Well known as the capital of country music, Tennessee has long been a bastion of the Appalachian south. The state has deep forests, mountains, river communities and lake regions. It is also the final resting place of the king of rock and roll, Elvis, at Graceland. With major urban centers in Nashville, Memphis, Knoxville, Chattanooga, and Murfreesboro, Tennessee spreads its communities and varied living across the state. Those concentrated populations are distributed statewide, which makes Tennessee a bit different from some of its neighbors further west. Agriculture and energy production remain major industries, but Tennessee is also home to a number of major corporations, including FedEx, AutoZone, International Paper, Pilot, and Eastman Chemical. Nissan and Volkswagen operate assembly plants in-state, and Ford is building its BlueOval City electric-vehicle complex in West Tennessee.
The Volunteer State is home to about 7.3 million residents as of 2025, making it one of the nation's more populous states. As of 2024, its economy produces well over $550 billion in goods and services annually.
Cities in Tennessee
As of 2025, the typical Tennessee home is valued at roughly $336,000, according to Zillow's home value index, after climbing sharply over the past decade. Values vary widely by community. Some of the priciest addresses in the state are in Brentwood and Franklin, where typical home values run well into the several-hundred-thousands and often exceed $900,000, while many rural and small-town markets remain considerably more affordable.
Nashville
Population: approximately 715,000
Music City is the state capital and, as a consolidated city-county (Nashville-Davidson), the most populous city proper in Tennessee. Its metro area is home to roughly two million people, the largest in the state. Nashville is best known for country music, an industry that supports tens of thousands of jobs, along with major employers in healthcare, higher education, state government, and automotive manufacturing.
Memphis
Population: approximately 619,000
Well known for barbecue, the NBA's Grizzlies, and Elvis Presley, Memphis anchors the second-largest metro in Tennessee. AutoZone and FedEx are headquartered in the city, and Memphis International Airport is one of the busiest cargo airports in the world. Logistics, healthcare, and media are all important contributors to the Memphis economy.
Knoxville
Population: approximately 195,000
Greater Knoxville is one of the largest metros in the state and is home to the University of Tennessee, a major local employer. Other significant employers in the region include the Tennessee Valley Authority (TVA) and Oak Ridge National Laboratory nearby.
Banks, Credit Unions, and Interest Rates
Consumers in TN can choose between local banks, credit unions, and big national chains. There are a few factors to consider in making this choice. The first is convenience; you probably want to bank with an institution that has a branch or an ATM located near your home, place of business, or both.
The second is whether you prefer the big-bank or small-bank model. With a big bank, you'll be able to use ATMs and branches in other states, and you'll often get a more built-out online banking experience. With community banks and credit unions, you'll typically get more personalized service and sometimes more flexibility in getting approved for loans like mortgages.
Community banks operating in Tennessee include:
- Bank of Tennessee
- Commercial Bank
- Home Banking Company
- TriStar Bank
- Union Bank
- Wilson Bank and Trust
Some of the largest credit unions in TN:
- Eastman Credit Union
- Ascend Federal Credit Union
- ORNL FCU
- Knoxville TVA Employees Credit Union
- Tennessee Valley FCU
- Y-12 FCU
- Orion FCU
- Southeast Financial CU
- First South Financial CU
- Fort Campbell Federal Credit Union
National banks with local branches:
- Bank of America
- Truist
- Chase Bank
- Fifth Third Bank
- Regions Bank
Now you've seen a few of your options. The next step is to compare interest rates using RateZip's free financial search engine. Get started now!
TN Mortgage Rates
If the home of music is in the cards for a new living destination, RateZip.com can help with an abundance of mortgage rate information from lenders in the region. Whether you're a first-time home buyer, looking to move up into a bigger property, or want to refinance a mortgage loan, we can help you shop.
When talking about home loans, the main distinction is between choosing a fixed-rate product and taking out an adjustable-rate mortgage (ARM). You may be able to guess the difference just from the names: with a fixed-rate loan, your rate and payment stay the same until the loan is paid off, and with an ARM both can adjust over time depending on where the market prices interest rates.
Both structures have their place, and the right choice depends on your situation. If, for example, you expect to move within a few years, an ARM's lower introductory rate could mean paying less in interest before you sell than you would with a longer fixed-rate term. If you plan to stay put for the long haul, the predictability of a fixed rate may be worth more to you. Because rates change constantly, it's best to compare current offers side by side on RateZip rather than assume where they stand.
FHA mortgages, which are insured by the Federal Housing Administration, can be great options for first-time home buyers. These loans require smaller down payments, and you can often qualify even with less-than-perfect credit. Keep in mind that they carry mortgage insurance premiums (MIP) that add to the cost. First-time and eligible repeat buyers in Tennessee may also want to look into the Tennessee Housing Development Agency (THDA) and its Great Choice Home Loan program, which pairs a fixed-rate loan with optional down payment assistance for qualifying borrowers.