner.
“Statistics show that homeowners have a better chance of building generational wealth and wealth in this country,” added Romero.
For the past 13 years, she's been focused on helping families find their dream homes.
Romero said that for those hoping to settle in Nashville, finding an affordable house remains challenging.
“The median price point now in Davidson County is about $500,000, so it's very hard for a lot of our workforce to live in the city,” said Romero.
In fact, a new Housing and Infrastructure study by Metro’s planning department found that last year only 9% of Nashville neighborhoods had homes affordable for families making an average income of $100,000.
The numbers are even worse for Black and Hispanic families, with the study revealing that fewer than 1% of neighborhoods offered homes they could afford.
Romero said that’s why many families working in Nashville are forced to look elsewhere.
“They sacrifice their commute time to have their own home,” said Romero. “So, they're willing to do that, which can, like I said, be an hour, 45 minutes, or in some cases, up to two hours.”
The study indicates the city needs to add 90,000 housing units by 2034 to meet demand. However, current zoning only allows for 70,000 units – leaving a shortfall of 20,000 homes.
Romero said she believes small policy changes could make a big difference. She said the city is need of in modernizing outdated zoning codes, development processes, and integrating infrastructure planning.
“Can we speed things up so those affordable housing options can become more immediate?” asked Romero. “We just need to continue to sit down and talk about these solutions to make home ownership accessible to all because everybody deserves a home.".
Other solutions mentioned by real estate professionals include housing education, access to capital programs for first-time home buyers, and down payment assistance.
Do you have more information about this story? You can email me at Patsy.Montesinos@Newschannel5.com
The line ''see something, say something" took on new meaning recently in Bowling Green. Two alert neighbors helped tip police to stolen Corvettes from the nearby assembly plant. That led law enforcement to find 8 stolen Corvettes worth over $1 million. We may all be able to learn a little lesson from this.
-Lelan Statom
