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Rent to Own Homes in Tennessee
Beloved for its musical and cultural contributions, its birthplace for Jack Daniels whisky and Mountain Dew soda and the location of the lively Bonnaroo Music Festival, Tennessee is beautifully entertaining. While Tennessee is home to those legendary industries and festivals, many of its most compelling features are often overlooked.
While the state is only 36th in the... Read More
Beloved for its musical and cultural contributions, its birthplace for Jack Daniels whisky and Mountain Dew soda and the location of the lively Bonnaroo Music Festival, Tennessee is beautifully entertaining. While Tennessee is home to those legendary industries and festivals, many of its most compelling features are often overlooked.
While the state is only 36th in the United States in terms of physical size, it represents the 17th largest population. Those 6.6 million residents live throughout the state’s many picturesque regions, and those scenic regions are another state feature that often go unnoticed.The below results are primarily rent to own homes in :
Beloved for its musical and cultural contributions, its birthplace for Jack Daniels whisky and Mountain Dew soda and the location of the lively Bonnaroo Music Festival, Tennessee is beautifully entertaining. While Tennessee is home to those legendary industries and festivals, many of its most compelling features are often overlooked.
While the state is only 36th in the... Read More
Beloved for its musical and cultural contributions, its birthplace for Jack Daniels whisky and Mountain Dew soda and the location of the lively Bonnaroo Music Festival, Tennessee is beautifully entertaining. While Tennessee is home to those legendary industries and festivals, many of its most compelling features are often overlooked.
While the state is only 36th in the United States in terms of physical size, it represents the 17th largest population. Those 6.6 million residents live throughout the state’s many picturesque regions, and those scenic regions are another state feature that often go unnoticed.The below results are primarily rent to own homes in :
The important Mississippi River forms the state’s western border, running alongside bustling Memphis, the state’s largest city. To the east of the Mississippi, are the Tennessee Bottoms's gently rolling hills and streams. Farther east, are the bountiful Tennessee River and Middle Tennessee’s Highland Rim, Nashville Basin and the heart of the state. Nashville, Clarksville and Murfreesboro are all located in this scenic region. Fertile agriculture land and plains stretch east from the Tennessee River to East Tennessee. Here, East Tennessee is blessed with the stunning Great Smoky Mountains and a host of compelling Blue Ridge Mountain subranges. Popular Knoxville and Chattanooga are located in East Tennessee's Great Valley. These eye-catching regions experience all four seasons, giving locals and visitors gorgeous views of colorful foliage in autumn and verdant trees in spring and summer.
Buying a Home in Tennessee?
The housing market in Tennessee is an interesting mix of booming home sales and hot spots for rental properties. In 2014, Memphis was named by CNN Money Magazine as one of the country’s top 10 housing markets. This year, Middle Tennessee and the Greater Nashville area are the thriving spots for home buying. Much of the 2014 rise in real estate prices were a result of investor purchases of foreclosed and distressed properties mixed with families and young professionals buying primary residences.
This year’s growth in the Nashville area market is seen in both single family home sales and condo sales, with median sales prices up by about $20,000 in each sector. The median sales price of single family homes currently rests at $236,866. The median sales price of condominiums is at $171,325.
While Tennessee ranks 40th in the country for expensive homes, there are some regions with higher-than-average home prices. Williamson County, in particular, tallied the highest median home prices at $331,276. Wilson County is also more expensive, with median home prices up nearly 23 percent to $195,000.
Overall, the median home price in Tennessee is $166,000, well below the national median house price of $228,700. The average sales price of a home in Tennessee is also relatively affordable at $207,816.
Popular Neighborhoods in Tennessee?
While Tennessee has several large cities, each manages to retain its own special character and charm. Big city Memphis is the home of the blues, legendary Beale Street, Graceland and delicious barbecue, and it carries that tradition of warmth and artistry through to its many neighborhoods. Historic Central Gardens and eclectic Cooper-Young are favorite neighborhoods of Memphis’s Midtown area, perfect for young families and retirees, artists and professionals.
Nashville is the place to be if you love country music, are fascinated by the workings of state government or want to study at Vanderbilt University. Nashiville's treasured neighborhoods include the park-lined streets of Belle Meade, the mansion-filled Richland/West End and the eminently walkable Five Points area.
In the east, Knoxville is also a popular locale, known for its research enterprises at nearby Oak Ridge National Laboratory, the home of HGTV and a long, rich history. Its downtown region and Old City are treasured by those who want to live in converted lofts and warehouses, but enjoy walking to shops, restaurants and entertainment venues.
Buying vs. Rent to Own Homes?
Rent to own homes provide more relaxed alternatives to the often-stressful process of conventional home buying. In many cases, rent-to-own situations place less importance on credit ratings and large down payments than conventional buying methods. Rent-to-own arrangements usually last one to three years, giving buyers time to save a sufficient down payment, repair poor credit ratings and find a compatible mortgage banker. These purchase agreements also allow buyers to move into the property immediately instead of waiting one to three months for escrow to close. Above all, rent-to-own purchases give buyers the advantage of locking in a home’s price at today’s rates while delaying final payment for a later date. That’s especially helpful in areas where home prices are rising.
Cost of Living in Tennessee?
It would be tough to find a home state that is as affordable as Tennessee. In fact, the state has the second lowest cost of living in the country. On all combined living costs, Tennessee residents pay only 87 cents for every dollar other Americans spend. For every category of spending, Tennessee is more affordable than the national average. Housing is the most wallet-friendly, costing locals 30 percent less than the rest of the country. Groceries, utilities, transportation and health care are also cheaper than the national average, ranging from 4 to 9 percent below the norm.
Residents also don’t pay income tax on wages and salaries, although they do pay taxes on investment earnings. This zero percent income tax allows residents’ income to stretch even farther.
The blues may have been gotten its start in Tennessee, but locals don’t have much to be blue about these days. The state’s industries are strong, the housing market is affordable, cost of living is low, the safety rate is in line with national averages and there is no income tax. Even better, residents have incredible scenery to enjoy during their short, 24-minute commutes and access to exciting outdoor recreation, thrilling college and professional sports matches and abundant welcoming neighborhoods.
Quality of life is important here, and that commitment shows in all aspects of Tennessee’s features, services and amenities. The state is frequently named one of the top states for business, and Nashville holds the honor as the No. 3 best local food scene in the country. Memphis was named one of the Top 4 Markets for Millennials by the Wall Street Journal.
Summary
The blues may have been gotten its start in Tennessee, but locals don’t have much to be blue about these days. The state’s industries are strong, the housing market is affordable, cost of living is low, the safety rate is in line with national averages and there is no income tax. Even better, residents have incredible scenery to enjoy during their short, 24-minute commutes and access to exciting outdoor recreation, thrilling college and professional sports matches and abundant welcoming neighborhoods.
Quality of life is important here, and that commitment shows in all aspects of Tennessee’s features, services and amenities. The state is frequently named one of the top states for business, and Nashville holds the honor as the No. 3 best local food scene in the country. Memphis was named one of the Top 4 Markets for Millennials by the Wall Street Journal.