Four Tennessee cities make WalletHub’s rankings on home buying affordability
Murfreesboro is the most affordable, followed by three of the Big Four. For whatever reason, Chattanooga was not included.
Buying a home for the first time is an exciting and important milestone for many Americans, but achieving that milestone is getting more difficult as prices and interest rates continue to rise. Last year, first-time buyers made up just 32 percent of the market, compared to the historical average of 40 percent.
To help first-time home buyers find the best locations, WalletHub, the personal financial website, compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life. The data set ranges from the cost of living to real-estate taxes to the crime rate.
Four Tennessee cities – three of the Big Four plus Murfreesboro – made the listing. For whatever reason, Chattanooga was not ranked.
- Murfreesboro was the 28th most affordable nationally and #11 among those classified as midsize cities which are defined as populations of 150,000 to 300,000 citizens.
- Nashville was next, placing #77 among all cities and #16 among the nation’s largest – more than 300,000 people.
- Knoxville came in a #118 nationally and #41 among midsize cities.
- Memphis placed #193 among all 300 ranked cities nationally and#42 among the 68 ranked large communities.
Where are the most affordable places for first-time home buyers? Believe it or not, the top five are all in the Sunshine State of Florida – Palm Bay, Cape Coral, Port St. Lucie, Tampa, and Orlando.
Click here to see the rankings and the methodology.
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