5 Most Affordable Places to Buy a Home in Tennessee  

Tennessee’s reputation as a more affordable southern state to live in has increased interest in living in the Volunteer State. No state income tax, low property taxes, and low-cost housing definitely contribute to that. With November 2023 median sale prices at $278,947–almost $100,000 less than the national median–it’s a strong sign you can find affordable places to buy somewhere in the state. 

And think about your choices–beautiful mountain living, waterfront on miles-long freshwater reservoirs, or close to culturally rich cities. No wonder Tennessee is a great place to live!

Here, we use housing values from the 2022 American Community Survey and the US Census with the most recent available market data to find the most affordable places to buy a home in Tennessee. It quickly became apparent that Tennessee could be an excellent choice for those dreaming of a mountain lifestyle.

Jackson, TN

The most affordable place to own a home is Jackson, TN. Owned residential properties had a value of $174,100. Owners with a mortgage paid a median of $1,186 on their monthly payments.

Never heard of Jackson? Find it right on I-40, halfway between Memphis and Nashville. Its nickname, “Hub City,” comes from its strategic location. Jackson has a long history as a multi-model hub for manufacturing, producing everything from potato chips to automobile parts. “Hub” also refers to its role as the region’s economic center. It has six colleges and universities, a flourishing and historic music culture, and accessible healthcare. 

Today, over 68,000 people proudly call Jackson their home–so it’s a large town but one with things to do and affordable housing. Jackson’s affordability is a key reason why it’s growing, as people seek low-cost housing near economic centers. Home prices grew throughout 2023 and led to December posting a median sold price of $216,500, a year-over-year increase of 17%. 

Jackson is the only city in western or central Tennessee on our list of top affordable places to buy a home in Tennessee.

Kingsport-Bristol

The heart of the Mountain Empire in northeastern Tennessee includes communities across the border into Virginia. Homes carried affordable values, which the survey placed at $185,700.  

This historic corner of Tennessee has pioneering roots going back to colonial America. As the launching point for the pioneers’ Wilderness Road, Kingsport has steadily grown into a manufacturing center on the Holston River. The town was one of the first planned cities, which has helped it sustain growth over the years. Kingsport and its neighboring town of Bristol have fun, modern attractions, from ziplines to zoos and incredible access to mountain-based national and state parks. Over 55,000 people lived in Kingsport in 2021.

The entire Northeastern Tennessee region had a median home sale price of $251,400 to close out December 2023. That was 11% over the prior year’s home prices, indicative of regional growth. Specifically in Kingsport city limits, the month’s median sold was $222,000.

Greeneville

That’s Greeneville with an “E,” as proud locals will remind you. Another northeastern Tennessee town and the state’s third most affordable place to buy, Greeneville had higher home values but the lowest median mortgage payment at $1,015. Housing values were at a median of $190,500. This definitely grew through 2023, as median sold prices in December 2023 reached $284,900.

Find Greenville north of the North Carolina border off Highway 321 in the beautiful mountain foothills. Named after a Revolutionary War hero, Greeneville sits in the Appalachia foothills. It was home to America’s 17th President and is now a National Historic Site and Park. Downtown Main Street has the classic small-town center look with brick building facades and Revival features. Historic monuments abound as the city sits at the crossroads of expanding America and Civil War battles. Today, 15,000 people call Greeneville home.

Morristown

Morristown has a double benefit: it’s sandwiched between two incredibly long and beautiful reservoirs. Plus, it’s close to Sevierville, Pigeon Forge, and Gatlinburg when you want to make a day trip to these locations’ entertainment attractions. The 30,000 people who call it home know it’s an affordable place to buy a home in one of Tennessee’s most desirable locations.

Downtown’s overhead sidewalks distinguish it among small towns; the pathways shade streets below and enhance access to second-level businesses and stores. Like the other mountain towns, it has pioneering roots, with the home of Davy Crockett being a top historic attraction. It loves a good festival, with a long-running farmer’s market, a craft brew festival, and Civil War re-enactments. It’s also a highly active town famous as a disc golf destination, with BMX racers, and for fishing.

Local homes carried a median housing value of $203,500. As it’s become an affordable alternative in Sevier County housing, its home prices have maintained growth through 2023. The median sold prices in December 2023 reached $303,000, representing 16% growth in the “slow” time of year for local real estate.

Johnson City

Yet another mountain town in western Tennessee, homes here had a median value of $221,400. Owners paid a median of $1,222 for a monthly mortgage payment. In December 2023, median sold prices were at $307,500.

As the most populated city of the five most affordable, Johnson City is appealing for its high quality of life. Its access to outdoor recreation is a huge draw. From here, the 71,000 residents and seasonal visitors head to the hills for mountain biking, camping, fly fishing, and whitewater adventures. In town, they enjoy farm-to-table dining, craft brews, live music, and art galleries. Even though it’s a small town, it nurtures a high-ranking education system and has centers for health care and work.

Affordable Homes in Tennessee

Of course, these are just the polled metro and micropolitan areas. Other affordable places to live and buy a home in Tennessee can easily be found, from the Mississippi Basin in the west to the northwestern tip of Tennessee. When choosing where to live, think about the amenities you want. Somewhere in Tennessee has the lifestyle you’re looking for, with a great cost for housing to boot.