The typical owner-occupied home in Oak Ridge is worth about $270,200, 6% below the Tennessee median of $286,700 and 19% below the national median of $332,700. Owners pay a median $1,835 a year in property taxes, about 0.68% of their home's value, higher than the Tennessee rate of 0.50%. The median household earns $72,311 a year, so the median home costs 3.7 times the median income (4.1 times for Tennessee). 66% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Oak Ridge at a glance
| Oak Ridge | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $270,200 | $286,700 | $332,700 |
| Median property tax paid per year | $1,835 | $1,442 | $3,119 |
| Property tax as a share of value | 0.68% | 0.50% | 0.94% |
| Median household income | $72,311 | $69,595 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,563 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 19.6% | 21.0% |
| Median rent | $1,131 | $1,189 | $1,413 |
| Rent as a share of renters' income | 27.2% | 29.5% | 30.6% |
| Median year homes were built | 1965 | 1987 | 1980 |
| Vacant homes | 8.3% | 10.2% | 10.1% |
| Population | 32,693 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Oak Ridge
At this week's average 30-year rate of 7.11%, buying the median Oak Ridge home of $270,200 with 20% down costs about $1,720 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,170, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $73,707 for the 20%-down payment. That payment is 29% of the median Oak Ridge household income of $72,311; at that income and 20% down, the 28% guideline points to a home of about $265,000.
The median rent here is $1,131 a month, so owning the median home costs about $589 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $54,040 |
|---|---|
| Loan amount | $216,160 |
| Principal and interest | $1,454 |
| Property taxes (0.68% a year) | $153 |
| Homeowners insurance (our estimate, 0.5% a year) | $113 |
| PMI | $0 |
| Total per month | $1,720 |
Change the numbers in the calculator
| Down payment | $9,457 |
|---|---|
| Loan amount | $265,306 |
| Principal and interest | $1,785 |
| Property taxes (0.68% a year) | $153 |
| Homeowners insurance (our estimate, 0.5% a year) | $113 |
| FHA mortgage insurance | $120 |
| Total per month | $2,170 |
Change the numbers in the calculator
Questions about home buying in Oak Ridge
What is the median home value in Oak Ridge?
About $270,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Oak Ridge?
Homeowners pay a median $1,835 a year, which is about 0.68% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Oak Ridge?
For the median home with 20% down at 7.11%, the payment is about $1,720 a month. Keeping that under 28% of gross income takes about $73,707 a year.
More about Oak Ridge
- Mortgage Refinance in Oak Ridge
- Debt Relief in Oak Ridge
- Home Equity Loans in Oak Ridge
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data