Mortgage payment estimates, closing cost breakdowns, and homebuying data for Chattanooga, Tennessee.
Median Home Price
$295K
Population
181K
Avg Monthly Rent
$1,250
Property Tax Rate
0.56% *
* Property tax shown is the Tennessee state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Chattanooga.
Chattanooga vs Tennessee Median
The median home price in Chattanooga is $295,000, which is 13% below the Tennessee state median of $340,000.
Mortgage Calculator — Chattanooga, TN
Pre-filled with Chattanooga median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$2,273/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $138
Insurance: $200
PMI: $163
10% Down
$2,171/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $138
Insurance: $200
PMI: $155
20% Down (No PMI)
$1,829/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $138
Insurance: $200
Income needed (28% rule): $78K/year with 20% down, $93K/year with 10% down.
Rent vs Buy in Chattanooga
Rent
$1,250/mo
vs
Buy (10% down)
$2,171/mo
Price-to-rent ratio: 19.7 — A ratio between 15-20 means the rent vs buy decision in Chattanooga depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Chattanooga is $295,000, 13% below the Tennessee state median of $340,000. With a population of 181,099, Chattanooga is a mid-size city where home prices tend to be more accessible than in many parts of Tennessee.
Property taxes in Tennessee average 0.56% annually. This low property tax rate is a significant advantage for Chattanooga buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Tennessee runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Chattanooga is $1,250/month. The price-to-rent ratio in Chattanooga is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Chattanooga presents moderate affordability. The $295K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Chattanooga.