Home Property Values and Costs in Tennessee Home values have increased 8.9% over the past year, and they’re expected to rise another 5.7% within the upcoming year. The price per square foot is about $130. Homes are listed on the market for around $245,000. Rent for a house is about $1,295/month.
How much money do I need to buy a house in Tennessee?
Typically, mortgage lenders in Tennessee want you to contribute 20% of the purchase price as a down payment. That would be $58,859 for a $294,296 home — the typical home value in Tennessee.
Are houses expensive in Tennessee?
Tennessee
In Tennessee, you can find some of the most inexpensive housing in the U.S. Although the median home value in Tennessee is a little over $120,000, in some areas like Union City and Humboldt, you can easily find a nice, single family home for around $60,000.
Is it hard to buy a house in Tennessee?
If you want to buy a house in Tennessee, you need a credit score of at least 620 and about $50,000 to cover your down payment and closing costs for the average home. If you don’t quite meet those requirements, there may be alternatives.
Why is Tennessee housing so cheap?
This is mostly due to the majority of the state being in rural areas and the lack of a state income tax. While cities such as Nashville have high housing costs, this is balanced by below average costs of transportation, healthcare and child care.
How much is the average electric bill in Tennessee?
around $123.30
In Tennessee, the average monthly electricity bill is around $123.30. This is just a slight step above the country’s average, which is $111.67. In total, most Tennessee residents pay around $145 a month for their utilities in total.
How do I buy a house for the first time in Tennessee?
Tennessee first-time homebuyer loan programs
Borrower requirements: 3 percent down payment for GC97 conventional loan; 3.5 percent down payment for FHA or USDA loan (down payment assistance available) 640 minimum credit score. Must complete homebuyer education course.
What state is the cheapest to buy a house?
West Virginia is the cheapest state to buy a home. A typical home in West Virginia costs $129,103, nearly $30,000 less than Mississippi’s and less than half of the national average. A homebuyer can expect to get 1,792 square feet of living space for that price.
Why are people moving to Tennessee?
Tennessee Attracts Retirees
A study conducted by Bankrate found Tennessee to be the third best state in the U.S. for retirees and the most affordable. Its low cost of living, small tax burden, and pleasant weather are a few of the many reasons retired people move to Tennessee.
Is it cheaper to live in Tennessee or Florida?
If the average cost of living in the United States is 100, Florida has an overall score of 97.9. This is considerably more than Tennessee, which has an overall cost of living score of 88.7. When comparing the numbers, this means Florida is nearly 10% more expensive to live in than Tennessee.
What are the negatives to living in Tennessee?
List of the Cons of Living in Tennessee
- The summers can be brutal when you start living in Tennessee.
- Tennessee barbecue is not for the faint of heart.
- It can be challenging to make new friends when living in this state.
- The growth levels in Tennessee’s cities can be challenging as well.
Is it worth moving to Tennessee?
Over the last 20 years, Tennessee has enjoyed an impressive rate of population growth. Low tax rates, living costs, and high quality of life have kept people on the move to Tennessee. It’s not a perfect place, but for the price, Tennessee is about as good as one can get.
Where in Tennessee is the best place to live?
Here are the best places to live in Tennessee: Nashville. Knoxville. Chattanooga.
- Nashville.
- Knoxville. Best Places to Live 2021-2022 Rank: 41.
- Chattanooga. Best Places to Live 2021-2022 Rank: 49.
- Memphis. Best Places to Live 2021-2022 Rank: 143.
How much money do you need to live comfortably in Tennessee?
–A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year. The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America’s 50 largest cities.
What is the cheapest place to live in TN?
Alcoa is the cheapest place to live in Tennessee. The median home value is around $146,500 and monthly apartment rentals are around $700 per month. There are also many other affordable cities in Tennessee that attract many people to move to the state.
What are the pros and cons of living in Tennessee?
10 Pros And Cons Of Living In Tennessee
- Low cost of living.
- Reasonable property taxes.
- No income taxes.
- Tennessee Promise scholarship program.
- Abundant recreational opportunities.
- Gentle winter climate.
- Oppressive summer heat and humidity.
- A tendency for severe weather.
Is rent expensive in Tennessee?
If you’re looking to rent, Tennessee is about as good an option as you’ll find. According to Apartment List data from 2019, a two bedroom apartment in the Volunteer State goes for just $854 a month, as compared to the $1,175 national median.
How much does water cost in Tennessee?
Utility costs vary greatly by state. The most expensive utility bills can be found in Alaska, with an average cost of $496 per month. New Mexico has the lowest average cost of $232 per month.
Water Prices by State 2022.
| State | Tennessee |
|---|---|
| Avg. Total Utilities | $305 |
| Electric | $126 |
| Internet | $30 |
| Nat. Gas | $66 |
How much do you need to live in Tennessee?
So what is the average cost of living in Tennessee? Total yearly personal consumption cost is $37,499, on average, according to 2020 data from the Bureau of Economic Analysis . Here’s what you can expect to spend across major purchasing categories. That translates to $3,125 in average monthly expenses for a Tennessean.
Can you buy a house in Tennessee with no money down?
3.5% down and a 580 minimum credit score. But you’re on the hook for mortgage insurance premiums (MIP) until you refinance to a different loan type, move, or pay off your mortgage. VA loan: Only for veterans and service members. Zero down payment is required.
How much are closing costs in TN?
In Tennessee, closing costs usually amount to around 0.9% of a home’s sale price, not including realtor fees. With a median home value of $299,571, sellers can expect to pay around $2,748 at closing.