Atoka and Munford have been named the most affordable places to live in Tennessee.
The Smart Asset study ranked the South Tipton cities at the first and second spot in its sixth annual survey.
Atoka has made the top spot for the last three years. Munford has ranked in the top 10 for several years as well.
“I’m proud that the South end is doing well,” said Atoka Mayor Daryl Walker.“It’s a great place to call home and we’re staying in the right direction the leadership from the aldermen has put us in this position. We hope we can hold on to that.”
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 $1,383, average annual homeowner’s insurance is $1,327, average annual mortgage payment is $9,895 and median income is $91,228. The city ranks 54.6 on the affordability index.
For Munford, average closing costs are $2,878, average annual property tax being $1,383, average annual homeowner’s insurance is $1,070, average annual mortgage payment is $7,982 and median income is $73,364. The city ranks 52.64 on the affordability index.
La Follette, Oakland, Humboldt, Bartlett, Green Hill, Lewisburg, Portland and Middle Valley 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.
