Knoxville, TN
At a Glance
Top 5 reasons to invest in Knoxville, TN
PROBuild Your Team
Top Investor-Friendly Experts in Knoxville, TN
Key Stats
About
Knoxville, TN, has an affordable real estate market, making it an attractive prospect for investors. The area's low cost of living also appeals to residents. Knoxville's position as a technology hub, nestled at the foothills of the Smoky Mountains, offers investors many opportunities to maximize their profits.
With a population of 884,359, Knoxville offers a significant market for real estate investors. The metro is also home to around 28,000 undergrads at the University of Tennessee, contributing to a high demand for rental properties. With 30% of the population renting, investors can tap into a large and growing market.
The area's population growth is 1.21% year over year and is predicted to hit 1 million residents by 2028. This gives investors a vast pool to cater to, including college students always looking for affordable housing off campus.
The median home price in Knoxville is $339,580, representing a 10.5% change from last year. Knoxville's median rent is $1,778, a change of 6.8% from last year. The rent-to-price ratio in Knoxville is 0.5%.
The median household income in Knoxville is $66,715, and the median age of residents is 40. However, 61% of the population is between the ages of 18 and 64. The average household has 2.4 members, and 74% of residents live in single-unit properties. The cost of living in Knoxville is 16 basis points lower than that of the United States, making it an affordable location.
Knoxville earned the reputation of being a technology hub, with the Oak Ridge National Laboratory and the University of Tennessee Research Park in the area. These institutions, along with initiatives such as the Knoxville Entrepreneur Center and the University of Tennessee business incubator, help spur innovation and bring tech talent to Knoxville. The area often has tech meetups and conferences, garnering more attention to the area and attracting more professionals, increasing housing demand.
The average commute in Knoxville is 23.9 minutes, about 90% of the average for the United States. The Knoxville Area Transit is the local public transportation. The area is also very walkable and friendly for bike riders.
The climate in Knoxville is subtropical and humid. The summer or hot season lasts almost four months and reaches as high as 90 degrees, but the average is 80. The winter months go from December to February, with an average temperature of 55 degrees. The weather in Knoxville is very tolerable, providing four seasons.
Knoxville's intense focus on infrastructure and business development, especially in the technology industry, positions it as a city with a secure and promising future. Its focus on the future while paying homage to its rich past creates many opportunities for real estate investors.
Growth Stats
Build Your Team
