The Most Affordable Cities in Tennessee - NewHomeSource (2024)

Tennessee is well-known for live country music, piping hot fried chicken, and beautiful rolling hills. Whether the good eats or the picturesque landscape draws you in, there’s a home for you in the Volunteer State. In addition to knowing the safest and most retiree-friendly cities in the state, NewHomeSource has compiled a list of the 10 most affordable Tennessee cities to inform your choice so you can possibly even build your Tennessee home!

1. Memphis

Home Price to Income Ratio: 2.47

Average Property Tax: $1,446

Median Household Income: $41,228

The most affordable city in Tennessee is none other than the city of blues, Memphis! Music fans of all ages must check out Rock ‘n’ Soul Museum, Blues Hall of Fame, and Stax Museum of American Soul Music. Other important landmarks include the Memphis Zoo, the Memphis Museum of Science and History, and of course, Elvis’ home in Graceland. If you’re craving fresh air, enjoy a walk through the Memphis Botanical Garden.

2. Lawrenceburg

Home Price to Income Ratio: 2.98

Average Property Tax: $721

Median Household Income: $34,086

Lawrenceburg is a southern Tennessee city with over 10,000 residents. David Crockett State Park borders the city’s western edge and is a great place for hiking and connecting with nature. It’s a tribute to the Davy Crockett – the “King of the Wild Frontier.” If you prefer indoor activities check out the local restaurants and museums, such as the James D. Vaughan Museum.

3. Lewisburg

Home Price to Income Ratio: 2.29

Average Property Tax: $755

Median Household Income: $34,086

Located 50 miles south of Nashville, Lewisburg is the seat of Marshall County. Here you’ll find no shortage of restaurants, parks, retail stores—the town even has a golf club where you can practice your swing.

4. Union City

Home Price to Income Ratio: 3.38

Average Property Tax: $696

Median Household Income: $25,580

Union City sits in the shadow of the Southwestern tip of Kentucky. One of the city’s highlights is Discovery Park of America, where you can explore an aquarium and even experience an earthquake simulator!

5. Millington

Home Price to Income Ratio: 2.46

Average Property Tax: $1,832

Median Household Income: $52,500

Millington is approximately 17 miles northeast of Memphis. In addition to your typical suburban amenities, Millington is home to a full-service airport, allowing you convenient access when you are ready to travel.

6. Paris

Home Price to Income Ratio: 3.06

Average Property Tax: $606

Median Household Income: $30,902

It may not be France, but Paris, Tennessee is a great place to call home. Brush up on local and county history at Paris Henry County Heritage Center or catch a performance at the Krider Performing Arts Center. For a taste of the Paris overseas, visit the Eiffel Tower Park, featuring a 70-foot replica of the world-famous structure.

7. Knoxville

Home Price to Income Ratio: 3.38

Average Property Tax: $913

Median Household Income: $40,341

With just under 200,000 residents, Knoxville is one of the most populated cities in Tennessee. Located along the Tennessee River, Knoxville is home to art and history museums, a zoo, botanical gardens, and the University of Tennessee. If you’re a history buff, you can explore local historic buildings to shed light on Knoxville’s long history.

8. McMinnville

Home Price to Income Ratio: 2.74

Average Property Tax: $590

Median Household Income: $35,909

McMinnville is the seat of Warren County. Enjoy sunny days at the parks along Barren Fork, explore the Black History Museum, or visit one of the historical landmarks like The Black House and the Historic Hydroelectric Station.

9. Crossville

Home Price to Income Ratio: 4.31

Average Property Tax: $559

Median Household Income: $34,113

Cross on over to Crossville! Enjoy local attractions like Cumberland County Playhouse, Military Memorial Museum, and Crossville Model Railroad Club—the largest multi-scale train exhibit in the Southeast. From Lake Holiday to the multiple rivers crisscrossing through town, Crossville makes a great home for anyone who adores living near the water.

10. Brownsville

Home Price to Income Ratio: 2.61

Average Property Tax: $687

Median Household Income: $33,789

Brownsville is located 63 miles northeast of Memphis and is the seat of Haywood County. Enjoy a celebration of art with museums like Billy Tripp’s Mindfield: a bizarre architectural wonder made from steel and salvaged metal that is the largest outdoor sculpture in the state.

Cities with the Best Home Price to Income Ratio

While the list above is sorted by the lowest overall cost of living index, the following cities have the lowest home price to income ratio, meaning you can get more home for your money.

• Bartlett
• Lewisburg
• Arlington