Mortgage payment estimates, closing cost breakdowns, and homebuying data for Cleveland, Tennessee.
Median Home Price
$275K
Population
47K
Avg Monthly Rent
$1,180
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 Cleveland.
Cleveland vs Tennessee Median
The median home price in Cleveland is $275,000, which is 19% below the Tennessee state median of $340,000.
Mortgage Calculator — Cleveland, TN
Pre-filled with Cleveland median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$2,132/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $128
Insurance: $200
PMI: $152
10% Down
$2,037/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $128
Insurance: $200
PMI: $144
20% Down (No PMI)
$1,719/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $128
Insurance: $200
Income needed (28% rule): $74K/year with 20% down, $87K/year with 10% down.
Rent vs Buy in Cleveland
Rent
$1,180/mo
vs
Buy (10% down)
$2,037/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in Cleveland 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 Cleveland is $275,000, 19% below the Tennessee state median of $340,000. With a population of 47,178, Cleveland is a smaller market 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 Cleveland 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 Cleveland is $1,180/month. The price-to-rent ratio in Cleveland is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Cleveland presents moderate affordability. The $275K 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 Cleveland.