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10 Most Affordable And Cheapest Places To Live In Tennessee 2022

In this article we will be discussing the cheapest places to live in Tennessee, their cost of living, and what makes these places so amazing to live in. Finding a place to live ain’t easy, especially when you have to do with the cost and standard of living in these places, their way of life, and even the kind of food they eat.

 

Most people think that Tennessee cities are only filled with a bunch of fancy Nashville country singers, people who walk, not run, in Memphis, and a bunch of Chattanooga Moon Pie fanatics. And if you ask any Tennessean, they will say that their corner of the country capital of the world is the best.

While we think it has a little something to do with the great Tennessee people and good country Tennessee living’, the economically savvy in Tennessee know that to truly be the best, the state must have the nicest, most affordable places to call home.

Tennessee cities have a lot to offer to all income levels; and surprisingly, there are cities in this great state that won’t break your bank. So, grab yourself a slice of pecan pie and somewhere Tennessee Whiskey, and read on.

 

Best Cheapest Places To Live In Tennessee

 

Given below are 10 of the most affordable places to live in Tennessee. We will also be elaborating on what makes these places the cheapest places to live in Tennessee

  1. Milan
  2. Lewisburg
  3. Manchester
  4. Munford
  5. Dunlap
  6. Portland
  7. Henderson
  8. Rockwood
  9. Atoka
  10. Dyersburg

These places being the cheapest places to live in Tennessee do not mean there the worst places to live. And if you care about home values, cost of living, and gold star quality of life, take a look at the list below to see where your Tennessee salary will let you live like a true country star.

 

Milan

 

Our tour of the best places to live in Tennessee takes us to the city of Milan, with a population of 7,672 located 25 miles north of Jackson. Milan is known for its innovations in farming, which are on full display at the West Tennessee Agricultural Museum.

These days, though, Milan has a much more diverse economy. Milan’s downtown is a mix of locally-owned boutiques and shops and national chains and has received awards for its development and upkeep. There’s also the relatively new tradition of the Fall Festival, complete with food trucks, live entertainment, games, and shopping.

The overall cost of living in Milan is about 16% lower than the national average, but in terms of housing, it’s much cheaper. Homes in Milan have a median price of $106,000, up 5% from last year. Milan’s median household income is also up 5% from last year to $43,509.

If you want to give Milan a try before committing to a mortgage, the barrier to entry is incredibly low; the median rent here is just $678.

 

Full Milan Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, and this is for Milan;

Overall Snack Ability: 4/10
Rank Last Year: 17 (Up 16)
Home Price To Income Ratio: 2.4x (6th most affordable)
Income To Rent Ratio: 64.2x (43rd cheapest)
Population: 7,672

 

Lewisburg

 

If you head 50 miles South of Nashville and stop 52 miles North of Huntsville, Alabama–right smack dab in middle Tennessee–you will land in our second most affordable place, Lewisburg.

Lewisburg’s big claim to fame, outside of being our third-cheapest place to buy a home, is that they are true “The Center of Southern Middle of Tennessee.”

 

Full Lewisburg Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Lewisburg;

Overall Snack Ability: 4/10
Rank Last Year: 2 (No Change)
Home Price To Income Ratio: 2.3x (3rd most affordable)
Income To Rent Ratio: 58.4x (90th cheapest)
Population: 11,910

 

Manchester

 

If you’ve ever been to the Bonnaroo Music Festival, you know that there are many reasons to pack up a moving truck and move to Manchester in Coffee County.

However, we think that the main reason that you should move to Tennessee’s third least expensive city is that the median income here is $50,009 making it the 17th most affordable place to buy a home.

 

Full Manchester Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Manchester;

Overall Snack Ability: 6/10
Rank Last Year: 3 (No Change)
Home Price To Income Ratio: 2.6x (17th most affordable)
Income To Rent Ratio: 70.5x (5th cheapest)
Population: 10,721

 

Munford

 

If you know you want to move to Tennessee, but you don’t quite have the funds to buy a home, you should definitely give Munford a look. This city in Tipton County is the fifth cheapest in terms of income to rent ratio.

We have a feeling, however, that after you experience Munford’s low cost of living you will change your rental situation to a permanent one, and Munford will need to add one more to their current population of 6,034 happy residents.

 

Full Munford Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Munford;

Overall Snack Ability: 8/10

Rank Last Year: 7 (Up 3)

Home Price To Income Ratio: 2.3x (4th most affordable)

Income To Rent Ratio: 80.9x (5cheapest)

Population: 6,034

 

Dunlap

 

If you want to buy your forever home in Tennessee’s fifth cheapest place to live, Dunlap, you’re going to have to make at least $41,458/year. But don’t worry, this city in Sequatchie County scored an 8/10 on our SnackAbility index for jobs and the current unemployment rate in this Tennessee gem is well below the national average. Dunlap is one of the cheapest and best places to live in Tennessee.

 

Full Dunlap Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Dunlap;

Overall Snack Ability: 4/10
Rank Last Year: 5 (No Change)
Home Price To Income Ratio: 2.6x (15th most affordable)
Income To Rent Ratio: 59.7x (2nd cheapest)
Population: 5,103

 

Portland

 

And bringing up the rear is Tennessee’s sixth cheapest place to live, Portland. You’ve probably heard of Portland already because this Tennessee city is always in the headlines. They are one of Tennessee’s best cities for singles, one of the state’s best cities for families, and now they’re on the map for being one of the most affordable.

And, folks, we just think they’re bee’s knees because they are the 16th best place in Tennessee for the home price to income ratio.

 

Full Portland Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee this is for Portland;

Overall Snack Ability: 5/10
Rank Last Year: 10 (Up 4)
Home Price To Income Ratio: 2.6x (16th most affordable)
Income To Rent Ratio: 65.6x (30th cheapest)
Population: 12,729

 

Henderson

 

Henderson, and another one of the cheapest places to live in Tennessee,  is a city of 6,289 located a half-hour southeast of Jackson. Freed-Hartman University is an anchor of the Henderson community, with about 2,000 students in total.

The median rent in Henderson is $630, while a home will only set you back around $109,300. Not too shabby for a median household income of $38,654.

Nature-lovers don’t have to spend a dime to have a good time in Henderson because the gorgeous Chickasaw State Park is right in your backyard. Besides hiking and camping, you can also rent rowboats and pedal boats for the charming Lake Placid.

Henderson is also incredibly safe, with an overall crime rate 30% below the statewide average. Additionally, the cost of living in Henderson is cheap, with housing costs 21% lower than your typical Tennessee city.

 

Full Henderson Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Henderson;

Overall Snack Ability: 5/10
Rank Last Year: 34 (Up 27)
Home Price To Income Ratio: 2.8x (30th most affordable)
Income To Rent Ratio: 61.4x (9cheapest)
Population: 6,289

 

Rockwood

 

Rockwood is not only our eighth most affordable city in The Volunteer State, the locals call it “The Place to be in Tennessee.” And that, folks, is because of the great people that live here and the fact that they are the 13th most affordable place to buy a home.

Located just off the 40 along the Clinch River, Rockwood is a must-see for anyone looking to relocate to Tennessee.

 

Full Rockwood Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Rockwood;

Overall Snack Ability: 4/10
Rank Last Year: 1 (Down 7)
Home Price To Income Ratio: 2.6x (13th most affordable)
Income To Rent Ratio: 54.3x (72nd cheapest)
Population: 5,423

 

Atoka

 

Is there anything Atoka can’t do? We already named this charming little town one of the best Memphis suburbs, as well as one of the safest places in Tennessee.

The fact that Atoka is also mega-affordable is just icing on the cake as far as we’re concerned. While housing costs are slightly higher than other places listed here, Atoka makes up for it with a high median income of $91,687 and super-low rates of unemployment and poverty. Not to mention that Atoka has some of the best schools around, with Great Schools awarding the town an 8/10 score.

Besides that, Atoka has five great parks, several seasonal events, and a young, rapidly growing population.

The cost of living in Atoka is 9% lower than the national average, with things like groceries, healthcare, and services standing out as extra cheap. Homes in Atoka sell for a median price of $195,200, while rent goes for around $1,186.

 

Full Atoka Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Atoka;

Overall Snack Ability: 9/10
Rank Last Year: 11 (Up 2)
Home Price To Income Ratio: 2.1x (most affordable)
Income To Rent Ratio: 77.3x (32nd cheapest)
Population: 9,241

 

Dyersburg

 

Located in the western part of the state, Dyersburg ranks as the tenth cheapest place to live in Tennessee. The overall cost of living in Dyersburg is 17% lower than the national average, but housing here is 42% cheaper than your typical American city.

You can find a place to rent in Dyersburg for $664 or less, and homes go for a median price of $105,800.

If you do decide to move here, definitely don’t miss out on the Main Street Farmers Market, which goes on every Tuesday and Saturday and sometimes includes live bands and contests. It’s alongside the Forked Deer River, so you can even show up by boat!

Dyersburg is also older than most surrounding cities, something you can certainly feel as you walk through the city’s Historic Courthouse Square.

 

Full Dyersburg Stats

 

Below are stats to help you compare and quantify different activity rates in different cities in Tennessee, this is for Dyersburg;

Overall Snack Ability: 2/10
Rank Last Year: 21 (Up 11)
Home Price To Income Ratio: 2.7x (2most affordable)
Income To Rent Ratio: 58.2x (89th cheapest)
Population: 16,476

 

CONCLUSION

 

In conclusion, Tennessee’s strong economy, gold star housing prices, and the average cost of living make its cities very desirable. So one can imagine how difficult it was for us to narrow down the cheapest places to live in Tennessee that won’t break your bank. With all we have discussed above, hope you will be able to choose a suitable city should you want to relocate.

 

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