How Much Does It Cost To Live In Gatlinburg Tennessee?
Gatlinburg is a charming little mountain resort town in Sevier County, Tennessee. According to the 2021 census, Gatlinburg has a population of about 3,800 souls. Yet, we can not help but notice a slight decline in its residents over the years (in 2016 being 4,200). On 10.41 square miles, the city offers plenty of unique and engaging activities and a highly newcomer-friendly community. In short, it indeed has got all the features to be called an excellent place to stay.
Suppose you’re interested in moving to Gatlinburg. Then contact our local real estate agents in Gatlinburg TN! They will set you up with an affordable house or inexpensive apartment to rent!
The housing market is thriving in Gatlinburg! If you wish to sell your house, get in touch with realtors in Gatlinburg, TN! They will expertly represent your best interests and maximize your revenue!
The local economy in Gatlinburg, TN
While in 2021, the American average unemployment rate is six percent, the Gatlinburg statistics are promising, at only 5.1 percent. At the same time, local job growth is on the rise, increasing by two percent. The median income in Gatlinburg, TN, is approximately $36,000 in 2021.
With so many essential things to see in Gatlinburg, first-class resorts, and remarkable camping opportunities, tourism in the city soars. No wonder that the top employers in the area center around meeting travelers’ pleasure. Dollywood, Wyndham Destinations, and Bluegreen Vacations are significant tourism-related companies.
The cost of living in Gatlinburg, Tennessee
In 2021, prices in Gatlinburg increased by 1.3 percent compared to last year’s. Food, housing, and transportation are the main areas that inflation hit the hardest. Nevertheless, the cost of living in Gatlinburg, TN, is 14 percent lower than in the rest of the United States. Gatlinburg is more cost-effective than the rest of the country in all relevant aspects. Energy is 16.7 percent less expensive, food is 17.4 percent, and healthcare by 28.5 percent than the US average.
Statistics prove that Gatlinburg steals major US cities’ thunder in terms of cost of living. Compared to San Francisco, CA, Gatlinburg is less expensive by 97 percent. While compared to New York, life in Gatlinburg is more affordable by approximately 91.5 percent.
It all adds up to a 69/100 percent livability score, which is above average when considering all American cities. Residents in Gatlinburg, Tennessee, value the reliable public transportation system, safety at night, family-friendly neighborhoods, and the overall condition of public places and streets.
The real estate market in Gatlinburg, TN
Lately, the housing market in Gatlinburg, TN, experienced a genuine boom in prices. As of November 2021, property prices in Gatlinburg increased by about 61 percent compared to 2020. Thus, the median sale price reached a stunning $617,000. Homes stay on the market on average 73 days.
Conclusion
Due to its affordable cost of living and Gatlinburg’s many attractions, the city turned into a trendy tourist hotspot and popular relocation destination. Why don’t you check it out yourself?
Popular Real Estate Glossary Terms
A lien that makes property security for the repayment of debt. Mortgages can finance the acquisition of real estate such as a home. A mortgage has certain benefits compared to other debt ...
A tenancy in which no written lease is involved, rent being paid monthly. It can be renewed for each succeeding month or terminated at the option of either party with sufficient notice. ...
To approximate the worth or valuation of property To give an appraisal value estimate of property. Property value appraisals are never exact, and are at best approximations of actual ...
A lessee (tenant) subleases the apartment to a third party .The tenant is now sandwiched between the lessor and the sublessee. In other words, the tenant is acting as a lessee to the ...
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Combination of insurance policies on property with each providing an additional increment of coverage exceeding the limits of the preceding policy. For example, policy A adds $70,000, then ...
Another residence in addition to the main residence where a person or family resides. An example is a second home out of the city used on weekends and during vacations. Interest and real ...
A capitalization method which divides a properties first year net operating income by an estimated general capitalization rate to develop a total property estimate. ...
The definition of population density is a way to measure the number of populations in a specific area. The method of calculating population density is by the number of people per square ...
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