Search within the city
Overview
Tennessee is an entertaining state that is known for a variety of cultural and musical contributions. A lot of legendary festivals take place here every year, including Bonnaroo Music Festival.
Despite being 36th when it comes to physical size, Tennessee is the 16th most populous state in the U.S. In 2019, it was estimated that 6,829,174 people live in this state. Many residents enjoy living in picturesque and scenic areas.
Nashville is the largest and the capital city of Tennessee with a population of 670,800. Memphis is the second-largest city. About 651,00 people live in this bustling city.
The western border of the state is formed by the Mississippi River that runs alongside the city of Memphis. The Great Smoky Mountains National Park is positioned in the east.
Tennessee offers a wide range of tourist attractions like Dollywood, Tennessee Aquarium, Parthenon, Ober Gatlinburg, the Jack Daniel’s Distillery, the Memphis Zoo, etc. In addition to tourism, manufacturing and agriculture are the state’s major industries.
Buying a House in Tennessee
The cost of housing varies considerably between counties and cities in Tennessee. It ranks fortieth in the United States for expensive houses.
Overall, Tennessee’s median price of homes is $164,500. This is much lower than the national average that goes as high as $284,600. At $207,816, the average sales price for all home types is affordable too.
If you’re looking for affordable housing or rental properties, you will find many homes coming at price points below the national average. Those in search of luxurious, large homes in gated communities will also have quite a few options.
Popular Cities and Neighborhoods to Live in Tennessee
There are quite a few large cities in Tennessee, each of which has a unique vibe and character. However, most people take up residence in Memphis and Nashville.
Memphis is no doubt the most popular large city to call home. Most neighborhoods in this thriving city have a tradition of artistry and warmth. Cooper-Young and Historic Central Gardens are extremely popular with young professionals and artists. They are also great for retirees and families as well.
Nashville is a perfect city for young people who want to study and/or love country music. The most popular neighborhoods in this city include Belle Meade, the Five Points area, Knoxville, and Richland–West End Historic District. The Old City and downtown region of Nashville are suitable for people who crave entertainment venues and want to live in converted condos and lofts.
Rent to Own vs Buying
Are you interested in purchasing a house in Tennessee? There are a lot of choices nowadays. While homebuyers may use traditional mortgages and banks, renting to own can give a good alternative to that process. It can make it more flexible, too.
You have probably heard of rent to own programs since they have been around for decades. If you are a first-time buyer or new to the rental world, then you might not know how these programs work. Don’t worry, this process is quite simple.
Before a buyer exercises an option to buy the home, he or she agrees to rent it for a set amount of time. The property can be purchased before the lease runs out. The length of the lease and rate are both negotiable. While the lease term is usually from one to three years, the rate can be anywhere from 2 to 7 percent of the purchase price.
Living Expenses in Tennessee
Tennessee is a state that features a low cost of living. People pay 86 cents for each dollar the residents of other states spend when it comes to combined living costs.
Housing is one of the most affordable living expenses in the state. It is 30% below the national average. Healthcare, transportation, groceries, and utilities are also inexpensive compared to the U.S. average. They range from 5% to 10% below the national averages.
Summary
Tennessee is home to many universities, large companies, government facilities, and museums. Also, there are also plenty of attractions and events in this area throughout the year. Generally speaking, housing and cost of living are affordable in this state. However, it doesn’t apply to all cities.
If you can’t afford to live in a city that has expensive housing, look for rent-to-own homes in the suburban districts within your budget. There’s a decent number of options on the real estate market. Check them out!
Reported Annual Crime In Tennessee
| Statistic | Tennessee | National |
|---|---|---|
| Violent crime | 8,137 | 370,388 |
| Murder | 1,107 | 19,131 |
| Rape | 1,975 | 86,726 |
| Robbery | 1,581 | 152,431 |
| Assault | 7,292 | 277,038 |
| Property crime | 33,486 | 1,216,038 |
| Burglary | 9,474 | 468,957 |
| Theft | 29,160 | 1,063,593 |
| Motor vehicle | 5,780 | 301,970 |
| Arson | 1,004 | 32,898 |