Mortgage payment estimates, closing cost breakdowns, and homebuying data for Gallatin, Tennessee.
Median Home Price
$385K
Population
44K
Avg Monthly Rent
$1,520
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 Gallatin.
Gallatin vs Tennessee Median
The median home price in Gallatin is $385,000, which is 13% above the Tennessee state median of $340,000.
Mortgage Calculator — Gallatin, TN
Pre-filled with Gallatin median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $385K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$2,905/mo
Down: $19,250
Loan: $366K
P&I: $2,312
Tax: $180
Insurance: $200
PMI: $213
10% Down
$2,772/mo
Down: $38,500
Loan: $347K
P&I: $2,190
Tax: $180
Insurance: $200
PMI: $202
20% Down (No PMI)
$2,326/mo
Down: $77,000
Loan: $308K
P&I: $1,947
Tax: $180
Insurance: $200
Income needed (28% rule): $100K/year with 20% down, $119K/year with 10% down.
Rent vs Buy in Gallatin
Rent
$1,520/mo
vs
Buy (10% down)
$2,772/mo
Price-to-rent ratio: 21.1 — At a ratio above 20, renting may be more economical in Gallatin for shorter stays. Buying costs $1,252 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Gallatin is $385,000, 13% above the Tennessee state median of $340,000. With a population of 44,358, Gallatin is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Tennessee average 0.56% annually. This low property tax rate is a significant advantage for Gallatin 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 Gallatin is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Gallatin presents moderate affordability. The $385K 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 Gallatin.