Knoxville, TN

Rent vs buy in Knoxville

Median home $255,300. A 1 bedrooms rents for $1,312 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,312; per month
Own the median home: $1,633; P&I, tax, insurance, upkeep
Owning costs extra: $321; per month, same metro

What a purchase actually costs

20% down payment$51,060
Mortgage at 6.5%$1,291
Property tax (0.51% of value)$109/mo · $1,302/yr
Insurance and upkeep (1.1%/yr)$234
Total monthly ownership$1,633

Census ACS 2023: 42.5% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,393 left over a month, it takes about 22 months (1.8 years) to save $51,060 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.