The typical owner-occupied home in Grimsley is worth about $150,600, 47% below the Tennessee median of $286,700 and 55% below the national median of $332,700. Owners pay a median $531 a year in property taxes, about 0.35% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $57,212 a year, so the median home costs 2.6 times the median income (4.1 times for Tennessee). 90% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Grimsley at a glance
| Grimsley | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $150,600 | $286,700 | $332,700 |
| Median property tax paid per year | $531 | $1,442 | $3,119 |
| Property tax as a share of value | 0.35% | 0.50% | 0.94% |
| Median household income | $57,212 | $69,595 | $80,734 |
| Homes lived in by their owners | 90% | 67% | 65% |
| Owner homes with a mortgage | 54% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,158 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 25.4% | 19.6% | 21.0% |
| Median rent | – | $1,189 | $1,413 |
| Median year homes were built | 1982 | 1987 | 1980 |
| Vacant homes | 8.1% | 10.2% | 10.1% |
| Population | 1,171 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Grimsley
At this week's average 30-year rate of 7.11%, buying the median Grimsley home of $150,600 with 20% down costs about $917 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,168, 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 $39,307 for the 20%-down payment. That payment is 19% of the median Grimsley household income of $57,212; at that income and 20% down, the 28% guideline points to a home of about $219,000.
| Down payment | $30,120 |
|---|---|
| Loan amount | $120,480 |
| Principal and interest | $810 |
| Property taxes (0.35% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $917 |
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| Down payment | $5,271 |
|---|---|
| Loan amount | $147,872 |
| Principal and interest | $995 |
| Property taxes (0.35% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,168 |
Change the numbers in the calculator
Questions about home buying in Grimsley
What is the median home value in Grimsley?
About $150,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Grimsley?
Homeowners pay a median $531 a year, which is about 0.35% 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 Grimsley?
For the median home with 20% down at 7.11%, the payment is about $917 a month. Keeping that under 28% of gross income takes about $39,307 a year.
More about Grimsley
- Mortgage Refinance in Grimsley
- Debt Relief in Grimsley
- Home Equity Loans in Grimsley
- 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