Atoka and Munford have again been named the most affordable places to live in Tennessee. This is the third straight year the neighboring South Tipton cities have come in at the top two spots.
Atoka has made the top spot in the study conducted by Smart Asset for the last five years. Munford has ranked in second place for three years and in the top 10 for several years as well.
Communities of 5,000 or greater are ranked on an affordability index weighing property taxes, homeowners’ insurance fees and mortgage payments relative to income.
The most affordable places were those in which total housing costs were smallest compared to the median income in each area.
The study suggests the average closing costs in Atoka to be $3,159 with the average annual property tax being $1,399, average annual homeowner’s insurance is $1,487, average annual mortgage payment is $8,155 and median income is $91,687. The city ranks 54.6 on the affordability index.
For Munford, average closing costs are $2,878, average annual property tax being $1,429, average annual homeowner’s insurance is $1,282, average annual mortgage payment is $7,032 and median income is $72,257. The city ranks 52.64 on the affordability index.
La Follette, Oakland, Humboldt, Bartlett, Green Hill, Lewisburg, Portland and Middle Valley again rounded out the top 10.
Author: Echo Day
Echo Day is an award-winning journalist, photographer and designer. She is currently The Leader's managing editor.
