The Volunteer State has continually proven to be an attractive place for people to call home, particularly in the greater Nashville region, where at its peak, 100 people per day were moving to the 13-county region.
Sitting at just under 2.2 million residents, the region added more than 26,000 people through net migration last year, translating to about 72 new residents per day.
According to U.S. Census Bureau data, Tennessee is one of the fastest-growing states in the nation, jumping 5.6% since 2020 to reac 7.3 million residents last year.
Looking further into the data, that growth isn't experienced equally across age groups.
Following a national trend, the 45-64 population is declining, creating what some have called a "missing middle" between
younger generations and a rapidly growing population of older Americans.
In Tennessee, the 65+ population has grown 14.7% over five years while the 45-64 population has declined 0.4%.
At the same time, high housing costs and the cost of living are influencing where Americans choose to live. The South has been a major beneficiary of that migration, particularly from higher-cost areas in the Northeast and West.
We're seeing this demographic shift play out in Tennessee with the rise in older residents, and it raises an important question: Does our housing stock reflect the population we're becoming?
For an increasing number of Tennesseans, the traditional single-family home may no longer fit their needs. Older homeowners may want to downsize, live closer to family or move into a home that requires less maintenance. Others may need single-level living or easier access to transportation, health care and everyday services.
But those options aren't always readily available.
Building more housing choices for older residents can have benefits throughout the housing market. When someone has an opportunity to downsize into a home that better fits their needs, it can free up a larger home for a family looking to move up. That family may then leave behind a smaller home that works for someone entering the market.
At the same time, Tennessee's overall population growth shouldn't distract us from the slight decline among those ages 45-64. These are people in their peak working years, often raising families, leading businesses and contributing significantly to their communities.
If we want Tennessee's growth to continue, we need housing that allows people not only to move here, but to remain here throughout every stage of life.
Jack Gaughan is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. You can reach Jack at 615-478-0970 or jack.gaughan@gmailcom.
This article originally appeared on Nashville Tennessean: Tennessee’s population is aging. Is its housing market keeping up? | Opinion
