The Census Bureau has released the latest estimates from the American Community Survey data to estimate the median monthly housing cost. We have crunched the numbers and the rankings are in. See the ZIPs in Tennessee with the lowest median monthly housing cost below, and the highest median monthly housing cost ZIPs. Only ZIP codes with a low margin of error are included.
The monthly housing costs include the major costs paid by owners (mortgage payments, real estate taxes, insurance, utilities, and condo fees) as well as the major costs for renters (contract rent and utilities). According to the Bureau of Labor Statistics, housing is often the largest expense for households at around 33% - well above transportation (16%), food (13%), and healthcare (8%). Keep in mind that housing might be cheap for a reason: people may be fleeing part of the country creating a large supply with little demand.
The Tennessee median monthly housing cost from the latest estimates is $820 and has risen 1.5% from $808.
This year saw several big changes. 38475 (Olivehill, TN) ranked for the first time, 38504 (Allardt, TN) rose from #5 to #2, 38578 (Pleasant Hill, TN) ranked for the first time, 38554 (Crawford, TN) fell from #1 to #4, and 37715 (Clairfield, TN) fell from #3 to #5.