The 30-year fixed mortgage rate in the US hit an average of 3.70% in August 2019, the lowest since November 2016, according to CNBC. As the bond yields continue to decline, this rate is likely to dip lower in future. The previous drop meant that 8.2 million mortgage holders would be able to qualify for refinancing. They would then save 0.75% of their current interest.
This isn’t the only reason why buying a home in Knoxville, Tennessee, right now could be a good idea. Here are some of the key reasons that make this city a popular residential option.
Program for First Time Buyers
The Federal First Time Homebuyer Program offers financial help for first time homebuyers. VA Loans, with no down payment and no private mortgage insurance are available. The program also helps reduce closing costs. People who are or have been part of the US military or other beneficiaries are eligible for this loan.
Apart from this, FHA Loans come with low down payment and flexible approval of credit.
Why Knoxville is a Good Place to Live?
South Knoxville has been a popular destination for people looking to settle down in the city. There are two basic reasons for this:
- South Knoxville has developed to a great extent and it comes as no surprise that people want to stay as close to nature and the city as possible. A lot of people from other parts of the state are eyeing this place because of its vibrant lifestyle and growing community.
- One major reason for people flocking to this part of the state is that it is affordable. Buying a house can cost a bomb but South Knoxville’s average sales price tends to be comparatively low. So, more people can afford to buy homes here.
- The good standard of living acts as the cherry on the cake. Places like West Knoxville might look super affordable if you have been home hunting, but if you really want a comfortable life, you should head south.
Cost of Living in Knoxville, Tennessee
Housing, utility and transportation costs are much lower in Knoxville than the national average. Even the cost of a home and monthly rent are cheaper than that of other metro cities in the country.
Population and Demographics
Knoxville is home to one of the premier universities of the country, the University of Tennessee. Therefore, you are likely to see a large number of college students here, bringing down the average age of the population. Apart from students, there are a lot of young families here too. This makes almost a quarter of the population younger than 20 years of age.
The population has become more diverse over the years. Hispanics, African Americans, Asians, Native Americans and more influenced Knoxville’s culture to a great extent. What this essentially means is that you have a a huge number of festivals to participate in and a wide variety of cuisine to try.
Religion and church dominate places like Knoxville extensively. A majority of the population is made up by Baptists, Catholics and even United Methodists. Along with them, nondenominational churches are also gaining momentum here.
Downtown Knoxville houses several interesting bookstores and general stores. Union Ave Books and the good old Mast General Store are located here.
Tourist attractions like Cumberland Gap National Historical Park and the Great Smoky Mountains National Parks are just 90 minutes by car. Apart from these, there are places for hiking like Ijams Nature Center, located near Tennessee River.
Knoxville is also a wonderful place for sports enthusiasts, being home to baseball leagues like the Tennessee Smokies, professional Hockey teams like the Knoxville Ice Bears and more. Football and basketball games of the University of Tennessee Volunteers are also held right here.
So, what are you waiting for? Check out the homes for sale in Knoxville and find just the right neighborhood for a comfortable life.