Tennessee
Ranked #21 of 51 for housing affordability
58Moderate
Median Home Price
🏠$320K
5.7x income
Median Rent
🔑$1K
30.5% rent-burdened
Median Income
💰$56K
Population: 7,051,339
Homeownership
🏡66.5%
8,324 experiencing homelessness
Housing Shortage
📉110,000
units needed
Building Permits (2024)
🔨45,000
Price-to-Income
📊5.7x
Severe Rent Burden
⚠️14.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
Metros in Tennessee
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Nashville | 38 | $440K | $2K | $67K | 33.0% |
| Memphis | 62 | $225K | $1K | $53K | 33.5% |
| Knoxville | 55 | $320K | $1K | $56K | 31.0% |
| Chattanooga | 58 | $300K | $1K | $57K | 30.5% |
Housing Policies
THDA programslow-income housing tax creditspreemption of inclusionary zoning