With a median income of $69,595 and median rent of $1,189, Tennessee budgets vary widely by town. Borrow only what fixes the problem, line up written offers on APR and total cost, and check every lender with the Tennessee Department of Financial Institutions or NMLS Consumer Access.
On this page
- Tennessee by the numbers
- What the numbers mean for Tennessee borrowers
- Largest places in Tennessee
- Mid-size Tennessee communities
- Counties with the most residents
- How Tennessee earns a living
- More context for Tennessee budgets
- Checking a lender in Tennessee
- Can Tennessee residents use the questionnaire?
- Local guides in Tennessee
- Frequently asked questions
Tennessee by the numbers
Start with the numbers. These Census Bureau estimates (five-year ACS, 2020 to 2024) cover what Tennessee households earn, what they pay for housing and how they get to work.
| Budget measure | Tennessee | U.S. | Place among 51 |
|---|---|---|---|
| Median household income | $69,595 | $80,734 | 42nd |
| Home value, median | $286,700 | $332,700 | 29th |
| Homes owner-occupied | 67% | 65% | 31st |
| Mortgaged owners paying 30%+ on housing | 25% | 28% | 33rd |
| Home value to income ratio | 4.1x | 4.1x | 18th |
| Commutes of 45 minutes or longer | 15% | 17% | 19th |
| Workers who work from home | 13% | 15% | 31st |
| Bachelor's degree or higher (age 25+) | 31% | 36% | 40th |
| Age, median | 38.9 | 38.9 | 31st |
| Gini index (inequality) | 0.476 | 0.483 | 18th |
| Share of households under $35,000 | 24% | 21% | 10th |
| Share of households at $100,000+ | 33% | 41% | 42nd |
| People below the poverty line | 13.8% | 12.5% | 13th |
| Unemployment rate (ACS) | 4.7% | 5.2% | 33rd |
| Median gross rent per month | $1,189 | $1,413 | 29th |
| Renters paying 30%+ of income on rent | 49% | 51% | 24th |
What the numbers mean for Tennessee borrowers
The median household in Tennessee earns $69,595 a year, 14% below the national median of $80,734, which ranks 42nd among the 50 states and the District of Columbia. Income is the first thing a lender verifies, so have recent pay stubs or tax returns ready before you compare offers.
About 24% of households in Tennessee take in less than $35,000 a year and 33% take in $100,000 or more; nationally the shares are 21% and 41%. The income gap matters for borrowing: the same $300 payment is a rounding error for one household and a budget crisis for another.
Over 2020 to 2024, 4.7% of the Tennessee labor force was unemployed on average in the ACS, against 5.2% nationally; the poverty rate was 13.8%. When work is uncertain, a smaller loan and an emergency cushion beat a larger loan with a longer term.
Commutes shape budgets too: 15% of Tennessee workers travel 45 minutes or more each way (U.S.: 17%), and 13% work from home. Fuel, tires and insurance belong in the budget before you size any loan payment.
Largest places in Tennessee
These 12 places hold the biggest populations in Tennessee. Income, rent and home values come from the 2020 to 2024 American Community Survey.
| Community | County | People | Household income (median) | Median gross rent | Home value (median) |
|---|---|---|---|---|---|
| Nashville | Davidson County | 690,130 | $77,371 | $1,586 | $413,600 |
| Memphis | Shelby County | 618,980 | $51,736 | $1,181 | $169,000 |
| Knoxville | Knox County | 195,185 | $54,039 | $1,191 | $239,700 |
| Chattanooga | Hamilton County | 185,783 | $64,523 | $1,256 | $283,200 |
| Clarksville | Montgomery County | 176,456 | $69,303 | $1,307 | $263,600 |
| Murfreesboro | Rutherford County | 161,445 | $80,108 | $1,481 | $402,100 |
| Franklin | Williamson County | 87,133 | $119,528 | $1,923 | $705,400 |
| Johnson City | Washington County, Sullivan County | 72,222 | $57,254 | $1,023 | $268,200 |
| Jackson | Madison County | 68,435 | $53,032 | $1,145 | $217,800 |
| Hendersonville | Sumner County | 63,091 | $97,200 | $1,653 | $430,700 |
| Bartlett | Shelby County | 56,876 | $102,070 | $1,638 | $310,400 |
| Smyrna | Rutherford County, Williamson County | 56,692 | $81,926 | $1,461 | $358,300 |
Tennessee has 15 places with 50,000 or more residents and 67 with at least 10,000. Among places of 20,000 or more, median household income runs from $47,917 in Morristown to $182,088 in Brentwood. Median rent in that group ranges from $842 in Bristol to $2,825 in Brentwood.
Mid-size Tennessee communities
From Kingsport (56,262 residents) down to Tullahoma (21,103).
| City or town | Population | Median income | Median rent |
|---|---|---|---|
| Kingsport | 56,262 | $52,490 | $907 |
| Spring Hill | 55,765 | $112,013 | $1,844 |
| Collierville | 51,515 | $138,598 | $1,691 |
| Cleveland | 48,829 | $58,559 | $1,034 |
| Gallatin | 48,532 | $77,518 | $1,395 |
| Brentwood | 45,556 | $182,088 | $2,825 |
| Columbia | 45,441 | $63,719 | $1,197 |
| Lebanon | 44,788 | $72,848 | $1,306 |
| Mount Juliet | 42,073 | $107,068 | $2,011 |
| Germantown | 40,673 | $149,920 | $1,816 |
| La Vergne | 40,243 | $81,313 | $1,805 |
| Cookeville | 36,088 | $51,375 | $917 |
| Oak Ridge | 32,693 | $72,311 | $1,131 |
| Maryville | 32,392 | $81,963 | $1,157 |
| Morristown | 31,527 | $47,917 | $882 |
| Bristol | 27,636 | $58,162 | $842 |
| Shelbyville | 24,661 | $55,073 | $1,056 |
| Farragut | 24,634 | $142,093 | $1,966 |
| East Ridge | 22,070 | $62,247 | $1,147 |
| Tullahoma | 21,103 | $60,979 | $886 |
Measured as a year of median rent against median household income, housing weighs most in La Vergne (27%) and least in Germantown (15%) among these 20 places.
Counties with the most residents
Tennessee has 95 counties or equivalents. The 16 most populous are below.
| County | Residents | Median income | Median rent | Typical home value |
|---|---|---|---|---|
| Shelby County | 919,173 | $63,767 | $1,232 | $249,100 |
| Davidson County | 715,388 | $77,853 | $1,582 | $417,400 |
| Knox County | 494,148 | $74,222 | $1,261 | $320,900 |
| Hamilton County | 376,192 | $76,183 | $1,253 | $312,800 |
| Rutherford County | 360,646 | $85,470 | $1,502 | $382,600 |
| Williamson County | 260,351 | $135,594 | $1,969 | $751,900 |
| Montgomery County | 234,153 | $75,613 | $1,308 | $280,200 |
| Sumner County | 204,424 | $90,301 | $1,424 | $393,100 |
| Sullivan County | 160,624 | $58,807 | $889 | $213,300 |
| Wilson County | 158,805 | $95,839 | $1,486 | $428,000 |
| Blount County | 139,333 | $77,365 | $1,090 | $320,500 |
| Washington County | 136,261 | $62,809 | $1,005 | $249,000 |
| Bradley County | 111,065 | $66,552 | $1,030 | $261,900 |
| Maury County | 107,791 | $76,130 | $1,300 | $355,700 |
| Sevier County | 99,652 | $62,581 | $1,072 | $299,000 |
| Madison County | 99,295 | $60,042 | $1,123 | $211,800 |
Across all 95 counties, median household income ranges from $28,814 in Lake County to $135,594 in Williamson County.
How Tennessee earns a living
The table lists the four industries that employ the most Tennessee residents, as a share of employed people 16 and older, next to the national share.
| Industry | Share of Tennessee workers | National share | Difference |
|---|---|---|---|
| Education, health care and social assistance | 22% | 24% | -1.1 pts |
| Manufacturing | 13% | 10% | +2.6 pts |
| Retail trade | 12% | 11% | +0.7 pts |
| Professional, scientific and administrative services | 11% | 13% | -1.9 pts |
The industry where Tennessee stands out most from the U.S. is manufacturing: 13% of employed residents, versus 10% for the nation. Lenders verify your own income history, so steady deposits matter more than which sector you work in.
More context for Tennessee budgets
Housing for renters: median rent of $1,189 (29th of 51), with 49% of renting households putting 30 percent or more of income toward it. If rent already takes a third of your pay, a new payment needs a stress test: could you make it in a month with a surprise bill?
The typical Tennessee home is valued at $286,700 (4.1 times median income), and 67% of households own the place they live in. Among owners with a mortgage, 25% spend 30 percent or more of income on housing (U.S.: 28%). Owners can also compare a home-equity line against a personal loan, keeping in mind that equity borrowing puts the house at risk.
The median Tennessee resident is 38.9. Four-year degrees: 31% of adults. Income inequality (Gini): 0.476, 18th of 51.
Checking a lender in Tennessee
Any lender offering loans in Tennessee should be able to show a license or a bank charter. For state-level questions, the CSBS directory points to the Tennessee Department of Financial Institutions.
- File any complaint with the state agency, or with the CFPB.
- Ask for the lender's license number and look it up on NMLS Consumer Access.
- Legitimate lenders take fees out of the loan or bill them later, never by gift card or wire first (FTC).
Can Tennessee residents use the questionnaire?
Partner availability depends on the state. For Tennessee, the questionnaire checks coverage at the location step and never asks for contact details when no partner can help.
Local guides in Tennessee
City-level guides for Tennessee (8 so far):
Frequently asked questions
Who regulates personal lenders in Tennessee?
In Tennessee, the Tennessee Department of Financial Institutions is the banking agency named by the Conference of State Bank Supervisors. Many lenders' state licenses also appear on NMLS Consumer Access, and the CFPB takes complaints nationwide.
What do households in Tennessee earn?
$69,595 a year in the 2020 to 2024 American Community Survey, 42nd among the 50 states and DC; the national median is $80,734.
What is the median rent in Tennessee?
Median gross rent is $1,189 a month, and 49% of renter households spend 30 percent or more of income on rent (ACS 2020 to 2024). Nationally the figures are $1,413 and 51%.
How common are long commutes in Tennessee?
15% of Tennessee workers travel 45 minutes or more to work, against 17% nationally (ACS 2020 to 2024). Long drives raise fuel and repair costs, so build them into any loan budget.