Johnson City, TN
At a Glance
Top 5 reasons to invest in Johnson City, TN
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Key Stats
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With affordable housing options and a great job market, it's no surprise the demand for rentals continues to increase in Johnson City.
Johnson City experienced decent population growth of 0.57% year over year to 207,442 people today. The upward trend indicates the area’s popularity as more people relocate there.
Median home prices in Johnson City are $254,800 and have changed 10.1% year over year. The median rent prices in Johnson City are low compared to the national average, with a median rent of $1,241. This is a 6.1% change from last year. The area’s rent-to-price ratio is 0.5%, demonstrating stability for investors.
The average household in Johnson City has 2.3 members, which allows real estate investors to profit from smaller properties. The area is 68% urban, and the median age of residents is 42.1, slightly higher than the median age in the U.S. of 39.
Johnson City is attractive for residents due to its low cost of living, which is 19% lower than the national average and 7% lower than the rest of Tennessee. The median household income is $54,217. However, Tennessee doesn't charge state income tax, so residents keep a larger portion of their checks to cover the cost of living.
The vacancy rates in Johnson City are somewhat low at 10%, and 69% of the properties are owner-occupied. This leaves plenty of room for investors to capitalize on high rental demand.
Johnson City is home to East Tennessee State University (ETSU) and a handful of private universities, giving real estate investors a healthy target audience of student renters needing housing each year.
The unemployment rate in Johnson City is low at 2.9%. This signifies a strong economy, which can lead to a higher demand for rental housing, especially among younger generations.
The area's average commute time to work is 21.6 minutes, about 20% lower than the United States average. Most residents drive to work in Johnson City, and only about 3% walk or ride a bike. Public transportation is also available via buses.
Johnson City is a great place to consider diversifying your real estate portfolio. With no state income tax, a large university, and a welcoming environment for business owners, there is a large audience of renters to cater to as investors. If the population continues to increase at this rate, demand for rental housing will increase even further.
Growth Stats
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