Home Affordability in Murfreesboro, TN
The median home price in Murfreesboro is $375,000 with a median household income of $59,382. Housing is significantly stretched relative to local incomes.
Median Home Price
$375,000
Median Income
$59,382
Price-to-Income Ratio
6.3x
Est. Affordable Home
$231,000
Property Tax Rate
0.72%
Annual Property Tax
$2,700
Sales Tax Rate
9.25%
Cost of Living Index
95
Buying a Home in Murfreesboro
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $59,382 in Murfreesboro can afford a monthly housing payment of approximately $1,386. This translates to a home price of roughly $231,000, which is below the median home price of $375,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Murfreesboro would be approximately $2,700 per year ($225/month) at the effective rate of 0.72%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $11,250 | $363,750 | Yes |
| 5% | $18,750 | $356,250 | Yes |
| 10% | $37,500 | $337,500 | Yes |
| 20% | $75,000 | $300,000 | No |
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