average down payment on a house in tennessee

Try bundling your auto insurance for a discount by talking to one of the independent insurance agents we recommend. Since Tennessee is mostly a driving state, you’ll want to keep transportation costs low by getting the right coverage.

11įind expert agents to help you buy your home in Tennessee. Memphis slides into the middle range for transportation costs among most Tennessee cities, which is 12% lower than the national average. Tennessee transportation costs range from around 5% lower than the national average in the Nashville metro area to 18% lower in the southeast city of Cleveland. 10 Not exactly a thrilling difference-but we’ll take it. In Maury County, you can purchase a half gallon of milk and some cereal for $6.19, which is only 0.8% less than the national average. Maury County sits somewhere in the middle price range among Tennessee cities for groceries. Groceries in Tennessee range from around 1% lower than the national average in Chattanooga to 13% lower in Knoxville. In Tennessee, you might find yourself doing your grocery shopping at Kroger or Publix. Trust us, you’re going to want to crank up the AC during those hot and humid summers. Maury County, located south of Nashville (think Columbia and Spring Hill), is somewhere in the middle range among Tennessee cities for utility costs at 11% lower than the national average. Utility costs like energy and phone use in Tennessee range from 13% lower than the national average in the far northeastern city of Kingsport (bordering Virginia), to only 1% higher in Morristown. *Median Apartment Rent numbers refer to two-bedroom apartments in the surrounding metro area. To find the Tennessee city that fits your budget, check out the cost differences between these greater metro areas: When you consider total housing cost factors, the Nashville metro area is 6% lower than the national average, while the northeastern city of Morristown is a whopping 31% lower! 5 With prices like those, you might be wondering why you haven’t booted, scooted, and boogied your way over to Tennessee sooner! But don’t forget, not all of Tennessee costs the same. At the start of 2022, median home prices in Tennessee were nearly $350,000-almost 7% lower than the national median of $375,000! 3 Meanwhile, the median monthly rent for a two-bedroom apartment was nearly 12% lower than the national median of almost $1,300. To better understand this index, let’s take a closer look at each category. An amount below 100 means Tennessee has a lower cost of living than the U.S.

To get these numbers, we use a cost of living index that compares around a dozen cities in Tennessee with the average U.S. Living in Tennessee is relatively affordable! In fact, the most popular Tennessee cities rank 3–16% lower in cost when compared to the average U.S. Here we go, y’all! What’s the Average Cost of Living in Tennessee? To help you make a confident decision on whether Tennessee is the right move for you cost-wise, we’ll show you how much the state charges for “super fun” grown-up stuff like housing, food, taxes and bills. To figure out if you can afford to live there comfortably, you’d have to compare the cost of living in your current city with the Tennessee city of your dreams. So you’re wondering how much it’d cost to live in Tennessee-the land of southern barbecue, smooth whiskey, honky-tonks, the Vols, Elvis, Dollywood and the Great Smoky Mountains.

Average down payment on a house in tennessee