PopulationEconomy

What is the homeownership rate in Tennessee?

Data updated July 26, 2024
About 68.9% in 2023. This means about 2 in 3 households in Tennessee owned their home while the remainder rented.
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In 2023,

68.9%

of Tennessee households owned their home
In 2023,

2 in 3

Tennessee households owned their home
According to the Census Bureau, understanding homeownership rates can help determine if people’s needs are met by available housing and can inform policy and funding decisions. The Tennessee homeownership rate in 2023 was 3.0 percentage points higher than the US homeownership rate overall.

Tennessee's homeownership rate in 2023 was 3.0 percentage points higher than the US.

During the housing bubble of the mid-2000s, homeownership rates rose to a peak of 69% in 2004. When the housing bubble popped in 2007 and the Great Recession started, foreclosures increased and there was a shift from owning to renting: the homeownership rate declined through 2016, when it bottomed out at 63.4%. It then began to increase.

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Homeownership rates don’t just shift over time — they also vary across places for many reasons, including economic conditions and demographic characteristics.

Across metro areas, the average homeownership rate was 67.2% in 2022.

In 2022, the average homeownership rate across metro areas was 67.2%. The metro areas with the highest and lowest homeownership rates were The Villages, Florida, at 89% (highest) and Los Angeles at 47.9% (lowest). In Tennessee, the rate was highest in Morristown, Tennessee, (75.3%) and lowest in Memphis, Tennessee (60.8%).

Homeownership rate, Tennessee metro areas (2022)

Homeownership rate, Tennessee metro areas (2022)

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