More people are choosing to pay monthly rent instead of buying a home in 29 of the largest 50 states, according to Zillow. Nashville comes in close with 47% of people renting in 2016, which was the most recent data available. That is up from 2006, when 40.3% of Nashvillians rented.
The same data (see below) shows the average monthly rent in Nashville is $1,548. The median home price is $255,600.
Rodney Boston lives in West Nashville and has been renting for three years.
"I don't have the means to just go full out and buy right now," said Boston. "It's crazy, especially in Nashville. Prices have gone up tremendously."
23-year-old Joseph Terry is saving up to buy his first home in Gallatin.
"To me, it's a no-brainer. It's a waste of time and money to rent," said Terry.
According to Zillow, millennials say not saving enough money for a down payment and struggling to qualify for a loan are two big reasons why they choose to rent.
Copyright 2018 WSMV (Meredith Corporation). All rights reserved.