The Housing Market in Smyrna Today
Smyrna, Tennessee is a growing suburb southeast of Nashville that offers a mix of housing options to suit various lifestyles and budgets. In recent years, the local housing market has seen rising prices and tightening inventory as more people discover the appeal of living in this charming town. New apartment complexes and single-family developments are popping up to meet the increasing demand.
One unique characteristic of Smyrna’s housing landscape is the prevalence of townhomes and condos, which provide an affordable entry point for first-time buyers or those seeking low-maintenance living. Many of these attached homes are located in walkable areas near shops, restaurants, and green spaces. The city also has a good selection of established neighborhoods with single-family homes on larger lots.
Despite the growth, Smyrna remains more affordable than some other parts of the Nashville metro area. Its proximity to major employers, good schools, and recreational amenities continues to attract a diverse population of young professionals, families, and retirees. As the local economy expands, experts predict that housing costs will continue to rise steadily in the coming years.
Renting in Smyrna: What’s Typical?
For renters, Smyrna offers a variety of apartments, townhomes, and single-family homes to choose from. The average rent for a 1-bedroom apartment in Smyrna is around $1,200 per month, while a 2-bedroom typically goes for about $1,400. These prices have increased by roughly 5% over the past year, but are still more affordable than in downtown Nashville.
Popular areas for renters include the neighborhoods around StoneCrest Medical Center, where many young professionals appreciate the convenient location and modern apartment amenities. Complexes like the Aventura at Indian Lake and Landmark at Glenview Reserve offer features such as swimming pools, fitness centers, and pet-friendly policies.
Here’s a breakdown of what you might pay monthly to rent in Smyrna:
| Expense | 1BR | 2BR |
|---|---|---|
| Rent | $1,200 | $1,400 |
| Renters Insurance | $15 | $20 |
| Electricity | $60 | $80 |
| Water/Sewer | $40 | $50 |
| Internet | $60 | $60 |
| Total | $1,375 | $1,610 |
Owning a Home in Smyrna
For those looking to buy a home in Smyrna, the median sale price is currently around $325,000. At this price point, buyers can expect to find a well-maintained 3-bedroom, 2-bathroom house with about 1,500 square feet of living space. Assuming a 10% down payment and a 30-year fixed mortgage at 3.5% interest, the estimated monthly payment would be roughly $1,800 including property taxes and insurance.
On top of the mortgage, homeowners in Smyrna should budget for additional costs such as property taxes, homeowners insurance, utilities, and regular maintenance. Property taxes in Rutherford County are relatively low, with most homeowners paying between $1,000 to $2,000 per year. Many neighborhoods also have HOA fees ranging from $25 to $200 per month, which often cover amenities and exterior upkeep.
While buying a home requires a significant upfront investment, it can be a smart long-term financial move. Homeowners build equity over time and may benefit from tax deductions and fixed housing costs. However, it’s important to consider the added responsibilities and expenses of maintenance, repairs, and upgrades when making the decision to buy.
Renters vs. Homeowners: Who Lives Where?
Smyrna has a homeownership rate of about 70%, which is higher than the national average. This means that the majority of residents own their homes, while about 30% rent. Homeownership is more common among older, established residents, particularly those with families who value the space and stability of a single-family home.
Renting is more popular with younger individuals, including single professionals and couples who appreciate the flexibility and amenities of apartment living. Some retirees and empty-nesters also choose to rent for the convenience and freedom from home maintenance. While owning a home is a long-term goal for many, rising prices and limited starter-home inventory can be barriers for first-time buyers.
Smyrna’s diverse housing options accommodate a variety of living scenarios and budgets. Whether renting an apartment near the medical center or purchasing a family home in a quiet subdivision, residents can find a place to call home in this welcoming community. As the town continues to grow and attract new residents, it’s likely that the mix of renters and homeowners will evolve to reflect changing demographics and housing preferences.
Table: Typical Monthly Housing Costs in Smyrna
Here’s what housing costs might look like each month in Smyrna:
| Expense | Renting (1BR) | Owning ($325K Home) |
|---|---|---|
| Rent/Mortgage | $1,200 | $1,450 |
| Property Tax & Insurance | $15 (renters insurance) | $350 |
| Utilities | $160 | $250 |
| HOA Dues | $0 | $50 |
| Total | $1,375 | $2,100 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence housing costs in Smyrna, with supply and demand playing a significant role. As more people move to the area for jobs and quality of life, the increased demand puts upward pressure on rents and home prices, especially in desirable neighborhoods. New construction has helped to alleviate some of this pressure, but buildable land is limited.
Smyrna benefits from a strong and growing local economy, with major employers in healthcare, manufacturing, and retail. The Nissan assembly plant in neighboring Franklin employs over 8,000 people, many of whom choose to live in Smyrna. This robust job market drives demand for housing and supports rising prices, particularly for move-in ready homes close to employment centers.
Zoning and development regulations also shape Smyrna’s housing landscape. The city has a mix of established neighborhoods zoned for single-family homes and newer mixed-use districts that allow for higher-density apartments and townhomes. As Smyrna’s population grows, city leaders will face decisions about how and where to accommodate new housing while preserving the town’s character and affordability.
FAQs About Housing in Smyrna
- Is Smyrna affordable to live in? Compared to other parts of the Nashville area, Smyrna offers relatively affordable housing options. However, prices have been rising in recent years due to population growth and demand.
- Why are housing prices changing? Housing prices in Smyrna are influenced by factors such as job growth, population migration, new construction, and zoning regulations. As more people move to the area, demand for housing increases, putting upward pressure on rents and home values.
- How does Smyrna compare to nearby cities? Smyrna is more affordable than cities like Nashville and Franklin, but pricier than some smaller towns further from the metro area. It offers a balance of amenities, job access, and housing options that appeals to a range of residents.
Making Smart Housing Decisions in Smyrna
Whether you’re looking to rent an apartment or buy a house in Smyrna, it’s important to consider your budget, lifestyle, and long-term goals. Renters should factor in not just monthly rent, but also utilities, renters insurance, and any fees for parking or pets. Homebuyers need to account for the full cost of living in Smyrna, including the mortgage payment, property taxes, insurance, maintenance, and any HOA dues.
Before making a decision, research different neighborhoods to find the best fit for your needs and budget. Consider factors like commute times, school districts, and access to amenities. Whether you choose to rent or buy, living in Smyrna offers a high quality of life in a welcoming, growing community.
By understanding the local housing market and carefully weighing your options, you can find the perfect place to call home in Smyrna. While costs may continue to rise in the coming years, the town’s diverse housing stock, strong economy, and appealing lifestyle make it an attractive choice for residents of all ages and stages of life.