DECEMBER 12TH, 2018

Tennessee Mortgages

The state of Tennessee is known as the bluegrass state. The state has a moderate housing market, which is bolstered by the national trends towards real estate booms. The 2002 census showed that in Tennessee there were a total of 2,519,825 housing units. The home ownership in Tennessee has traditionally been higher than average, and recent census information shows that tradition to be alive and well today.

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The 2000 census showed that Tennessee had a home ownership rate of 69.9%. This was higher than the national average that year, which was 66.2%. A reasonable explanation for why the home ownership rate in Tennessee is higher than average is that the cost of housing in Tennessee is lower than average. The median value of an owner occupied housing unit in Tennessee according to the 2000 census was $93,000, which was significantly lower than the national average median value that year of $119,600. Although the median household income is lower in Tennessee than the national average, at $36,360 compared to the nationwide average of $41,994, the dream of owning a home is still alive and well.

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Those looking to buy a home in Tennessee should consider Memphis. The listing in the 2000 census, the median value of owner-occupied homes in Memphis was $72,800. These prices are much lower than the median value statewide of $93,000 and the national median of $119,600. Memphis also bucked the state trend, with homeownership rates of 55.8% , far lower than the state rate of 69.9% and the national rate of 66.2%., These facts contribute to an undervalued market, and makes Memphis an attractive option for prospective home buyers.

A recent study was conducted by National City Corp, in which they surveyed 99 major housing markets in the nation and ranked them by their market value. According to NCC, Memphis homes sold for 20% less than fair market value, making the Memphis residential housing market the second most undervalued market. Memphis only looses out to Salt Lake City, where the average home sold for 23% less than it’s fair market value

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In Memphis, prospective homeowners can get more home for their dollar by buying a home for less than the seller is asking, often by a significant amount. By buying a home in an undervalued market in an area where the cost of living and homeownership rates are lower than national averages, buyers can find competitive mortgages far more easily than in overvalued housing areas.

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