Mortgage payment estimates, closing cost breakdowns, and homebuying data for Knoxville, Tennessee.
Median Home Price
$315K
Population
191K
Avg Monthly Rent
$1,320
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 Knoxville.
Knoxville vs Tennessee Median
The median home price in Knoxville is $315,000, which is 7% below the Tennessee state median of $340,000.
Mortgage Calculator — Knoxville, TN
Pre-filled with Knoxville median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $315K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$2,413/mo
Down: $15,750
Loan: $299K
P&I: $1,891
Tax: $147
Insurance: $200
PMI: $175
10% Down
$2,304/mo
Down: $31,500
Loan: $284K
P&I: $1,792
Tax: $147
Insurance: $200
PMI: $165
20% Down (No PMI)
$1,940/mo
Down: $63,000
Loan: $252K
P&I: $1,593
Tax: $147
Insurance: $200
Income needed (28% rule): $83K/year with 20% down, $99K/year with 10% down.
Rent vs Buy in Knoxville
Rent
$1,320/mo
vs
Buy (10% down)
$2,304/mo
Price-to-rent ratio: 19.9 — A ratio between 15-20 means the rent vs buy decision in Knoxville 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 Knoxville is $315,000, 7% below the Tennessee state median of $340,000. With a population of 190,740, Knoxville 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 Knoxville 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 Knoxville is $1,320/month. The price-to-rent ratio in Knoxville is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Knoxville presents moderate affordability. The $315K 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 Knoxville.