How your housing costs change when you relocate. Based on 2026 data with 10% down, 6.5% rate, 30-year fixed.
Your housing costs will decrease by approximately $979 per month ($11,748/year) when you move from New York to Tennessee.
If you sell your median-priced New York home ($430K) and buy in Tennessee ($340K):
Your New York equity covers the 20% down payment on a median Tennessee home with $61K left over. That surplus can cover closing costs, moving expenses, or go into savings.
Over 10 years, this move saves you approximately $117K in housing costs alone.
Your dollar stretches further in Tennessee. The median home costs 21% less than in New York, which translates to a $90K difference in purchase price. This means a smaller loan, a lower monthly payment, and less total interest paid over the life of your mortgage.
Good news on taxes: Tennessee's 0.56% property tax rate is significantly lower than New York's 1.72%. You'll save approximately $5,492 per year on property taxes, which adds up to $55K over a decade.
When you buy in Tennessee, expect about $5K in closing costs (1.5% of purchase price). This includes a 0.37% transfer tax. Budget for this amount on top of your down payment.
Tennessee's THDA Great Choice Home Loan offers Up to $25,000 DPA. If you haven't owned a home in three years (or are buying in Tennessee for the first time), you may qualify. Check eligibility requirements and income limits on Tennessee's housing finance agency website.