A new study from financial technology company SmartAsset ranks the most affordable places to live in Tennessee. Bartlett ranks third in the state.
This is SmartAsset’s fourth annual study on the Most Affordable Places in America. These communities are ranked on an Affordability Index weighing property taxes, homeowners’ insurance fees and mortgage payments relative to income.
- Atoka: Average closing costs: $3,008; annual property tax, $1,287; annual homeowner’s insurance, $1,410; average annual mortgage payment, $7,988; median income, $87,047; and affordability index, 54.82
- Humboldt: Average closing costs, $2,352; annual property tax, $682; annual homeowner’s insurance, $612; average annual mortgage payment, $3,466; median income, $35,166; and affordability index, 47.34
- Bartlett: Average closing costs, $2,208; annual property tax, $2,475; annual homeowner’s insurance, $1,401; average annual mortgage payment, $7,937; median income, $81,583; and affordability index, 46.83
- Arlington: Average closing costs, $3,339; annual property tax, $2,918; annual homeowner’s insurance, $1,699; average annual mortgage payment, $9,628; median income, $96,363; and affordability index, 45.34
- Munford: Average closing costs, $2,826; annual property tax, $1,321; annual homeowner’s insurance, $1,213; average annual mortgage payment, $6,871; median income, $64,226; and affordability index, 45.20
- Oakland: Average closing costs, $3,031; annual property tax, $858; annual homeowner’s insurance, $1,434; average annual mortgage payment, $8,127; median income, $70,893; and affordability index, 45.11
- Lexington: Average closing costs, $2,553; annual property tax, $846; annual homeowner’s insurance, $917; average annual mortgage payment, $5,198; median income, $47,702; and affordability index, 44.75
- Green Hill: Average closing costs, $2,272; annual property tax, $1,354; annual homeowner’s insurance, $1,579; average annual mortgage payment, $8,947; median income, $78,561; and affordability index, 44.64
- La Vergne: Average closing costs, $2,693; annual property tax, $1,236; annual homeowner’s insurance, $1,069; average annual mortgage payment, $6,056; median income, $55,644; and affordability index, 43.76
- White House: Average closing costs, $3,022; annual property tax, $1,476; annual homeowner’s insurance, $1,425; average annual mortgage payment, $8,076; median income, $71,415; and affordability index, 43.11
Additional study details – including the methodology and interactive map – can be found online at smartasset.com/mortgage/how-much-house-can-i-afford#Tennessee.
