Great news! According to the National Association of Realtors (NAR), Knoxville can be one of the real estate market leaders in 2023. The city’s housing affordability and growing population contribute to its projected success. Keep reading to learn more about the reasons for this growth.
The NAR housing affordability index is the way to determine whether a typical median-income family can afford a home. It considers the recent price and income data at the national and regional levels. According to an October 2022 report, Knoxville scored 97.2 on the index. That is close to a perfect score, indicating that the city is doing well in terms of housing affordability. It compares well to other cities such as Greenville, San Antonio, Raleigh, Jacksonville, Dallas, and Charleston.
Achieving homeownership can be challenging. According to the NAR report, 24.1% of Knoxville renters can afford a typical home. This number is a higher percentage than in cities such as Raleigh, Jacksonville, Dallas, Charleston, and Atlanta. With more renters able to afford a home, you could expect a stronger housing market.
Settling down in a new place often involves financial considerations. Employment considerations play a critical role in ensuring financial stability. According to the NAR’s report from October 2021 to October 2022, Knoxville experienced job growth of 4.5%. A strong job market and stability can be good for any city. Along with that, it is attractive to people from other places. As a draw to people looking to relocate, strong employment can drive home sales.
Knoxville is a great place to live because of its affordability, employment opportunities, and friendly people. According to NAR, Knoxville is among the top ten expected real-estate market leaders in 2023.
Knoxville should be on your list if you want a new place to live. It has something to offer everyone. Knoxville is a great place to live, whether you are a retiree or a young family.
Are you considering buying or selling a home in the Knoxville area? We’d love to help you! Please click here for our contact page, and we’ll reach out to you promptly. Would you like to see more great info from The Big Orange Press? Please click here for our blog page.
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