As rents and home prices have jumped in recent years in Tennessee, so has the demand for affordable housing, according to a new report by a nonprofit group.
“Housing is a necessity, and has grown increasingly expensive in Tennessee over the last decade,” said the report by the Sycamore Institute. “Much of this was driven by increased demand and diminished supply. Financing for housing developments can be challenging, and the process is particularly complex for affordable housing.”
In the early 2020s, residents from wealthier parts of the country increasingly moved out of urban areas and into more rural areas of Tennessee, the report said.
“Because Tennessee’s housing supply hasn’t kept up with these demands, housing costs have become increasingly expensive.”
