Finding the most affordable places to live in Tennessee is challenging even if you're a native. Tennessee has a median home value of $294,300. When you add in maintenance costs and property taxes, it can be difficult for many to buy and own a home. Because of that, we scoured the data to find the most affordable cities in Tennessee, looking at median home prices, cost of living, and other factors to find your best options.
Looking for the most affordable places in Tennessee is a start, but you'll save even more money by working with a great agent. The top Tennessee real estate agents know the local market and where to find pockets of more affordable homes. They can also help negotiate a better price when you do find your dream home.
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Ready to learn more about the most affordable places in Tennessee? These are our top picks.
Lexington is a city of around 7,500 and the county seat of Henderson County. It’s midway between Memphis and Nashville, just over 100 miles from both cities.
The median income in Lexington is $38,468, and the median home value is $98,900 — 4.3% higher than one year ago.
Lexington is home to Beech Lake, a very popular camping and swimming destination. Lexington is also the site of the Beech River Heritage Museum, which holds a number of historical artifacts.
Lexington also claims to be the barbeque capital of the country, though this is a title the #2 city on our list would likely dispute! Allegedly, Lexington has more barbeque restaurants per capita than any other U.S. city.
Memphis is by far the most affordable of Tennessee’s major cities. With a population of over 650,000 and growing, Memphis is the second largest city in Tennessee and 25th largest in the United States. And with a median home value of $85,900, Memphis offers big city amenities at a fraction of the cost.
Memphis is situated on the Mississippi River in West Tennessee and is the hub of the Mid-South region. Home values in Memphis went up 5.1% last year and are expected to continue to increase.
Memphis is one of the most culturally and historically significant cities in the Southern United States. It has the largest African American population in Tennessee and played an important role in the civil rights movement. It’s where Martin Luther King, Jr. was killed while supporting striking sanitation workers. Now, Memphis is the home of the Smithsonian-affiliated National Civil Rights Museum.
Memphis is also known for its barbecue. Memphis barbecue has received international acclaim. It also hosts the World Championship Barbecue Cooking contest every year.
Finding a home to buy here is easier with a local agent! With Clever, you'll find a great Tennessee realtor who can help with your home search.
LaFollette is a small, close-knit city of around 7,000 people. It’s located in Campbell County and has the feel of a mid-sized college town.
LaFollette is an affordable place to live and known for its friendly residents. The median home value in LaFollette is just $92,300 and the median income is under $30,000. Most people who live in LaFollette work nearby, with a median commute time of 25 minutes.
LaFollette is home Norris Lake, a beautiful lake dotted with cabins around it. If natural beauty is your thing, LaFollete is a great place to consider.
No, not that Paris. The other Paris. Paris, Tennessee is much more affordable than Paris, France. Home values are on the rise, but the median home value in Paris is still just $95,400 — 6.7% higher than a year ago.
Paris is located in Henry County, just over 80 miles northwest of Nashville. It’s on a fork of the West Sandy River and the Tennessee River and home to over 10,000 people. The median income is around $35,000.
In a nod to its namesake, Paris hosts a 70-foot replica of the Eiffel Tower. In the summer, Paris hosts what it calls the “World’s Biggest Fish Fry.”
For an affordable place with small town charm in the greater Knoxville metro area, look to Rockwood. Rockwood is in Roane County and has a population around 5,500.
Rockwood is located between Crossville and Knoxville. A median home in Rockwood is worth $98,600, up 7.8% from one year ago. The median income in Rockwood is around $30,000.
Rockwood is an old mining city that was established after a Union officer discovered Iron on Walden Ridge. It began as a company town for the employees of the Roane Iron Company and gets its name from the first President of the company. Rockwood has changed a lot since its early days as a mining town and now has a diverse economy, offering many opportunities for residents.
How to find affordable homes in Tennessee
Whether you want to live in a bustling Tennessee metro area or a tranquil small town, there's plenty to love in Tennessee. Working with a local real estate agent is the best way to find the most affordable places to live in Tennessee.
Ready to start house hunting? Clever is a free service that can match you with the best realtors in Tennessee.