Estimated Monthly Payment — Median Tennessee Home
$2,273
Based on $340,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$340,000
Property Tax
0.71%
Avg. HOA
$175/mo
Median Rent
$1,350/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Tennessee housing market
Tennessee's housing market is moderately priced for the region, with a median home price around $340,000. Nashville is the largest metro, with Memphis a close second. Tennessee has no state income tax, and Nashville has been one of the fastest-growing US metros with substantial home-price appreciation in recent years. Tennessee's effective property tax rate of 0.71% is below the national average.
The median Tennessee home costs $340,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,755, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,273. First-time buyers in Tennessee can explore programs through Tennessee HFA.
Photo by Tanner Boriack on Unsplash
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FAQ
Tennessee mortgage FAQs
What's the property tax rate in Tennessee?
Tennessee's effective property tax rate averages about 0.71% — below the national average. On a $340,000 home, that's roughly $201/month or $2,414/year.
How much do I need to earn to afford a typical Tennessee home?
Using the 28/36 rule, a buyer would need roughly $85,000–$109,000 in gross annual income to comfortably afford Tennessee's $340,000 median home with 20% down at current rates.
What first-time buyer programs are available in Tennessee?
THDA offers the Great Choice Home Loan with up to $6,000 down payment assistance and Homeownership for Heroes for active military and veterans. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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