5 affordable places in Tennessee
Home to a number of thriving cities, Tennessee is a great place to call home. Here are some lower-cost areas to focus your home search.
1. Murfreesboro
Just 40 minutes from Nashville, Murfreesboro is known for its parks, greenways, and music and arts scene. It's also home to great shopping and museums. The median home value in Murfreesboro is $215,800, according to Niche. That’s bit above the median home value for all of Tennessee -- $192,630, according to Zillow. Meanwhile, Tax-Rates.org lists the average property tax rate in Rutherford County at 0.74% of a home's assessed value. That's just above Tennessee's average property tax rate -- 0.68%.
2. Nashville
When you think of Nashville, it's easy to conjure images of bands, music festivals, and more bars and restaurants than you can count. Nashville is perpetually hopping, and tourism is a large driver of the city's economy. The median home value in Nashville is $216,500, while the average property tax rate in Davidson County is 0.96% of a home's assessed value. That's a bit high on a statewide level, but it buys you proximity to great food, culture, and entertainment.
3. Clarksville
About an hour northwest of Nashville, Clarksville is known for its impressive network of parks, and it attracts families as well as young professionals. The median home value in Clarksville is $148,700, while the average property tax rate in Montgomery County is 0.86% of a home's assessed value.
4. Knoxville
About an hour south of the Kentucky border, Knoxville is also about an hour from the Great Smoky Mountains National Park. And, it's home to the University of Tennessee, known for its athletics. The median home value in Knoxville is $128,800, while the average property tax rate in Knox County is 0.72%.
5. Chattanooga
Minutes from the Georgia border, Chattanooga is known for its riverwalk and attractions -- most notably, the Chattanooga Zoo. The median home value in Chattanooga is $160,100, while the average property tax rate in Hamilton County is 0.86% of a home's assessed value.
The more appealing a mortgage candidate you are, the greater your chances of snagging a great rate. Before applying, make sure your credit score is strong, and work on paying off any existing debt to lower your debt-to-income ratio. Also, have proof of steady income that supports the mortgage you're looking for. These steps will help you lock in a mortgage rate that makes your Tennessee home more affordable in the long run.
Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
