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A large and geographically diverse state, there's something for absolutely everyone looking to Rent to Own in Tennessee. From some of the hottest markets in the nation such as Memphis to budget friendly enclaves tucked along the astonishing beauty of the Smoky Mountains, this state is ripe for lease-option hunters of all stripes. Featuring median home values below the national average and strong positive appreciation in most markets, Tennessee provides Rent to Own buyers with a great chance to get a stellar deal on their home.
Welcome to the Volunteer State
Situated between the Appalachian Mountains in the east and the Mississippi River in the west, Tennessee is a dynamic state defined by its natural beauty and warm personality. Deep in the heartland of American culture, Tennessee is responsible for many of the things that help define our national identity: from the blues and country music, Jack Daniel's Tennessee Whiskey, and barbecue. Tennessee is home to a variety of diverse industries from heavy industry and agriculture to entertainment and a whole lot more. As of early May 2015, the unemployment rate is at 6.6 percent according to the US Bureau of Labor Statistics.
Housing Market in Tennessee
Average home values in Tennessee come in around $127,600 and are growing at an estimated rate of 3.1 percent this year, after gains of 4.6 percent last year according to Zillow. This comes after several years of steady growth in the aftermath of the housing crash, thanks in part to the growing popularity of major metros like Nashville, Memphis, and Knoxville. The median rent in Tennessee is approximately $1,000 per month, making home ownership a financially beneficial step for many buyers.
Tennessee ranks high among the fastest improving public school systems in the nation, jumping ten ranks for fourth graders in both math and reading in 2013. The state is home to several top quality public and private universities, including the renowned University of Tennessee system and Tennessee State University.
Great Smoky Mountains, TN. Via Gettysburg CollegeSafety
Statewide, crime in Tennessee is slightly above the national average at 5.91 per 1,000 residents, with a national average at 3.8. Similarly, property crime is slightly higher at 31.81 per 1,000 residents and is lower than the 27.3 national average. Actual crime rates vary widely from region to region.
Culture and Entertainment
From its early statehood to the modern day, Tennessee is a state with a culture unique its own. Home to two of the great American music cities--Nashville and Memphis--it's a flashpoint for innovative music. Tennessee echoes with the history of soul, the blues of BB King, and rock 'n'roll stylings of Elvis. Nashville is the home of the Country Music Hall of Fame and the Grand Ole Opry, both of which showcase the biggest stars in country music. A highly religious state at the heart of the Bible Belt, its also a stronghold for several protestant denominations, including the Southern Baptist Convention and United Methodist Church among others.