KNOXVILLE, Tennessee — Tennessee's population is expected to grow to nearly 8 million people by 2040, a new study showed.
A large part of that increase includes people ages 65 and above. A 36% increase is expected for the number of people ages 75 to 84. A 72% increase is expected for people ages 85 and up.
Numbers like these could be a result of the lower cost of living in Tennessee, Becky Snyder said. Snyder is the current president of the Knoxville Home Builders Association.
"I think we're seeing these types of numbers, especially from the older generation because their retirement funds will last them longer here than in California or New York," she said.
But an influx of older, out of state buyers can disrupt the housing market.
"The older generation is established," she added. "So with a competitive market, they can outbid and put down over asking, or not even use financing if they don't need to."
Housing prices in Knoxville are already high.
"Whether it's a starter home or a small family on their second or third home--it's overpriced," Snyder said.
According to the Federal Reserve Bank, the median listing price of a home in Knoxville in March 2020 was $302,450. In July 2024, it was $478,280.
Snyder said a possible solution is more homes being built.
"When there's more to choose from, you don't have as much competition," she said. "So you don't get in those bidding wars with prices increasing for houses."