Well known as the capitol of country music, Tennessee has long been the bastion of the Appalachian south. The state has deep forests, mountains, river communities and lake regions. The state is also the final resting place of the king of rock and roll, Elvis at Graceland. With major urban centers in Nashville, Memphis, Knoxville, Chattanooga, and Murfreesboro, Tennessee has communities and varied living spread out across the state. The concentrated populations are also spread out across the state, which makes Tennessee a bit different from some of its further west neighbors. Agriculture and energy production make up the major industries in the state, but Tennessee is also home to a number of major corporations as well, including FedEx, Autozone, International Paper, Pilot, Regal Entertainment and Eastman Chemical. Nissan and Volkswagon also have factories in-state.
The Volunteer State is home to about 6.5 million Americans, making it the 17th most populous US state. The state economy produces around $230 billion annually.
Today, the average home in TN is worth $120,000, a 3% year over year increase. If you want to see this number broken down by county, you can visit the state of TN's website. The highest median sales prices in the state are in the cities of Brentwood and Franklin, where the average home costs over $700,000. The more affordable towns are places like Madison and Etowah.
Well known for barbecue, the NBA's Grizzlies, and Elvis Presley, Memphis is the biggest city in TN and the second largest metro behind Nashville. AutoZone and FedEx are headquartered in the city, and the Memphis International Airport is the largest American cargo airport. This being Tennessee, entertainment and media are also important contributors to the Memphis economy.
Music City and its surrounding metro are home to over 1.5 million, making it the largest metropolitan area in TN. Nashville is primarily known for country music, and this industry contributes more than $6 billion per year and employs tens of thousands of people. Other major employers include the State, the public school system, and the car maker Nissan.
Greater Knoxville has a population of over 800,000, the third largest in TN, and it is the home of the University of Tennessee, a major local employer. A few major local companies include the Tennessee Valley Authority (TVA), Regal Entertainment, and Ruby Tuesday.
Consumers in TN can choose between local banks, credit unions, and big chains like BofA. There are a few factors to consider in making this choice. The first is convenience; you probably want to bank with an institution that has a branch or an ATM that is located near your home, place of business, or both.
The second is whether you prefer the big bank or small bank model. With a big bank, you'll be able to use ATMs and branches in other states, and you'll likely get a better online banking experience. With community banks, you will get more personalized service and oftentimes more flexibility in getting approval on loans like mortgages.
Biggest credit unions in TN:
The national banks with local branches:
Now you've seen a few of your options. The next step is to compare interest rates using RateZip's free financial search engine. Get started now!
If the home of music is in the cards for a new living destination, RateZip.com can help with an abundance of mortgage rate information from lenders in the region. Whether you're a first time home buyer, looking to move up into a bigger property, or want to refinance a mortgage loan, we can help you shop.
When talking about home loans, the main distinction is between picking a fixed rate product vs taking out an adjustable rate mortgage (ARM). You may be able to guess the difference just by looking at the names - in the former, your rate and payment remain the same until the loan is retired, and in the latter both adjust annually depending on where the market prices interest rates.
Though fixed rate loans are more popular, especially in recent years, many homebuyers would do well to consider an ARM. Say, for example, that you plan on moving within the next 5 years. If you took out a 5/1 ARM, you would pay less in interest prior to selling your home than if you took out a 15 or 30 year fixed rate mortgage.
FHA mortgages, which are insured by the Federal Housing Administration, can be great options for first time home buyers. These mortgages require smaller down payments, and you can get approved even with less than perfect credit. It is important to note that these loans are more expensive due to the mortgage insurance premiums (MIP) that you will need to pay.