Nashville is ranked sixth among the nation’s top cities for real estate investing in 2017, a one-notch jump from a year ago in the annual Emerging Trends in Real Estate report.
The latest report from PricewaterhouseCoopers along with the Urban Land Institute cited the Music City's hip factor that's reflected in the high percentage of college graduates choosing to stay in the area. It also highlighted the diverse economy with health care, technology, tourism and education among sectors that should continue to create jobs next year.
"Low cost of doing business and low cost of living are two economical pieces of the secret sauce," Mitch Roschelle, a real estate team leader with PricewaterhouseCoopers, said about another factor in economic growth of cities such as Nashville.
Among favorable statistics cited on Nashville, the cost of doing business here is 6 percent less than the national average. Reflecting a relatively lower cost of living, the median housing price in the metro Nashville area is $225,000, 7 percent cheaper than the nationwide median price of $243,000.
Similar to higher learning institutions in top-ranked Austin, Texas, Nashville area universities such as Vanderbilt also provide talented employees and cultural activities that Roschelle said are important to the new workforce of millennials and even baby boomers.
Most cities ranked within the top 10 for real estate investing next year are so-called 18-hour secondary cities. They don't have all of the amenities of a large metropolis such as New York, but have become attractive to young professionals.
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Source: The Tennessean, Urban Land Institute