When considering the cost of living in an apartment vs house in Hermitage, it’s important to understand the local housing landscape. In this article, we’ll explore the typical costs associated with renting and owning a home in Hermitage, TN, as well as the factors driving housing affordability in 2025.
The Housing Market in Hermitage Today
Hermitage, a suburb of Nashville, has seen steady growth in recent years. The local housing market is characterized by a mix of established neighborhoods and new developments, offering a range of options for renters and buyers alike. While inventory has tightened somewhat, Hermitage still boasts a relatively balanced market compared to the Nashville metro as a whole.
One notable trend in Hermitage is the rise of mixed-use developments, combining residential units with retail and green spaces. These walkable communities are particularly attractive to young professionals and families seeking convenience and a sense of community. At the same time, Hermitage’s more established neighborhoods continue to offer affordable housing options for a variety of budgets.
Renting in Hermitage: What’s Typical?
For those considering renting in Hermitage, the average monthly rent for a one-bedroom apartment is around $1,200, while a two-bedroom typically costs about $1,500. These figures represent a modest 3% increase over the previous year, indicating a relatively stable rental market.
Popular areas for renters in Hermitage include the Providence Place and Oakwell Farms neighborhoods, both of which offer a mix of apartments and single-family homes for rent. These areas are particularly appealing to young professionals and families, thanks to their proximity to schools, parks, and shopping centers.
It’s worth noting that while rent in Hermitage has risen slightly, the city still offers more affordable options compared to downtown Nashville. For example, neighborhoods like Priest Lake and Chandler Crossings provide budget-friendly rental options for those willing to live a bit further from the city center.
Owning a Home in Hermitage
For those looking to buy a home in Hermitage, the median home price is currently around $350,000. With a 10% down payment and a 30-year fixed mortgage at 3.5% interest, buyers can expect a monthly mortgage payment of approximately $1,400.
In addition to the mortgage, homeowners in Hermitage should budget for property taxes, which average about $1,500 per year, as well as homeowners insurance and potential HOA dues. For a median-priced home, buyers can anticipate paying around $200 per month in HOA fees, depending on the neighborhood and amenities.
While these costs may seem daunting, it’s important to consider the long-term benefits of homeownership, such as building equity and the potential for appreciation. Additionally, many neighborhoods in Hermitage offer affordable options for first-time buyers or those looking to downsize.
Renters vs. Homeowners: Who Lives Where?
Hermitage has a homeownership rate of around 65%, slightly higher than the national average. While renting is common among younger individuals and those new to the area, a significant portion of older residents and established families own their homes.
The decision to rent or buy often depends on factors such as income, job stability, and long-term goals. For some, the flexibility and lower upfront costs of renting make it an attractive option, while others prioritize the stability and investment potential of homeownership.
It’s worth noting that Hermitage offers a variety of housing options to suit different lifestyles and budgets. From affordable apartments to spacious single-family homes, there are opportunities for both renters and buyers to find a place to call home.
Typical Monthly Housing Costs in Hermitage
To help you better understand the cost of living in an apartment vs house in Hermitage, here’s a breakdown of what you might expect to pay each month:
| Expense | Apartment (1BR) | House (Median Price) |
|---|---|---|
| Rent/Mortgage | $1,200 | $1,400 |
| Property Tax | N/A | $125 |
| Utilities | $120 | $200 |
| Insurance | $15 (Renters) | $80 (Homeowners) |
| HOA Dues | $0 | $200 |
| Total | $1,335 | $2,005 |
Estimates reflect mid-range properties and average usage.
As you can see, the monthly cost difference between renting and owning in Hermitage is significant, with homeowners paying about 50% more on average. However, it’s important to consider the long-term financial implications of each option, as well as your personal circumstances and goals.
What’s Driving Costs Up or Down?
Several factors influence the cost of housing in Hermitage, including supply and demand, the local job market, and population growth. In recent years, Hermitage has experienced steady job growth, particularly in the healthcare and technology sectors, which has contributed to increased demand for housing.
At the same time, new housing developments have helped to keep pace with this demand, preventing prices from skyrocketing. The city’s commitment to affordable housing initiatives and mixed-use developments has also played a role in maintaining a balanced market.
Looking ahead, experts predict that Hermitage will continue to see moderate price growth, driven by its strong job market and attractive quality of life. However, the city’s proactive approach to housing policy and development is expected to help keep costs in check, ensuring that Hermitage remains an affordable option for a wide range of residents.
FAQs About Housing in Hermitage
- Is Hermitage affordable to live in?
Compared to the Nashville metro as a whole, Hermitage offers relatively affordable housing options for both renters and buyers. While costs have risen in recent years, the city’s commitment to balanced growth and affordable housing initiatives helps to keep prices in check. - Why are housing prices changing?
Housing prices in Hermitage are influenced by factors such as supply and demand, job growth, and population trends. As more people are attracted to the area for its strong economy and quality of life, demand for housing increases, putting upward pressure on prices. - How does Hermitage compare to nearby cities?
Hermitage offers a more affordable cost of living compared to downtown Nashville, with lower housing costs and a more balanced market. At the same time, the city provides many of the same amenities and job opportunities, making it an attractive alternative for those seeking a more budget-friendly option.
Making Smart Housing Decisions in Hermitage
When evaluating the cost of living in an apartment vs house in Hermitage, it’s essential to consider your personal financial situation, long-term goals, and lifestyle preferences. While renting may offer greater flexibility and lower upfront costs, homeownership can provide a sense of stability and the potential for long-term wealth building.
Regardless of whether you choose to rent or buy, it’s important to budget carefully and factor in all of the associated costs. This includes not only your monthly rent or mortgage payment but also expenses such as utilities, insurance, and maintenance. By understanding the full picture of your housing costs, you can make informed decisions that align with your financial goals.
For more information on budgeting for housing costs in Hermitage, check out our article on Monthly Budget Examples for Hermitage Residents. And for a comprehensive look at the cost of living in the city, be sure to read our Cost of Living in Hermitage (2025 Guide).
By staying informed and proactive about your housing choices, you can find the right home for your needs and budget in Hermitage. Whether you’re a young professional just starting out or a family looking to put down roots, this vibrant and growing city has something to offer.