When considering a move to Cookeville, Tennessee, one of the biggest questions potential residents might have for a variety of reasons is: Should I rent or buy a home? Both options come with their own sets of advantages and potential challenges, which can be influenced by a variety of factors.
The gist of it:
- Whether to rent or buy in Cookeville, TN largely depends on personal circumstances, but with a lower than average cost of living and affordable home prices, buying could be a financially savvy choice for many.
- Consider lifestyle preferences and longer-term plans, such as job stability and the likelihood of staying in the area for several years when deciding to rent or buy.
- Beyond housing, consider broader factors like Tennessee’s political climate, absence of state income tax, abundant outdoor recreational activities, rich cultural opportunities, healthcare facilities, and educational institutions.
- Cookeville’s cost of living is significantly lower than many other cities in Tennessee, making it a potentially attractive option for individuals or families seeking to optimize their housing budget.
Understanding the Real Estate Market in Cookeville
Before making a decision, it’s important to understand the local real estate landscape. As of 2021, the average rent in Tennessee was roughly $1,100 per month for a two-bedroom apartment. However, prices in Cookeville tend to be lower than the state average, given its status as a smaller town compared to places like Nashville or Memphis.
In terms of buying, the median home value in Tennessee was approximately $207,000 in 2021, with Cookeville again typically offering more affordable prices.
Evaluating Your Lifestyle and Preferences
It’s also essential to consider your personal circumstances and preferences when deciding between renting and buying a home. Here are some factors you might want to think about:
- Length of stay: If you’re planning to stay for a few years or less, renting might make more sense. Buying usually makes financial sense if you’re planning to stay for the long term.
- Financial situation: Can you afford a down payment? If not, renting might be the better option.
- Maintenance: Are you willing and able to handle home maintenance and repairs? If not, renting, where the landlord typically handles most maintenance, might be a better fit.
- Flexibility: Renting offers more flexibility to move, which could be beneficial if your job or personal situation is fluid.
- Pets: While some rental properties have restrictions on pets, owning a home means you can have any pet you want without needing to get approval from a landlord.
Considering the Broader Context of Living in Tennessee
When deciding to move to Cookeville, there are also some broader factors about living in Tennessee that you might want to consider:
Political Climate
Tennessee is traditionally a conservative state. Depending on your political affiliations and beliefs, this could be a factor in your comfort and fit with the local community. While the state overall leans conservative, keep in mind that individual communities can vary in their political leanings.
Nashville is very diverse and typically votes blue while much of the rest of the state is red. If you lean heavily one way or the other, it can be a deal breaker when considering which state to move to if the government doesn’t align with your political values.
No State Income Tax
Tennessee is one of the few states with no income tax, which could be a financial benefit, especially if you’re moving from a high-tax state. This could mean more of your earnings stay in your pocket, potentially allowing you a better quality of life or more money for a housing budget.
Outdoor Recreation
If you’re an outdoors enthusiast, Tennessee’s landscape might be a significant attraction. The state is famous for its mountains, lakes, and rivers, offering countless opportunities for hiking, fishing, boating, and more. Cookeville, in particular, is surrounded by over 150 waterfalls and more than 1,200 miles of lake shoreline.
Cultural Opportunities
For those who value arts and culture, Tennessee has a rich history in music and the arts. Nashville, the state’s capital, is world-famous as a hub of country music, but you’ll find cultural opportunities across the state, including in Cookeville. The city is home to the Cookeville History Museum, the Bryan Fine Arts Building at Tennessee Tech, and the Backdoor Playhouse, offering a range of historical, artistic, and theatrical experiences.
Healthcare Facilities
Tennessee, and particularly Cookeville, has strong healthcare facilities. The Cookeville Regional Medical Center offers comprehensive care, and there are numerous other clinics and specialty centers throughout the city. This can be a significant consideration, especially if you have specific healthcare needs.
Education
If you’re moving with a family, you’ll be happy to know that Tennessee is home to some excellent educational institutions, both at the primary and secondary levels, as well as higher education.
Cookeville is home to Tennessee Technological University, known for its engineering and other programs. Aside from the university, Cookeville has great elementary and middle school options, with one large high school.
Common Questions about Moving to Cookeville
Here are some common questions people often have about moving to Cookeville, and some answers to help you make an informed decision:
What is the cost of living in Cookeville?
Compared to the national average, the cost of living in Cookeville is approximately 14.3% lower, making it an attractive option for those seeking an affordable lifestyle. This percentage considers essential living expenses including housing, groceries, utilities, and transportation.
Specifically, the average monthly rent for a two-bedroom apartment in Cookeville is estimated to be around $800, and the median home price is approximately $170,000, as of 2021 data.
When comparing Cookeville to other cities in Tennessee, it ranks as one of the more affordable options. It’s cheaper than larger cities like Nashville and Chattanooga, and even smaller cities like Knoxville and Murfreesboro.
Below is a table for further comparison:
| City | Cost of Living vs Nat’l Avg. | Avg. Rent for a 2 bed Apt | Median Home Price |
|---|---|---|---|
| Union City, TN | -20.1% | $650 | $90,000 |
| Memphis, TN | -14.8% | $900 | $160,000 |
| Cookeville, TN | -14.3% | $800 | $170,000 |
| Clarksville, TN | -9.6% | $950 | $190,000 |
| Chattanooga, TN | -7.8% | $1,100 | $210,000 |
| Knoxville, TN | -6.2% | $1,000 | $200,000 |
| Murfreesboro, TN | -2.4% | $1,200 | $235,000 |
| Nashville, TN | +3.3% | $1,500 | $275,000 |
| Franklin, TN | +8.6% | $1,550 | $450,000 |
Please note that all prices are estimates based on data available as of 2021, and actual prices can vary.
How are the schools in Cookeville?
Cookeville is home to a diverse array of educational institutions and is particularly known for Tennessee Technological University, which is renowned for its strong programs in engineering and other fields.
In terms of primary and secondary education, the Putnam County School System, which serves Cookeville, has above-average ratings. The student-teacher ratio in this district is around 15:1, which is comparable to the national average, but better than the Tennessee state average of 16:1.
This suggests that students may receive more individualized attention in Cookeville schools compared to other parts of the state.
What is there to do in Cookeville?
Cookeville offers a variety of recreational and cultural activities, making it a great place to live for people of all ages. The city is surrounded by over 150 waterfalls, more than 1,200 miles of nearby lake shoreline, and it’s a gateway to the Cumberland Plateau, which provides ample opportunities for hiking, boating, and fishing.
For those who prefer urban amenities, the city’s historic WestSide district offers boutique shopping, local restaurants, and an array of cultural events. The town is also host to the popular annual Fall FunFest.
How is the job market in Cookeville?
Cookeville has a diverse job market with opportunities in various sectors. The city is known as a regional hub for healthcare, education, and retail. Major employers in the area include the Cookeville Regional Medical Center, Tennessee Tech University, and Academy Sports + Outdoors, a national sports and outdoors retailer that has a distribution facility in Cookeville. The unemployment rate as of 2021 was lower than the national average, suggesting a healthy job market.
Conclusion
In conclusion, the decision to rent or buy in Cookeville, Tennessee, is a personal one that depends on your financial situation, lifestyle preferences, and long-term plans.
By understanding the local real estate market and considering the broader context of living in Tennessee, you can make the choice that’s right for you.
Whether you’re attracted to the low cost of living, the quality of local schools, the vibrant recreational activities, or the diverse job market, Cookeville has something to offer everyone.