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 Questions
Popular Real Estate Glossary Terms
Large heavy piece of wood or other material generally running horizontally through a building providing support for other parts of the structure. The stringer usually runs in the direction ...
The arrangement of the walls and rooms in a structure. A two-dimensional horizontal scale drawing of the arrangements, size, and orientation of doors, rooms, walls, and windows of a single ...
Increase in the value of property caused by inflation. For example, John buys a home for $150,000. Because of inflation, the home is worth $200,000 five years later. The inflation equity in ...
Looking at pro rata in real estate we also have to deal with pro rata taxes. The term pro rata is Latin and is used in several domains either in its original form or variations from it like ...
In the business world, the definition of override means a salesperson paying a commission to a supervisor or another agent. The meaning of override refers to an arrangement for acquitting ...
One's given name at birth including a first name, a possible middle name, and a surname. The legal name must be used to legally sign documents, deeds, or contracts. ...
In everyday discourse, the term specifications describe various properties and features. They can be attributed to products, services, objects, and industries, such as real estate. What do ...
Horizontally placed timber that is connected to other timber. Smooth, flat, thin piece of metal. Electrical covering. ...
Sponsor of a syndicate involving people or companies buying an interest in a real estate investment or unit. The group of investors are in effect engaged in a joint venture for profit." ...
Have a question or comment?
We're here to help.