Tennessee
Ranked #21 of 51 for housing affordability
Median Home Price
🏠$307K
4.54x income
Median Rent
🔑$1,214
30.5% rent-burdened
Median Income
💰$68K
Population: 7,051,339
Homeownership
🏡67.0%
8,324 experiencing homelessness
Housing Shortage
📉110,000
units needed
Building Permits (2024)
🔨44,863
Price-to-Income
📊4.54x
Severe Rent Burden
⚠️14.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($1335) is above the state median rent ($1214) — vouchers cover typical rents.
Metros in Tennessee
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Nashville | 38 | $437K | $1,566 | $85K | 33.0% |
| Memphis | 62 | $265K | $1,200 | $64K | 33.5% |
| Knoxville | 55 | $321K | $1,170 | $70K | 31.0% |
| Chattanooga | 58 | $290K | $1,214 | $69K | 30.5% |
| Kingsport-Bristol | 81 | $208K | $810 | $54K | 14.8% |
| Clarksville | 79 | $276K | $1,271 | $67K | 20.0% |
| Johnson City | 78 | $239K | $934 | $57K | 22.4% |
| Morristown | 78 | $248K | $903 | $58K | 19.0% |
Market Trends
Homeownership Rate
67.0%
Rent-to-Income Ratio
22.0%
of gross income spent on rent
Total Households
2,889,226
Owner-Occupied
1,943,282
Renter-Occupied
945,944
Homelessness
Latest Count (2024)
8,280
1-Year Change
-10.2%
10-Year Trend (2015–2024)
-9.2%
9,123 → 8,280
Housing Policies
Construction Activity
Total Permits (2024)
44,863
3.2% of national total
Single-Family
32,660
73% of state permits
Multi-Family
12,203
27% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
110,000
units needed
National Shortage
7,300,000
1.5% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
Tennessee burden rates with national demographic breakdown
Cost-Burdened Renters
30.5%
paying >30% of income
Severely Burdened
14.5%
paying >50% of income
Households >30% Burden
208,208
Households >35% Burden
87,635