New Hope Tennessee Area Home Supply Charts

This page looks at a variety of New Hope Tennessee housing market data taken from the most recent 2020 American Community Survey census data. Housing units are structures such as a single family home, apartment community, mobile home park, public housing, etc. where a person or family live and live separately from other residents of the building. Figure 1 shows the total number of housing units for each city. New Hope depicts it has a Housing Units of 401 which is the second smallest when sorted by housing units of all the other places in the greater region.

Figure 2 illustrates the housing density in the New Hope housing market as measured by housing units per square land mile (includes single family homes, apartments, etc.) New Hope shows it has a Housing Density of 38.8 which is the second smallest when sorted by housing density of all the other places in the metropolitan area. The city with the highest housing density in the area is Bridgeport which depicts a density of 283.7 ( very much bigger). Comparing housing density to the United States average of 38.9, New Hope is about the same size. Also, compared to the state of Tennessee, housing density of 71.7, New Hope is approximately half the size.

In Figure 4, New Hope area change in the number of housing units and is a forward gauge (along with population change) for any potential housing shortage. New Hope depicts it has a Housing Unit Change of -13.0% which is the second smallest in terms of change in the housing units of all the other places in the local area. The city with the highest change in the housing units in the area is Kimball which shows a housing units of 13.6% (only about 4.2% larger). Comparing change in the housing units to the United States average of 5.7%, New Hope is approximately 2.3 times bigger. Also, benchmarked against the state of Tennessee, change in the housing units of 5.4%, New Hope is approximately 2.4 times bigger.

Figure 5 shows the percentage of rental property based on that they are occupied by renters as a percent of the total number of households in the community (including homes, apartments, etc.) New Hope depicts it has a Renter Percent of 23.8% which is less than most other places in the metro area. Figure 6 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 76.2% which is the third most owner percent of all other places in the greater New Hope region.

New Hope Tennessee Home Cost Charts

Looking at the housing data provided in Figure 7, the average New Hope home price is illustrated for this community and a useful analysis of affordable housing. New Hope depicts it has a Median Home Value of $120,500 which is the third most median home prices of all other places in the greater New Hope region. The city with the highest median home price in the area is Jasper which depicts a home price of $137,800 (14.4% larger). Figure 8 provides aggregate comparative data for the New Hope Tennessee metro area in terms of the median housing rental rate, apartment rent, etc. New Hope depicts it has a Median Gross Rent of $750 which is the highest of all places in the greater New Hope region. Comparing rental rates to the United States average of $1,062, New Hope is approximately three-fourths the size. Also, measured against the state of Tennessee, rental rates of $869, New Hope is about 15.9% smaller.

Figure 9 provides the frequency distribution of home prices for the area and is useful for understanding affordable housing fund. New Hope has the percentage of home price worth less than $50,000 in the center range of other places in the local area at 31% of the total. Second, it has the largest proportion of home price worth between $50,000 to $100,000 at 49% of the total and is ranked #1.

Median owner costs for the real estate market are shown in Figure 10 and include the costs associated with any mortgage, utility expenses, insurance, and other miscellaneous costs. New Hope depicts it has a Median Owner Cost of $586 which is in the intermediate range of other places in the local area. Figure 11 shows the median amount of cost as a percent of total household income for people who own homes in the New Hope metro area. it has a Owner Cost as % of HH Income of 14% which is in the mid range of other places in the metro area. The next chart, Figure 12, provides a comparison chart of the median home cost as a percent of a median worker take home earnings and is thus a valuable measure of affordable housing. New Hope shows it has a Median Home Value as Percent of Median Earnings of 271% which is the third most median home value as a percent of median worker earnings of all other places in the greater New Hope region.

Figure 14 depicts the median cost of housing for owners with also have a mortgages (versus those who do not have a mortgage because mortgage cost is included.) New Hope depicts it has a Median Owner Costs-With Mortgage of $1,030 which is in the mid point range of other places in the area. Figure 15 is a chart that shows the median housing costs for owners who do not have mortgages (and therefore the cost of home ownership does not include mortgage cost.) it has a Median Owner Costs-Without Mortgage of $370 which is the third most median housing cost of all other places in the greater New Hope region.

Figure 16 shows the distribution in total housing cost for owners of property (so not renters.) This cost includes mortgages, lines of credit interest, utilities, taxes, insurance, etc. New Hope has the largest proportion of owner cost less than $300 at 41% of the total and is ranked #1. Second, it has the largest proportion of owner cost between $500 and $700 at 22% of the total and is ranked #1.

Next shown in Figure 17 is the housing cost as a percent of household income for people who own their homes and have a mortgages (thus the cost of financing the home is included.) New Hope shows it has a % of Income Owner Costs-With Mortgage of 21% which is the second most cost as a percent of household income of all the places in the greater New Hope region. The city with the highest cost as a percent of household income in the area is South Pittsburg which shows a cost as a percent of household income of 24% (14.6% larger). Housing cost as a percent of household income for owners who do not have a mortgage is shown in Figure 18. This analysis can be useful for understanding the affordable housing for home ownership excluding any financing cost in the area shown. New Hope depicts it has a % of Income Owner Costs-No Mortgage of 11% which is the third most cost as a percent of household income of all other places in the greater New Hope region. The city with the highest cost as a percent of household income in the area is Jasper which shows a cost as a percent of household income of 13% (20.6% larger).

Figure 19 looks at the cost of rent for rental property using the percent of total household income which is a valuable measure of financial health for the area. (The higher the proportion of rent payments to total household income is a sign of greater financial stress. Also, rent can be covered by rent assistance and rent assistance programs in the form of rent assistance.) New Hope has the smallest proportion of rent as a percent of income is less than 10 pct at 9% of the total. Second, it has less than most other places in the area in terms of rent as a percent of income is between 20pct to 30pct at 5% of the total. Third, it has the largest proportion of rent as a percent of income is between 30pct to 40pct at 9% of the total and is ranked #1. Also, it has the largest proportion of rent as a percent of income is between 40pct to 50pct at 19% of the total and is ranked #1.

Figure 20 shows the total housing cost for both home owners and apartment community renters in the area. New Hope has the largest proportion of housing cost between $500 and $700 at 21% of the total and is ranked #1. Second, it has the largest proportion of housing cost between $1,000 and $1,500 at 9% of the total and is ranked #1.

Figure 21 shows median amount of real estate taxes paid for home owners in the region. it has a Median Real Estate Taxes Paid of $724 which is the third most median real estate taxes paid of all other places in the greater New Hope region. The city with the highest median real estate taxes paid in the area is Jasper which shows a taxes paid of $910 (25.7% larger). Comparing median real estate taxes paid to the United States average of $2,471, New Hope is approximately a third the size. Also, in comparison with the state of Tennessee, median real estate taxes paid of $1,190, New Hope is approximately three-fourths the size.

Figure 23 shows the rental rate distribution for this area. New Hope Tennessee has one of the largest proportions of rent between 300 and 500 dollars at 29% of the total and is ranked #2. The only larger city being Kimball with 54%. Second, it has one of the largest proportions of rent between 750 and 1000 dollars at 5% of the total and is ranked #3. Only #2 Jasper (6%), and #1 Orme (50%) are larger. Third, it has the largest proportion of rent between 1000 and 1500 dollars at 9% of the total and is ranked #1.

New Hope Tennessee Home Characteristics Charts

Figure 28 shows the household size for families living in the area and it has a Family size of 2.8 which is less than most other places in the metro area. The city with the highest family members per housing unit in the area is Kimball which depicts a family members per housing unit of 3.1 (10.9% larger). Comparing family members per housing unit to the United States average of 3.3, New Hope is about 17.7% smaller. Also, measured against the state of Tennessee, family members per housing unit of 3.2, New Hope is about 12.8% smaller.

Figure 29 show the median number of rooms in a typical home for each location in this area. it has a Median Number of Rooms of 5.4 which is less than most other places in the local area. The city with the highest average number of rooms in a house in the area is Jasper which depicts an average number of rooms in a house of 5.6 (only about 3.7% larger). Figure 30 shows, for the average house in each location, the median year that a house was built. This can be useful for understanding the relative age of one neighborhood versus another for a real estate investor. it has a Median Year Built of 1992 which is the largest of all places in the greater New Hope region.

Figure 31 looks at the distribution of housing units by the median age that the homes were built. it has the largest proportion of homes built between 2010 to 2013 at 31% of the total and is ranked #1. Second, it has one of the largest proportions of homes built between 2000 to 2009 at 23% of the total and is ranked #2. The only larger city being Orme with 31%. Third, it has the smallest proportion of homes built between 1970 to 1979 at 1% of the total. Also, it has the second smallest in order of homes built in 2014 or later of all the other places in the greater region when sorted by homes built between 1940 to 1949 at 5% of the total.

Figure 32 shows the difference in the number of housing units based on whether they are occupied by owners versus occupied by renters. has the percentage of owner housing units the second smallest in order of owner-occupied housing units of all the other places in the area at 86 of the total.

Figure 33 shows the difference in the number of housing units based on whether they are occupied by owners or renters. it has the largest proportion of 50 or more units at 31% of the total and is ranked #1.

Figure 34 shows the median value of homes broken down by the median year that the homes were built. it has one of the largest proportions of value of homes built 2010 to 2013 at $133,300 of the total and is ranked #3. Only #2 Jasper ($142,500), and #1 Bridgeport ($179,200) are larger. Second, it has one of the largest proportions of value of homes built 2000 to 2009 at $117,200 of the total and is ranked #2. The only larger city being Kimball with $185,700. Third, it has less than most other places in the metropolitan area as measured by value of homes built 1990 to 1999 at $110,800 of the total. Also, it has in the mid range of other places in the metro area as measured by value of homes built 1980 to 1989 at $131,300 of the total.

The next two charts show both the average household size of homeowners versus the average household size of renters. Starting with Figure 36 we see the household size of homeowners for New Hope residents. it has a Owner-Household Size of 2.5 which is the third most of all other places in the metro area. The city with the highest homeowner household size in the area is South Pittsburg which shows a homeowner household size of 2.9 (18.0% larger).

Figure 37 shows the household size for renters. New Hope shows it has a Renter-Household Size of 1.9 which is the second smallest when sorted by renter household size of all the other places in the area. The city with the highest renter household size in the area is Kimball which shows a renter household sizes of 2.7 (39.9% larger). Figure 38 shows the year that people who own homes moved into this region. has the percentage of owners moved in 2017 or later the second smallest in terms of owners moved in 2017 or later of all the other places in the local area at 3% of the total. Second, it has one of the largest proportions of owners moved in 2000 to 2009 at 24% of the total and is ranked #2. The only larger city being Stevenson with 26%. Third, it has less than most other places in the local area in order of owners moved in 1990 to 1999 at 20% of the total. Figure 39 shows the year that people who rent moved into the area. New Hope has the percentage of renters moved in 2017 or later the second smallest in order of renters moved in 2017 or later of all the other places in the local area at 14% of the total. Second, it has one of the largest proportions of renters moved in 2015 to 2016 at 38% of the total and is ranked #3. Only #2 Jasper (50%), and #1 Orme (88%) are larger. Third, it has the largest proportion of renters moved in 2010 to 2014 at 27% of the total and is ranked #1. Also, it has one of the largest proportions of renters moved in 1990 to 1999 at 10% of the total and is ranked #2. The only larger city being Bridgeport with 10%.

Figure 40 compares the median year that home owners moved into their home. it has a Owner Median Year Moved In of 2003 which is the third most median year that a home owner moved in of all other places in the greater New Hope region. Figure 41 compares the median year that renters moved into their home. New Hope shows it has a Renter Median Year Moved In of 2011 which is the smallest when sorted by median year that a renter moved in of all the other places in the metro area.

Figure 42 shows the frequency distribution of various types of energy sources used for homes in the community. it has the largest proportion of homes using coal or coke at 8% of the total and is ranked #1.