What Is The Least Expensive Zip Code In Tennessee To Buy A Home?

Home Values Are Often A Reflection Of What Area Residents Can Afford — And Just As Home Values Are Low In The Area, So Are Incomes. The Typical Household In This Tennessee ZIP Code Earns Just $29,798 A Year, Less Than Half The National Median Income Of $62,843. Both Incomes And Home Values Are Also Affected By The Local Job Market To Some Degree. Over The Last Five Years, 11.0% Of Area Workers Were Unemployed, More Than Double The Comparable 5.3% National Unemployment Rate. 

Photo Credit: Public Domain

Published May 11, 2021

By Samuel Stebbins [24/7 Wall St. via The Center Square] –

The COVID-19 pandemic had devastating economic consequences in the United States, grinding entire industries to a halt. One sector that did not suffer, however, was real estate. Driven by the pandemic, existing home sales hit their highest level in nearly a decade and a half in 2020.

The median home sale price in the United States was $265,000 in 2020 — $30,000 more than it was the previous year. A quarter of a million dollars, however, is not affordable for many Americans. Still, for those on a tight budget, there are many parts of the country where most homes are selling for far less.

Using median home sale prices provided by ATTOM Data Solutions, a real estate and property data company, 24/7 Wall St. identified the least expensive ZIP codes in each state.

The 38127 ZIP code in Memphis, Tennessee, is one of several in the broader Memphis metro area to report some of the lowest median home sale prices in the last year. A total of 871 area homes were bought and sold in 2020, and the median sale price was just $45,000.

Home values are often a reflection of what area residents can afford — and just as home values are low in the area, so are incomes. The typical household in the 38127 ZIP code earns just $29,798 a year, less than half the national median income of $62,843. Both incomes and home values are also affected by the local job market to some degree. Over the last five years, 11.0% of area workers were unemployed, more than double the comparable 5.3% national unemployment rate.

ZIP codes were ranked based on median sales price of condos and single-family homes in 2020. Only ZIP codes with at least 1,000 single-family homes and condos and where at least 500 of housing units were sold in 2020 were considered. The estimated market value is determined by ATTOM’s automated valuation model.

Supplemental data on median household income, the share of households that are at least 50 years old, and unemployment are five-year estimates at the ZIP code level for 2015-2019 from the U.S. Census Bureau’s American Community Survey.

Least expensive ZIP	Location	Median home sales price ($)	Median household income ($)	ZIP codes in state with home sale data
Alabama: 35810	Huntsville	88,000	37,488	33
Alaska: 99504	Anchorage	282,250	79,472	5
Arizona: 85364	Yuma	175,000	43,314	136
Arkansas: 72401	Jonesboro	96,250	42,218	30
California: 95969	Paradise	30,000	51,625	207
Colorado: 81005	Pueblo	227,000	50,779	86
Connecticut: 06790	Torrington	159,475	63,057	16
Delaware: 19805	Wilmington	140,000	47,885	8
Florida: 32208	Jacksonville	78,650	34,565	372
Georgia: 31204	Macon	75,000	34,407	146
Hawaii: 96792	Waianae	410,000	66,766	9
Idaho: 83201	Pocatello	201,263	50,526	16
Illinois: 61401	Galesburg	68,000	38,027	77
Indiana: 46218	Indianapolis	53,000	24,517	62
Iowa: 52601	Burlington	89,250	49,613	21
Kansas: 66104	Kansas City	103,344	39,726	7
Kentucky: 42240	Hopkinsville	123,000	42,955	30
Louisiana: 71112	Bossier City	135,000	51,623	16
Maryland: 21223	Baltimore	26,000	28,549	54
Michigan: 48228	Detroit	34,500	27,337	55
Minnesota: 55912	Austin	132,000	50,274	42
Mississippi: 38671	Southaven	162,697	51,214	6
Missouri: 63136	Saint Louis	37,000	32,223	49
Montana: 59101	Billings	224,000	49,514	6
Nebraska: 68104	Omaha	135,000	48,620	12
Nevada: 89103	Las Vegas	199,000	42,537	44
New Jersey: 08332	Millville	124,750	57,265	50
New Mexico: 88310	Alamogordo	169,097	43,307	12
New York: 14616	Rochester	127,000	52,660	16
North Carolina: 28052	Gastonia	115,000	39,426	121
North Dakota: 58103	Fargo	190,000	46,866	3
Ohio: 43211	Columbus	58,500	26,724	60
Oklahoma: 73110	Oklahoma City	97,500	43,059	30
Oregon: 97603	Klamath Falls	199,500	51,972	37
Pennsylvania: 19140	Philadelphia	48,250	22,790	46
Rhode Island: 02889	Warwick	243,000	77,783	1
South Carolina: 29841	North Augusta	145,000	52,516	58
Tennessee: 38127	Memphis	45,000	29,798	92
Texas: 78521	Brownsville	97,375	32,169	160
Utah: 84404	Ogden	274,724	62,732	35
Virginia: 24012	Roanoke	146,130	46,414	75
Washington: 99207	Spokane	195,000	41,401	69
West Virginia: 26508	Morgantown	264,450	70,904	1
Wisconsin: 54220	Manitowoc	120,000	51,542	26
Wyoming: 82001	Cheyenne	264,412	63,025	2