Quick facts: Lexington, TN

Quick Facts

99.5
Cost of Living
below US average
7,952
Population
26.16
Crime Rate per 1000
above US average
$45,877
Median Income
below US average
$244,900
Median House Price
above US average
$987.5
Average Rent
below US average
13%
Poverty Rate
above US average
4.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $45,877.

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Income Needed to Buy

βœ— Stretch
$77k/year
Based on $244,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $77k vs median $45,877
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Income Needed to Rent

βœ“ Affordable
$42k/year
Based on $987.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($45,877) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lexington, TN

Lexington is a charming city located in Henderson County, Tennessee. Nestled in the western part of the state, it serves as the county seat and is known for its picturesque landscape and rich history. With a population of around 7,500 residents, Lexington offers a small-town atmosphere while providing access to essential amenities. The city is well-situated between larger urban centers like Jackson and Memphis, making it convenient for those seeking both tranquility and urban entertainment. Lexington boasts an array of local businesses, restaurants, and shops that reflect Southern hospitality. The historic downtown area features antique shops, quaint eateries, and community events that bring residents together. Outdoor enthusiasts will appreciate the nearby parks and recreational opportunities, including the scenic Tennessee River and the expansive Natchez Trace State Park. Education is a priority in Lexington, with strong public and private schools available. The city also hosts annual events such as the Lexington Bluegrass Festival, showcasing local talent and fostering community spirit. Overall, Lexington, TN, is an inviting place for families, retirees, and anyone looking for a relaxed lifestyle in a close-knit community.

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